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OctigaBay Systems Corporation Secures Record $24 Million Seed FinancingVancouver, Canada - January 30 2003 – In the largest information technology seed financing deal in Canadian history, OctigaBay Systems Corporation today announced that it has closed a record $24 million in financing from four top-tier investors: Celtic House Venture Partners, Ventures West Capital, Working Opportunity Fund, managed by GrowthWorks Capital, and Business Development Bank of Canada. “We’re delighted to be working with such a strong group of investors,” said John Seminerio, President and CEO of OctigaBay. “To set a financing record in this market is truly a testament to the team and the business plan. We’re out to change the information technology infrastructure used by the most demanding business and research institutions worldwide. Our specific product plans will be announced at a later date, but based on our track record with our last company, Abatis, and the level of endorsement from our investors, you can expect something big.” The OctigaBay management team includes the founders and senior managers from Abatis Systems Corporation and Alcatel Canada. Abatis was acquired in September 2000 for over $1 billion in one of the largest acquisitions of a private technology company in Canadian history. “The OctigaBay management team has tremendous clarity of vision and has a proven track record in delivering on that vision. These serial entrepreneurs plan to change the world in a very pragmatic way and if anyone can do it, they can,” said Andrew Waitman, Managing Partner at Celtic House. “John Seminerio was an integral part of the Ventures West Entrepreneur in Residence program and is a savvy and seasoned entrepreneur,” adds Sam Znaimer, Senior Vice President of Ventures West. “John and his team are the best management team in the country – bar none. And the only ones with the skill, experience and audacity to take on this challenging opportunity.” “This is an excellent time to start a company,” added Seminerio. “In a market typified by corporate downsizing, we’re actually growing by 50 people over the next year. We are doing some very innovative things at OctigaBay and are able to attract the best and brightest professionals with an exciting opportunity to work in a fast-paced and growing company.”
About OctigaBay Systems Corporation OctigaBay Systems Corporation was founded in December 2001. Headquartered in Burnaby, BC, Canada, the company is pioneering an innovative new category of information technology products. Addressing the most challenging needs of business and research institutions, OctigaBay’s products radically change the performance, operating costs and reliability of traditional solutions. For more information, please visit www.octigabay.com or contact us at info@octigabay.com.
Contact: Adam Lorant |
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