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Somerset, NJ, December 19, 2001
Netilla® Networks, Inc., (www.netilla.com), the networking services
company that supplies service platforms that deliver secure remote access
to applications, files and data over the Internet, today announced the
closing of $4 million Series B financing from a group of investors including
Ascend Venture Group, LLC; Early Stage Enterprises (ESE), LP; Fleet
Development Ventures, LLC; Bethlehem, Pa.-based Mid-Atlantic Venture
Funds (MAVF); NJTC Venture Fund; Tarantella, Inc.; and Washington, D.C.-based
Telecommunications Development Fund (TDF). All of these were Series
A Round investors.
The additional investment brings the total capital raised by Netilla
Networks since the company's inception to over $11 million.
"This second round of financing demonstrates strong support from
our existing Series A round investors," said Netilla Networks CEO
and President Reggie Best. "Few companies are getting any venture
fund capital in today's climate, particularly in the information technology
space," Best added.
Best, who has previously launched two successful technology start-ups
that were later acquired, noted that the funding will be used to further
develop the company's distribution channel efforts, and to position
the Netilla Security Platform as a leading secure remote networking solution.
"Clearly, our investors believe in the progress we have made with
our customers and our channel development," he added. "This
funding represents an endorsement of the Netilla Security Platform, and
validates the market in which we participate. And it increases the potential
for Netilla to become a dominant player in the Secure Remote Networking
marketplace."
Best added that the financing will allow Netilla to reach profitability
in the first half of fiscal 2003.
MAVF CEO Frederick J. Beste III noted, "The unanimous investment
by all six of Netilla's Series A backers is a testament to the company's
progress and investors' confidence in management." Added Beste,
"Netilla has had a great launch year, all the more amazing given
the difficult economic and IT industry environment."
"I'm impressed with Netilla's early customer acquisition,"
said Charles W. Crockett of Ascend Venture Group. "The fact that
they have garnered clients ranging from Fortune 1000 to small and medium
businesses validates their business model." Crockett added, "The
genuine enthusiasm from the solutions provider community for the Netilla Security Platform is a solid sign for continued company growth."
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About Netilla Networks
Netilla Networks, Inc. is the networking services company that supplies
service platforms that deliver remote access to applications, files and
data over the Internet within a secure environment. The Netilla Security Platform provides remote-access solutions for branch offices, telecommuters,
mobile employees, partners, customers and suppliers in order to enhance
productivity and improve customer service, while protecting infrastructure
investment. The Netilla Security Platform is a pre-bundled solution with
integrated security that is easy to deploy, reliable and affordable. Netilla
Networks was founded in 1999. For more information, visit www.netilla.com
or call 1-877-NETILLA.
About Mid-Atlantic Venture Funds
Founded in 1984, Mid-Atlantic Venture Funds is a venture capital investor
in early-stage, high-growth technology-oriented businesses. It currently
manages approximately $200 million with current investment interests in
communications and networking infrastructure, Internet-enabled technologies
and services, and health-care information technology. For more information,
visit www.mavf.com.
About Telecommunications Development Fund
Based in Washington, D.C, Telecommunications Development Fund combines
telecommunications and management expertise with venture capital to grow
promising seed and early-stage companies into telecommunications industry
leaders. For more information on TDF, visit www.tdfund.com.
About Ascend Venture Group, LLC
Manhattan-based Ascend Venture Group, LLC, is a venture capital firm that
funds early-stage businesses that leverage emerging technologies. Ascend
identifies attractive investment opportunities through formal and informal
minority and women-based networks. Currently, Ascend manages in excess
of $50 million and has invested in more than 25 companies. For more information,
visit www.ascendventures.com.
About Early Stage Enterprises, LP
Early Stage Enterprises, LP, based in Skillman, N.J., is a private venture-capital
fund that provides capital and guidance to early-stage companies in the
Mid-Atlantic region. It currently has $44 million to invest and is a licensed
Small Business Investment Company. For more information, visit www.esevc.com.
About Fleet Development
Ventures, LLC
Fleet Development Ventures (FDV) LLC is a private equity investor, which
provides capital to emerging growth companies. FDV is a division of FleetBoston
Financial's Community Banking Group and an affiliate of BancBoston Capital,
which has roughly $300 million invested in more than 75 technology companies
worldwide. For more information, visit www.fleet.com.
About NJTC Venture Fund
The NJTC Venture Fund invests in high-growth private companies in the
seed, start-up and early-stage phases. The fund typically invests in early-stage,
New Jersey-based companies participating in a variety of industries, including
software, communications, biotec, photonics, healthcare and electronics.
For more information, visit www.njtc.org/venturefund.
About Tarantella Inc.
Tarantella, Inc., a wholly owned subsidiary of The Santa Cruz Operation,
Inc., provides Web-enabling software technology connecting clients, server-based
applications, and networks. The Santa Cruz, Ca.-based company is licensing
technology to Netilla Networks for use in the Netilla Virtual Office service
and will participate in co-marketing programs to inform its integrator
and VAR channels about the service. For more information, visit www.tarantella.com.
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