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Bricsnet Announces $10 Million in New Funding; Global Provider of Integrated Real Estate Lifecycle Management Solutions Secures New Funding to Extend Market Leadership.

SAN FRANCISCO -- Bricsnet, a global provider of integrated real estate lifecycle management solutions, has closed an additional $10 million financing commitment, raising its total new funding activity in 2005 to $14 million. The company plans to use the funds to enhance product development and services and extend its leadership in the rapidly growing market for corporate real estate management systems. The new funding was led by a consortium of investors who are existing shareholders of Bricsnet.

In related news, the company also announced new management and a major new release of the company's flagship product BuildingCenter(TM).

"The market is rapidly evolving toward comprehensive lifecycle management solutions to address issues such as business continuity and compliance as well as reduce the costs of owning and operating corporate real estate assets," said Farid Jinian, CEO of Bricsnet. "Moving forward, this additional round of financing will help accelerate the continued progression of our software solutions toward delivering greater control for better decisions on a fully standards-based and web-based platform that can be easily modified to additional vertical markets, such as retail, education and hospitality."

Bricsnet has a roster of Fortune 250 customers, strategic partnerships with CB Richard Ellis, BearingPoint and TSC, and a global reach through Bricsnet Iberica in Europe and IS Com in Central and South America.

Bricsnet recently moved its headquarters to San Francisco, California.

Founded in 1986, Bricsnet provides software solutions that help organizations achieve greater control over their real estate assets and operations to make better business decisions. With offices in the United States and Europe as well as distributors in Japan, Europe and Israel, Bricsnet solutions have been adopted by corporations and major real estate organizations around the world, including Deutsche Bank, AAA, American Express, Marriott International, CB Richard Ellis and Liberty Mutual.
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Comment:Bricsnet Announces $10 Million in New Funding; Global Provider of Integrated Real Estate Lifecycle Management Solutions Secures New Funding to Extend Market Leadership.
Publication:Business Wire
Geographic Code:4EUBL
Date:Oct 19, 2005
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