Prologic Corporation Secures US$6.5M Financing.
This influx of capital positions Prologic to quickly implement its plans for US expansion. Currently experiencing fast global growth, Prologic is poised to move into a market leadership position in the US, where it has to date not competed.
As the global leader in Windows NT client/server retail banking software, Prologic has captured significant global market share with close to 80 large-scale installations in 23 countries. The Company has demonstrated its system success with such banks as American Express Bank, FirstLine Mortgages, Banco Industrial, Richmond Savings and Capital City Savings.
Microsoft supports the company's strategic entry into the US market, through a relationship as a Solution Provider. "Our proven success in the conversion and implementation of client/server banking software, in financial institutions that range from $500 million to over $5 billion in assets, is a foundation of references that is unparalleled by our competition," said Robert Wilband, president & CEO of Prologic. "We have made, and will continue to make, a significant investment in optimizing Ovation to meet US and international industry standards."
Prologic has established its first US office in Connecticut, staffed with a team of experienced sales, product management and system engineer personnel. In addition, Prologic will shortly be announcing several additional strategic partnerships that complement its current business model of teaming with global and regional system integrators. Leverage of its synergistic relationship with Battery Ventures and Bank of Boston will be valuable to Prologic in its US and rest-of-world marketing and sales initiatives.
Battery Ventures, with offices in Boston, and San Mateo, California, is a leading venture capital firm that focuses its investments in the software and communications industries. Battery was founded in 1983 and currently manages four funds with a combined capital of $360 million. Battery has been a lead investor in many premier software and communications companies, including Aurum Software, Fore Systems, HNC Software, InfoSeek, InFocus Systems, and Nextel Communications.
Oliver Curme, general partner at Battery Ventures commented, "Prologic is a beautiful example of a company that is managing hyper-growth well. They have an excellent management team and a very successful worldwide marketing and sales process. With the proceeds of this financing, they are ready for dramatic expansion into the US."
Founded in 1784, Bank of Boston is the oldest chartered bank in the United States. Bank of Boston is one of the largest bank-sponsored venture capital businesses, with a portfolio of over 150 investments nationwide. Bank of Boston's Equity and Mezzanine investment unit, doing business as BancBoston Capital Inc. and BancBoston Ventures, Inc., has invested $1 billion since 1959 in over 250 companies located in North America and Europe.
Founded in 1984, Prologic Corporation is the global leader in providing client/server banking solutions. A Microsoft Solution Provider Partner, Prologic understands global client/server banking trends -- both the technological impact and the critical implementation issues -- so their customers can chart their short- and long-term banking directions confidently. Visit Prologic's home page at www.PrologicCorp.com for further information.
Ovation, Prologic's customer-focused retail banking solution is the industry-leading client/server technology. Utilizing Microsoft's Windows NT open platform, Ovation addresses all aspects of relationship banking and provides core banking processing modules for Customer Information File (CIF), time deposits, referral tracking, General Ledger (GL) processing, loans and mortgages. Ovation also offers convenient access through Internet Banking, a built-in touch-tone banking function, and multiple delivery channels to established networks. -0-
Microsoft and Windows NT are either registered trademarks or trademarks of Microsoft Corp. in the United States and/or other countries. Point your browser to the Microsoft banking home page at http://www.microsoft.com/industry/bank/ .
Chuck Humble, 503/226-8232
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|Date:||Feb 26, 1997|
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