Covigo Completes Additional Round of Venture Financing; Funding to Take Covigo to Profitability.Business Editors/High-Tech Writers SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Jan. 8, 2002 Covigo, Inc., the emerging leader in multi-channel application platforms, today announced the completion of an additional round of financing. This latest $4 million infusion led by existing investors, Nokia Venture Partners and Norwest Venture Partners, will enable the company to achieve profitability. Covigo will continue to be highly focused on its partner-based business model, including licensing the Covigo Platform(TM) to infrastructure software and enterprise applications vendors. In addition, Covigo will continue to provide its software to leading systems integrators for use in multi-channel implementations. The Covigo Platform(TM) is used to deploy applications spanning multiple channels (Web, wireless, voice) and multiple modes (real-time, offline, alerts), leveraging standards such as Java, J2EE (Java 2 Platform, Enterprise Edition) A platform from Sun for building distributed enterprise applications. J2EE services are performed in the middle tier between the user's machine and the enterprise's databases and legacy information systems. and J2ME (Java 2 Platform, Micro Edition) A version of Java 2 for cellphones, PDAs and consumer appliances. J2ME uses the K Virtual Machine (KVM), a specialized Java interpreter for devices with limited memory. . Covigo enables software vendors and systems integrators to provide enterprises and carriers with workflow-based multi-channel applications without having to build separate applications for voice, wireless, offline or Web. "We are delighted that our existing investors have demonstrated their continuing support in our team, technology and the overall market opportunity by increasing their investment in Covigo," said Stuart Bagshaw, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Covigo. "With our partner-based business model and our market-leading products, Covigo is well positioned to be the leader in supplying multi-channel infrastructure software to the market." Robert Abbott of Norwest Venture Partners stated, "The breadth and depth of Covigo's technology offering far surpasses the wireless-only rendering-focused solutions provided by many companies in the market today. Covigo's flexible, innovative and cost-effective suite of solutions for all modes of communication (voice, wireless, offline and web) enables software vendors and systems integrators to speed time-to-market at a lower cost of ownership." John Gardner
John Champlin Gardner, Jr. (July 21, 1933 – September 14, 1982) was an American novelist and university teacher. of Nokia Venture Partners stated, "Covigo has an extremely competitive broad-based solution that will enable the company to emerge as one of the key new players in the software infrastructure industry in the coming years. Covigo's products are an ideal fit for software vendors looking to expand their solutions beyond the Web." About Covigo Covigo is headquartered in Santa Clara, Calif., with European operations based in Maidenhead Maidenhead, city (1991 pop. 59,809), Windsor and Maidenhead, S central England, on the Thames River. It is a residential town with brewing and milling industries as well as a resort. The 13th-century stone bridge was rebuilt in the 1770s. , England. The Covigo Platform(TM) is used by software vendors and systems integrators to deploy applications spanning multiple channels (Web, wireless, voice) and multiple modes (real-time, offline, alerts). To learn more about Covigo's innovative multi-channel solutions, visit www.covigo.com or download Covigo Platform(TM) at http://developer.covigo.com. About Nokia Venture Partners Nokia Venture Partners is a leading global venture capital firm based in Menlo Park, Calif. Launched in 1998, Nokia Venture Partners has USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $650 million under management and leads investments in early stage mobile technology companies around the world. The fund is backed by a number of limited partners including BMC Software, CDBWebTech, Goldman Sachs, Nokia, and others, and has a strong track record of leveraging its combined resources, experience and contacts to help build successful mobile businesses. The firm also has offices in Washington DC, London and Helsinki. For more information, visit www.nokiaventurepartners.com. About Norwest Venture Partners For more than 40 years, Norwest Venture Partners (NVP NVP Network Voice Protocol NVP Nausea and Vomiting of Pregnancy NVP Name-Value Pair NVP National Vice President NVP Nominal Velocity of Propagation NVP N-Version Programming (multiple functionally equivalent program versions) ), has actively partnered with entrepreneurs to build large businesses. NVP focuses on early stage investments in enterprise software and communications technologies. The firm manages more than $1.5 billion in venture capital and has funded over 350 companies since inception. NVP has invested in such market leaders as Accord Networks (acquired by Polycom), Actel Corporation, Brocade Communications, Cerent (acquired by Cisco Systems), Corio, Cray Research, Docent, Documentum, Extreme Networks, Forte Software (acquired by Sun Microsystems), Network Systems (acquired by StorageTek), Octane Software (acquired by E.piphany), OnDisplay (acquired by Vignette Corporation), PeopleSoft, Quantum Effect Devices Quantum Effect Devices was a company originally named Quantum Effect Design, incorporated in 1991. The three founders, Tom Riordan, Earl Killian and Ray Kunita were senior managers at MIPS Computer Systems Inc.. (acquired by PMC-Sierra), SeeBeyond, Siara Systems (acquired by Redback Networks), Tivoli Systems (acquired by IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) ), Vantive Corporation (acquired by PeopleSoft), Verio (acquired by NTT NTT Nippon Telegraph and Telephone Corporation NTT New Technology Telescope NTT National Technology Transfer, Inc NTT Name That Tune (TV game show) NTT National Tree Trust NTT Number Theoretic Transform Communications) and Xylan xylan /xy·lan/ (zi´lan) any of a group of pentosans composed of xylose residues; major structural constituents of wood, straw, and bran. (acquired by Alcatel). Additional information on Norwest Venture Partners can be found at www.nvp.com. Note to Editors: Covigo is a trademark of Covigo, Inc. All other trademarks contained herein are trademarks of their respective owners. |
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