CAMBRIDGE, Mass.–(BUSINESS WIRE)–May 19, 2003–Nexaweb Technologies Inc. today announced that it completed its first round of institutional financing from Boston-based venture firms Egan-ManagedCapital, Masthead Venture Partners, and Velocity Partners. Nexaweb has created a breakthrough application platform that enables the delivery of desktop-quality applications across the spectrum ofnetworks, client environments and devices. Nexaweb’s(1) Smart Client Platform combines the usability and performance value of stand-alone applications with the no-maintenance and available-anywherevalue of a Web-based model. Global 2000 businesses and independent software vendors seeking to reduce costs and deliver higher quality Web and mobile products can now achieve both goals, whileleverage their existing investments in people, tools and infrastructure.
“In the transition from client-server to web-deployed applications, developers lost the capability to build truly interactive applications while maintaining the advantages of thin client web deployment. The Nexaweb product, when deployed with a commodity application server, combines the best of both worlds: the power of locally installed applications and the ease-of-deployment of web applications,” said Coach Wei, founder and CTO of Nexaweb Technologies. “Our purpose-built platform enables companies to build and deploy responsive, highly-interactive and portable applications using the skills which their developers have today. Attracting three firms like Egan, Masthead, and Velocity in today’s climate provides an enormous endorsement for the Nexaweb market opportunity.”
“This round of financing allows Nexaweb to deepen and expand its commitment to meeting critical enterprise software deployment needs,” said Wei, adding, “We are pleased with our progress to date, but we are now truly able to leverage the opportunity that this technology represents.” The Nexaweb Smart Client Platform has already emerged as the platform of choice for several top tier companies, including Starwood Hotels and Resorts Worldwide.
“After evaluating the Nexaweb technology, working with the team, and talking to Nexaweb’s customers, we were confident of a significant opportunity here to address a considerable need for this solution in the market,” said Mike Shanahan, Managing Partner at Egan-Managed Capital. “Nexaweb has a breakthrough product that addresses application developers’ need to deploy highly-interactive web application over all types of networks, even over a dialup connection. The product’s use of standard XML, ability to deal with multiple platforms, and support for occasionally connected computing environments further adds to the value proposition Nexaweb offers.”
The Company also announced today that Egan-Managed Capital’s Michael Shanahan and Masthead Partner’s Rich Levandov have both joined Nexaweb’s board of directors.
“In our review of companies, Nexaweb stood out as an immediate opportunity. The company has solved a fundamental problem with web applications–application clients are too complex and too costly,” said Rich Levandov, partner at Masthead Partners. “Nexaweb is in an ideal position to help companies make web applications easy-to-develop, easier-to-use, and easier to deploy and maintain.”
About Egan-Managed Capital
Egan-Managed Capital is a New England-based venture capital firm that provides a unique funding alternative for early-stage high-technology start-ups. Leveraging more than 80 years of combined financial and business management experience, Egan-Managed Capital delivers field-tested strategies, first-hand technology expertise and hands-on management involvement. Some of the industry’s most successful start-ups have already tapped the firm’s expertise and resources, including Network Engines, Top Layer Networks, Highground Systems, Network-Intelligence Corporation, and SOFTRAX Corporation. Founded in 1997, the firm currently manages two funds with $143 million in committed capital. For more information on Egan-Managed Capital and its team please visit www.egancapital.com.
About Masthead Venture Partners
Masthead Venture Partners (MVP) is a privately funded venture capital operation, founded in 1997, providing capital and management expertise to development stage technology-based companies. MVP’s partners have diverse operating, venture capital and Wall Street experience in high technology and healthcare companies. Masthead invests in all stages of company growth, from initiating the formation of a company to later round investments in established companies. Masthead’s partners actively advise and support the management teams of the companies they fund, providing help with structuring, planning, and raising additional debt or equity capital as a company’s business needs require. For more information, please visit www.mvpartners.com.
About Velocity Equity Partners
Velocity Equity Partners is a private venture capital firm investing in early stage growth companies primarily in the Northeast. The goal at Velocity is to work with management teams to create premier companies in their field with the help of capital, expertise in building companies, and access to a valuable and extensive network. For more information, please visit www.velocityep.com.
About Nexaweb Technologies, Inc.
Nexaweb Technologies is a leading provider of standards-based client infrastructure software that delivers business-critical applications to the Extended Enterprise quickly, efficiently, and cost-effectively across the spectrum of networks, desktops and occasionally connected devices. The Nexaweb Smart Client Platform helps companies increase developer and user productivity and reduce application and infrastructure-related costs. The result: Greater value from existing investments in people, process and technology. For more information about Nexaweb Technologies and the Nexaweb Smart Client Platform visit www.nexaweb.com.
(1) Nexaweb is a trademark of Nexaweb Technologies, Inc
