Friday, December 23, 2005
Strategic Capital to Fund Expansion for COREWORX Project Collaboration to Global Markets
Toronto, Ontario – December 23, 2005 - Software Innovation, a leading provider of project collaboration solutions to large capital projects, today announced that the company has increased its most recent round of financing to $10.1 million including new participation by Tech Capital II L.P., Roynat Capital Inc. and BEST Total Return Fund Inc.
“We are very pleased to welcome these new investors,” said Randall Howard, CEO of Software Innovation. “The additional business acumen and board participation represented by this investment will help us to grow and achieve our vision to become the dominant global provider of project collaboration solutions to large capital projects.”
As part of the transaction, Andrew Abouchar, Partner, Tech Capital Partners will join Software Innovation’s Board of Directors. “Software Innovation has technical expertise, strong industry knowledge and ability to execute,” said Andrew Abouchar. “That, along with a number of strong partner relationships and proven customer traction leads us to believe that Software Innovation has the potential to be a market leader.”
The funding will be used to drive continued growth for Coreworx(TM), including expanded sales and marketing efforts, additional research and development. Software Innovation will build on early success with key customers like Fluor Corporation to drive a consistent growth path in its target markets.
About Tech Capital Partners
Tech Capital Partners provides financing and market strategy to technology companies that have the potential to compete at a global level. Since its inception in 2001, Tech Capital has invested in some of the most innovative high-tech companies, including: Covarity, DiskStream, Handshake VR, Sandvine, Sirific Wireless and VideoLocus. More information is available at www.techcapital.com.
About Roynat Capital
Roynat Capital is Canada's leading mid-market Merchant Bank and a member of the Scotiabank Group of companies. From providing traditional and non-traditional financing in the form of term loans, subordinated debt or equity, to providing strategic advisory services, Roynat, through its network of 21 offices across Canada and the U.S., helps clients grow their business, finance and execute mergers, acquisitions and divestitures, restructure debt and equity capital, or arrange strategic partnerships. For more information, see www.roynat.com.
About BEST Funds
BEST Funds is a labour-sponsored investment fund manager established in 1996. Through the BEST Discoveries Fund, BEST invests in small and medium-sized businesses with the objective of maximizing long-term capital appreciation. These venture investments are primarily in privately owned companies that are capitalizing on innovative uses of engineering, science and technology. The BEST Total Return Fund invests in traditional industries with the objective of generating interest income, dividend income and long-term capital appreciation. For more information, see www.bestfunds.ca.
About Software Innovation
Software Innovation is the developer of Coreworx™ solutions, providing secure global worksharing to support the entire lifecycle of large capital projects. These integrated solutions help enhance capital projects by dramatically reducing costs, reducing project timelines, and by mitigating legal and financial risks. The company delivers tailored technology solutions for clients in a variety of vertical markets, based on Coreworx project collaboration solutions. Founded in 1997, Software Innovation has offices in Toronto, Houston and Oslo and services clients throughout North America and around the world. Coreworx is in use on more than 160 capital projects with over 20,000 users worldwide. For more information, see www.softinn.com.