NCompass Labs Inc. Secures U.S. $8.5 Million in Second Round Venture Financing; Latest Funding Round Catapults Start-up Into Forefront of Intranet Market.
NCompass plans to use the financing, which was significantly oversubscribed, to continue development and marketing of ActiveEnterprise, the company's new intranet content management and publishing system.
The investors include an impressive array of both strategic and venture partners, including Royal Bank Capital Corp., BC TELECOM, Working Opportunity Fund, Business Development Bank of Canada, PowerWorld Fund, Seed Management, Ventures West and a large Silicon Valley technology company.
The lead investor, Royal Bank Capital Corp., is the venture capital affiliate of the Royal Bank of Canada, Canada's largest bank and the third largest bank in North America. BC TELECOM, about 51 percent-owned by GTE, is the second largest telecommunications company in Canada. The Business Development Bank is a 2,000-employee, Canada-wide lending and venture financing institution that is also a potential ActiveEnterprise customer.
NCompass represents the first North American software investment for PowerWorld Fund, which is managed by Taiwan's UMAX-Elite Group, the world's second largest manufacturer of scanners and a developer of computer hardware and software products.
In addition to Working Opportunity Fund, Seed Management and Ventures West, NCompass' seed round investors included Electronic Arts Inc., the leading interactive entertainment software company, and Walden Ventures, a San Francisco-based venture capital firm with US$800 million under management.
"We were very impressed with the customer focus shown by these people," said Darrell Elliott, vice president of Royal Bank Capital Corp., based in Vancouver. "The business was founded by creative and technical people who command the respect of their peers in the industry -- and when you add exceptional understanding of an exploding market, you have a team which will continue to do great things. This management team is not in the `me too' business. This helped us to pull together an exceptional investor syndicate."
Founded in 1995, NCompass Labs emerged as the first group to bring ActiveX technology to the Internet. NCompass' founders Dr. Gerri Sinclair, Kerem Karatal and Kristof Roomp gained their extensive expertise in developing multimedia content and providing for its delivery over the World Wide Web at Simon Fraser University's ExCITE Lab, Canada's first multimedia research and development laboratory.
Venture Funding Validates NCompass' Technology, Vision
"This commitment is an incredibly positive validation of our technology and vision for the company," said Dr. Gerri Sinclair, president and chief executive officer of NCompass Labs. "The funding will allow us to pursue our goal of being the market leader in enterprise-wide content management, as well as to expand our world class team."
In November 1995, NCompass launched its ActiveX Plug-in for Netscape Navigator. The NCompass Plug-in quickly became the solution for integrating the market-leading Microsoft Office suite with Netscape Navigator. In 1996, the NCompass ActiveX Plug-in was licensed by Microsoft and is currently bundled with Office 97.
NCompass Labs recently announced its new flagship product, ActiveEnterprise, a complete intranet publishing and content management system. ActiveEnterprise lets network users easily create content and manage its delivery while giving the system administrator full control over the content, approvals, user preferences, scheduling and access rights.
According to Sinclair, "Most organizations are just beginning to develop their intranets. As the use of intranets increases, management of content becomes a growing challenge. We identified a requirement for an entirely new IT management tool developed with Web content in mind. Unlike the traditional document management companies, NCompass has targeted its ActiveEnterprise product at Web publishing and, specifically, at those people within the organization who control content."
ActiveEnterprise has been positioned to secure a significant share of the wide open market for new, powerful intranet and extranet applications. By leveraging its relationships with Microsoft Corp. and Netscape Communications Corp., NCompass has developed ActiveEnterprise to support the emerging Internet standards developed by both industry leaders.
"By tapping into the versatility and openness of both ActiveX and Internet Explorer 4.0, ActiveEnterprise solves the problems of managing intranet content and control," said Will Poole, Microsoft senior director Business Development, Internet Client and Collaboration Division. "NCompass has created a system that will make intranets more powerful tools by eliminating bottlenecks and simplifying administration."
NCompass Contact Information
NCompass Labs is a leading developer of Web-based content management software. Founded on the integration of Internet technologies, NCompass is at the forefront of Web software development. NCompass products provide developers and corporations with a rapid, efficient and flexible means to deploy unique and powerful Internet, intranet and extranet applications. For additional information, contact NCompass Labs at 604/606-0950 or visit its Web site: http://www.ncompasslabs.com . -0-
Note to Editors: NCompass Labs and ActiveEnterprise are either registered trademarks or trademarks of NCompass Labs Inc. Any other marks used in this document are trademarks or registered trademarks of the manufacturers or marketers of the products with which the marks are associated.
CONTACT: Insync Communications Inc.
Chuck Humble, 503/226-8232
NCompass Labs Inc.
Jennifer McLean, 604/664-6301
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|Date:||Aug 14, 1997|
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