MOUNTAIN LAKES, N.J.--(BUSINESS WIRE)--Feb. 22, 2000--Red Oak Software, a leading provider of Legacy and Internet Application Integration solutions, today announced the completion of a $2.0 million round in venture capital financing lead by Opticality Ventures LLC, a New York-based venture capital firm that invests in private technology companies.
The investment, which marks the company's first round of funding, will be used to continue the rapid market penetration of Red Oak's superior Stingray legacy integration product and accelerate deployment of the new Skyscraper suite of eBusiness integration software products.
``We are extremely excited about the Opticality partnership and look forward to adding to their ongoing success as one of the technology industry's leading venture capital firms,'' said George Cummings, President and CEO.
``There are a growing number of vendors claiming eBusiness integration expertise. Red Oak is one the few new companies we have seen that can back up their assertions,'' said Hadar Pedhazur, the principal at Opticality Ventures LLC. ``They have put together an extraordinary team that will unveil new products and services in the EAI and IAI marketplace to enable the Global 2000 to leverage their existing systems and investments. In addition, their best-of-breed Stingray legacy integration product continues to add impressive new customers. We believe Red Oak is perfectly positioned to forge ahead and capture their share of the new eBusiness Integration economy.''
The first product of the Skyscraper suite, Web Integrator, will be released in early Q2, 2000. Red Oak backs its eBusiness integration software with a superior professional services and support team, staffed with top experts in EAI, IAI, HTML, XML and legacy system integration.
Opticality Ventures LLC, is a venture capital management company that focuses on investments in private technology companies, generally those involved in software development concentrating on finance, the Internet, programming tools, development environments, distributed object systems and programming languages. Opticality's principals have achieved notable successes in both large corporate and entrepreneurial venues. For more information, contact Hadar Pedhazur at 914-923-0003 or visit the web site at http://www.opticality.com.
About Red Oak
Red Oak Software is a leading solutions provider for eBusiness integration. Pioneer in Web-to-Host legacy integration, Red Oak's new Skyscraper suite of EAI and IAI products enables large corporations to leverage their investment in legacy systems and extend their reach to those production Internet applications critical to the future of eBusiness.
Red Oak Software is headquartered in Mountain Lakes, New Jersey, with offices in Rochester, New York. For more information, contact Red Oak Software, Inc., 115 Route 46, Suite F1000, Mountain Lakes, New Jersey 07046. Phone: 973-316-6064; email: email@example.com; or visit the Web site at www.redoaksw.com.
SOURCE: Red Oak Software, Inc.
Red Oak Software, Inc. George Cummings 973/316-6064 firstname.lastname@example.org