- Company raises C$14 Million in series A financing
Montreal, QC, January 25, 2005 – TimeSpring Software Corp., a provider of continuous data protection (CDP) software, announced that it has raised C$14 million in Series A financing. Ventures West, one of Canada’s largest private venture capital companies, led the round, with participation by Desjardins Venture Capital, BDC Venture Capital and Capvest.
“We appreciate the strong support we receive from our investors”, said Janae Lee, CEO and President of TimeSpring. “TimeSpring combines innovative technology and a committed team of world-class professionals to deliver software that is sensitive to the IT market’s need to improve and simplify data protection and availability. We are committed to making it possible for companies to manage and leverage their data simply and affordably. We sought investors who not only recognized the strong investment potential we represent in a “hot” market, but who also have the experience and resources to promote the company’s long term growth and success.”
For the majority of small and mid-sized companies, back-up is still done on a regular periodic basis to tape. This has large gaps of time where transactions can be lost and recovering from tape is difficult. TimeSpring's TimeData software automatically captures all changes to application data in real-time. The resulting time-dimensioned data repository can be used for analysis, reporting and testing, allowing organizations to improve decision-making without impacting live operations. The TimeData software also provides continuous data protection for the application server so organizations can recover from data loss, corruption or security breaches within minutes.
“Outside of the most sophisticated enterprise data centers, companies lack affordable tools and struggle to reliably and simply protect their important application data with outdated tape technology,” adds Barry Gekiere, Senior Vice President of Ventures West. “Timespring is addressing these specific requirements with an intelligent product that provides near real time data protection with a full audit trail and the ability to roll back to any moment in history.”
TimeSpring introduced its product to the market in October 2004. The money raised will be used to expand TimeSpring’s sales and marketing as well as continued product development.
The company concurrently announced that Barry Gekiere of Ventures West will join the company’s Board of Directors.
About TimeSpring Software Corporation
Capitalizing on its technology patents, TimeSpring's software is setting a new standard for continuous data protection and availability. TimeSpring's software, TimeData, automatically captures all changes to application data in real-time, making it possible to recover from loss, corruption or security breaches within minutes. Additionally, TimeData makes it easy to analyze report and test using real data at any time, without impacting operations. TimeData is easier to implement, easier to use and more affordable than other systems. Founded in 1994, TimeSpring has business offices in Montreal, Quebec, Canada, and Newport Beach, California, USA. More information is available at http://www.timespring.com or by calling (408) 834-8966.
About Ventures West
Ventures West Management Inc., a private venture capital investment group, is one of Canada´s leading investors in early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds which total over $700 million and has invested in more than 130 companies. Ventures West has the people, the expertise, and the capital to help entrepreneurs develop emerging technology companies into market leaders. Investments focus on four technology sectors: Biotechnology, Communications, Energy Technology and Information Technology. For more information, visit www.ventureswest.com
About Desjardins Venture Capital
Established in 1974, Desjardins Venture Capital is the venture capital fund management arm of the Desjardins Group. It also manages the assets of Capital régional et coopératif Desjardins, a public fund whose authorized capitalization is $1.375-billion over 10 years. More than a financial partner, Desjardins Venture Capital makes its network and expertise available for businesses in their startup, growth and expansion, as well as their plans for mergers, acquisitions or public offerings. More than 170 companies are already associated with Desjardins Venture Capital. (www.dcrdesjardins.com)
About BDC Venture Capital
BDC Venture Capital is a major venture capital investor in Canada, active at every stage of the company’s development cycle, from seed through expansion, with a focus on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. BDC Venture Capital has been involved in venture capital since 1975 and has to date invested in more than 400 different companies. It currently manages approximately $550 million in venture capital assets invested in the areas of Life Sciences, Telecommunications, Information Technology, Advanced Technologies and Funds Investments. For more information, visit www.bdc.ca
About Capvest
Canderel is a North American leader in comprehensive Real Estate Development, and Project, Building, and Asset Management. Canderel’s private equity portfolio, Capvest, is the earliest of TimeSpring's’s investors.
TimeData is a trademark of TimeSpring Software Corporation. All other products and company names herein may be trademarks of their respected owners.
Contacts:
TimeSpring Software Corp.
Agnes Lamont
VP of Marketing and Product Management
Tel: (949) 307-5150
agnes.lamont@timespring.com
Ventures West Management Inc.
Christine Ramsay
Director of Marketing and Communications
Tel: (416) 861-2280
cramsay@ventureswest.com
