Prologic Corporation Secures US$6.5M Financing.
VANCOUVER, B.C.--(BUSINESS WIRE)--Feb. 26, 1997--Prologic Corp. today announced the completion of a major financing worth US$6.5 million with Battery Ventures and Bank of Boston.
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 (Windows New Technology) A 32-bit operating system from Microsoft for Intel x86 CPUs. NT is the core technology in Windows 2000 and Windows XP (see Windows). Available in separate client and server versions, it includes built-in networking and preemptive multitasking. 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 American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. 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 (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 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 San Mateo is a city in San Mateo County, California, in the San Francisco Bay Area. It is one of the larger suburbs on the San Francisco Peninsula, located between Burlingame to the north, Foster City to the East, and Belmont to the south. , 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 See Marconi. , HNC (HNC Software Inc., San Diego, CA) A software company that specialized in products that detect credit card fraud, manage merchant risk, automate lending decisions and home valuations and manage retail inventories. Founded in 1986 by Robert Hecht-Nielsen and Todd W. Software, InfoSeek, InFocus Systems, and Nextel Communications Nextel Communications, styled NEXTEL, (Former NASDAQ: NXTL) which is now known as the Sprint Nextel Corporation was a telecommunications firm based in the United States. Known for providing a nation-wide mobile communications system. .
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 A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. . 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 Chartered Bank
A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . 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 (1) (Common Intermediate Format) A standard video format used in videoconferencing. CIF formats are defined by their resolution, and standards both above and below the original resolution have been established. The original CIF is also known as Full CIF (FCIF). ), time deposits, referral tracking, General Ledger General Ledger
A company's accounting records. This formal ledger contains all the financial accounts and statements of a business.
The ledger uses two columns: one records debits, the other has offsetting credits. (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