Daleen Technologies Announces Equity Investment by HarbourVest Partners, L.L.C. -- formerly Hancock Venture Partners --.BOCA RATON, Fla.--(BUSINESS WIRE)--Sept. 18, 1997--Daleen Technologies Inc., a software development company specializing in Billing and Customer Care solutions, announced that it has completed a private placement of its convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". with HarbourVest Partners, L.L.C. (formerly Hancock Venture Partners), headquartered in Boston. The total proceeds from the investment by HVP HVP Hydrolysed Vegetable Protein HVP High Velocity Protection (Wiley X eyewear) HVP Horizontal & Vertical Position HVP High Voltage Protection HVP High Vapor Pressure HVP Holly Voice Platform (Holly Connects) were $7.5 million initially. In addition, Ofer Nemirovsky, managing director of HarbourVest, was elected to the board of directors of Daleen. The company will use the investment proceeds for working capital, to expand its sales and marketing, development and professional services staff, and to repay debt. Daleen Technologies is a Boca Raton based company that develops software products and services for the rapidly growing Billing and Customer Care industry. Its flagship product, BillPlex(tm), is a state-of-the-art convergent billing and customer care solution for telecommunications companies and communications providers. Daleen markets its products through its Business Alliance Partners, including Unisys, 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) , Tandem, NCR (NCR Corporation, Dayton, OH, www.ncr.com) A technology company specializing in financial terminal transactions, retail systems and data warehousing. Until the late 1990s, NCR was heavily invested in the hardware side of the industry, known worldwide as a major manufacturer of computers , Black and Veatch, ENA ENA Ecole Nationale d'Administration (French) ENA Emergency Nurses Association ENA Energy Networks Association (Australia) ENA Ethiopian News Agency ENA Energetic Neutral Atom , GLA International, and others. During the past decade, Daleen has successfully developed and implemented leading-edge solutions for major telecommunications companies, including Ericsson Telecom, Siemens, 3M, AT&T Wireless, and NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. . Additional information regarding Daleen's products and services can be found at Daleen's World Wide Web site at http://www.daleen.com . In addition to Boca Raton, Daleen has offices in Boston and Dallas. HarbourVest has invested in numerous software companies, including Marcam Corp., Manugistics Inc. and Walker Interactive Systems. HVP was established in 1982 and is now one of the largest private equity investment firms in the world, managing assets of approximately $3.5 billion. HVP has offices in Boston, London and Hong Kong. -0- NOTE TO EDITORS: In the World Wide Web address noted in this news release, there is a double slash between http: and www.daleen.com. This symbol may not appear properly in some systems. CONTACT: Daleen Technologies Inc. James R. Daleen, President and 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. Voice: 561/997-1612 Fax: 561/241-7201 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion