Axentis Raises $9 Million Financing Package from Leading Industry Investors; Financing to Fuel Continued Business Growth and Enable Axentis to Maintain Leadership Position in Governance, Risk and Compliance. January, 2006: Axentis, the leading provider of governance, risk and compliance (GRC) management solutions, has announced that it has successfully completed a financing package for $9 million. The round was led by Eastward Capital and included existing investors JP Morgan Partners, Key Venture Partners and Sierra Ventures.
The entire amount, which consists of $6 million in equity financing and $3 million in debt financing, will be used to continue developments in sales and marketing operations in order to maintain its position as the leader and innovator in the Government Risk and Compliance (GRC) industry. "We believe that on-demand applications are the future of software, and in particular compliance applications," said Scott Berkey, CEO of Axentis.
"The ability of Eastward Capital to deliver both debt and equity financing, along with the continued support of our existing top-flight investors, gives us much greater flexibility as we continue to solidify our position as a major player in compliance applications." The only company in the GRC industry leveraging the Software-as-a-Service (SaaS) model, Axentis is changing the way Fortune 1000 companies approach compliance by delivering a complete platform that empowers each to address a wide range of compliance and risk issues, on-demand. Axentis gives companies real-time, company-wide visibility and the ability to easily manage complex issues and achieve immediate results. The company's on-demand platform also delivers rapid deployability, high security, reliability and performance, and a lower total cost of ownership.
"2006 is projected to be a high growth period for compliance management solution providers and we believe Axentis will utilize its competitive advantages to grow rapidly from both a top line and operating leverage viewpoint, by delivering the industry's only on-demand offering that addresses all areas of concern to its end-users," said David Alpert, Managing Director of Eastward Capital. Axentis (www.axentis.com) is located at 4670 Richmond Road, Suite 300, Warrensville Heights, OH 44128. Telephone (216) 896-8300; fax (216) 896-8264,
About Eastward Capital Partners, LLC<P>Eastward is a leading east-coast based partnership which provides equity sensitive financing solutions to technology companies at all stages of a company’s growth cycle. The members of the Eastward team have collectively over 60 years of experience. This experience gives us the unique ability to comprehensively understand the financial and operational issues of companies and provide flexible financing solutions. We strive to add significant value to our portfolio companies by leveraging our team, expertise and networks. </P>
<P>In the past, we have provided assistance to our portfolio companies with growth capital, leading to eventual exits through public offering, mergers and acquisitions. Since 1994, Eastward Capital Partners and its affiliated entities have invested in more than 70 companies in the Information Technology and Communications sectors. </P>
About Axentis Axentis; leading provider of governance, risk and compliance (GRC) management solutions.