iLumin Software Services, Inc., today announced it completed its Series A round of financing with an investment from Wachovia Strategic Ventures. Other Series A investors include DB Capital Venture Partners, MidOcean Partners, Rock Creek Capital and Softbank. The investment amount and ownership interest were not disclosed.
The new funding will be used to expand product development and intensify sales and marketing activities of iLumin’s Assentor product line. iLumin acquired Assentor in October 2002 with the main goal of expanding outside of Assentor’s core compliance offering to provide the most comprehensive, off-the-shelf enterprise message management solution in the market. Today, Assentor Enterprise provides the enterprise-level answer to handle a firm’s archiving, mailbox management, discovery and litigation support, compliance and monitoring needs. Along with the Assentor product line, iLumin has a suite of products aimed at enabling and empowering business-critical electronic communications and transactions to occur in a secure and safeguarded environment.
“Wachovia Strategic Ventures only invests in companies that its business units find essential to their operations,” said Bharat Vijay, Senior Vice President from Wachovia Strategic Ventures group. “iLumin’s product offerings enable us to maintain compliance with SEC regulations and guidelines regarding archiving and monitoring of email activity companywide.”
“I am extremely excited to have Wachovia as an investment partner,” said Steve Schneider, Chairman and CEO, iLumin. “Wachovia’s reputation, market presence and ongoing support to our product development efforts in the archiving and litigation areas will help us build upon the competitive advantage that exists with Assentor’s compliance product offering.”
For more information regarding iLumin and how it can keep your firm’s business communications and transactions compliant, secure and trusted, please contact iLumin at [email protected] or by calling 703.481.8627.
About Wachovia Strategic Ventures
Wachovia’s Strategic Ventures group (www.wachovia.com/strategicventures) makes strategic equity investments that support Wachovia’s technology initiatives. The group invests in enabling technology that offers substantial operating efficiencies or generates incremental revenue to any of Wachovia’s business units with a current focus on regulatory compliance and risk management software, infrastructure and networking software and security, CRM infrastructure and analytics, and business performance monitoring.
Wachovia Corporation (NYSE: WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $348 billion and stockholders’ equity of $32 billion at March 31, 2003. Wachovia is a leading provider of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.
About iLumin
iLumin (www.ilumin.com) provides world-class intelligent message surveillance, archival and management, email security, encryption, and electronic signatures products and solutions. With over 100 implementations and over 1 million licensed users on iLumin products, iLumin has been and continues to be a leader in providing trusted, secure and compliant solutions for the financial, government, health care and corporate markets. iLumin investors include: DB Capital Venture Partners, MidOcean Partners, Rock Creek Capital, Softbank and Wachovia.
