CyLex Announces Third Round of FundingHIG Ventures Leads Group of Domestic and International Investors
BOCA RATON – June 14, 2000 – CyLex today announced the completion of its third round of venture funding. This latest round, totaling $12.8 million, was led by Miami-based HIG Ventures. The funding sources include a broad range of both domestic and European venture capital funds, along with a significant investment from Documentum (NASDAQ: DCTM), a CyLex strategic alliance partner and the world leader in content management technology.
“This latest round of funding is particularly gratifying,” said Zee Aganovic, president and CEO of CyLex. “The fact that all of our current investors participated again reinforces the fact that we are on the right track. We are also thrilled and honored that Documentum chose to join this round of investment. We believe that this investment can only serve to further solidify our already strong partnership. Finally, this funding will help the company maintain its level of operational excellence and take it to its next stage of growth.”
HIG Ventures has been actively involved with CyLex since it led the company’s Series A Preferred Stock offering in August 1999. Brian Schwartz, Managing Director of HIG and member of the CyLex board of directors stated, “HIG is very excited about the CyLex opportunity. The company is uniquely positioned to expand on its early leadership role in the rapidly growing ASP market. The company’s focus on imaging and document/content management technologies, combined with its strong strategic alliances with leading technology providers, gives it a clear lead in its market.”
“Documentum sees Application Solution Providers as a key channel for delivering content management-based solutions” said Jeffrey Miller, President and CEO of Documentum. “CyLex’s experience as an ASP, their active participation in ASP industry standards development, and focus on delivering content management solutions are the primary reasons for our investment. This partnership continues to highlight Documentum’s content management platform as the standard in the service provider infrastructure.”
Investors in this latest round of CyLex funding include:
Alpine Venture Capital Partners LP
Antares Capital Fund III Limited Partnership
Carnegie ASA (representing multiple Norwegian investors)
Greer Investors Ltd.
HIG Ventures, LLC.
NorgesInvestor Vekst AS
Stonehenge Capital Corporation
CyLex Systems, Inc. is a privately held company established in 1994 to create a new paradigm for the delivery of document management services. Its flagship services, CyLex Express and i-DOX, leverage advances in imaging, content management, and the Internet to provide the leading outsourced on-line document information management services available today. CyLex is a founding member of the ASP Consortium and a leader in this rapidly growing industry segment. The company has established strategic alliances with other leading technology providers to help it provide unparalleled levels of security and systems’ availability to its customers. These alliances include; Citrix Systems, Inc. (Nasdaq: CTXS) an established leader in thin client technology, EMC Corporation(NYSE: EMC) the world’s leading supplier of intelligent enterprise storage and retrieval technology, Daleen Technologies (Nasdaq: DALN), a leading provider of billing and customer care solutions for the digital economy, Documentum (Nasdaq: DCTM), a leading supplier of internet-scale content management solutions that accelerate organizations’ online presence, and Fellesdata, Norway’s, largest provider of software and processing services in the financial industry. CyLex is headquartered in Boca Raton, Florida and maintains European operations headquartered in Oslo, Norway.
Documentum Inc. (Nasdaq: DCTM) develops, markets and supports internet-scale content management solutions that accelerate organizations’ online presence. These solutions enable customers to create, deliver, and personalize content of all formats, from internal and external contributors, for business processes that extends across and beyond the enterprise, to all delivery channels.
Documentum customers apply trusted content within and between their organizations for online commerce and personalized promotions, 24×7 customer and partner self-service, online exchanges, electronic procurement, collaborative planning and innovation and related e-business applications. Headquartered in Pleasanton, Calif., Documentum has licensed its products to more than 800 Global 2000 and Internet customers in a broad range of industries.
For more information on Documentum, visit the company’s web site at www.documentum.com