Portfolio Press Release
Voyence Announces Additional $12 Million in Financing
Latest round of funding brings total raised to $42 million for fast-growing network configuration management company
Richardson, TX - November 2, 2004 - Voyence™ Inc., the leading provider of network configuration management solutions, today announced it has closed an additional $12 million in funding, bringing the total raised by the company to $42 million. As part of the funding, Skip Glass, a venture partner with Canaan Partners, has joined the company's board of directors.
Voyence chose Canaan Partners to lead this tightly held third round of funding, which included the sale of preferred stock to six venture investors. Existing investors in Voyence include InterWest Partners, Sevin Rosen Funds, CenterPoint Ventures, HO2 Partners, STARTech Early Ventures, and BancBoston Capital.
The funds are being used to expand Voyence's international and government sales, increase its business development activities, and to further research and development into its Network Service Delivery strategies.
"This fundraising event further validates the fact that our technology works and our business model is sound," said Susan Nash, CEO of Voyence. "Demand for our solutions is high and our investors can see the large opportunity for growth in front of us."
The company's flagship product, VoyenceControl!, provides organizations with a scalable network configuration solution that automates critical network design, deployment and change management processes. VoyenceControl! allows organizations to increase network availability and improve security by validating network device configuration changes and preventing errors from being introduced during the change process. VoyenceControl! is being used to manage tens of thousands of heterogeneous devices across hundreds of customer networks today.
Further evidence of the market opportunity in front of Voyence is a recent statement from Glenn O'Donnell, a senior analyst with META Group. Mr. O'Donnell said almost 60 percent of enterprise organizations will need a configuration management solution by 2006.
"Voyence is, and has been, more than a promising company with promising technology," said Skip Glass, venture partner of Canaan Partners. "It's a company with solid solutions that are used by some of the largest and most sophisticated organizations in the world. By deploying VoyenceControl!, managed service providers, large enterprise organizations and government agencies are filling a critical void in their network management infrastructure. That's why we're glad to be part of this growing venture."
About Canaan Partners
Canaan Partners (http://www.canaan.com) is a national venture capital investment firm formed in 1987. Canaan specializes in startup and emerging-growth companies in information technology and services, as well as life sciences and medical technology. Canaan Partners was an early backer in Acme Packet, AdvancePCS (ADVP), Capstone Turbine (CPST), CommerceOne (CMRC), Concord Communications (CCRD), Copper Mountain Networks (CMTN), Esperion (ESPR), Genaissance Pharmaceuticals (GNSC), International Network Services (INSS), IntraWare (ITRA), Interact Commerce (IACT), Network Engines (NENG), ONI ystems (ONIS), Orapharma (OPHM), Pozen (POZN) and Praecis Pharmaceuticals Inc. (PRCS), Qovia Inc., along with dozens of other market-leading companies.
About Voyence
Voyence is the leading provider of enterprise network configuration management solutions. The company develops software solutions that enable IT professionals to cost effectively define, validate, deploy and manage a wide-range of network devices. VoyenceControl! is the only network configuration management solution, based on a multi-tiered architecture that can effectively manage tens of thousands of devices across heterogeneous networks. With VoyenceControl!, organizations can significantly increase network availability and improve security by accurately managing and maintaining critical network devices and services. For more information go to http://www.voyence.com.
Media Contacts:
James O'Gara
OnMessage
972-931-3444
jogara@itsonmessage.com
Michael Bunyard
Vice President
Voyence
972-759-4056
pressinfo@voyence.com