Press Releases : 2004
Oblicore™ Secures $9M from Top-Tier Venture Capital Firms to Accelerate Global Sales, Marketing and Product Development
New Funding to Significantly Increase Market Presence as well as Continue Rapid Expansion into North America and Europe
COLUMBIA, Md. March 25, 2004 - Oblicore, a leading provider of Service Level Management (SLM) applications for global 2000 companies, announced today that it has raised $9 million from new and current investors. This Series C round brings the total funding raised by the company to $21M and will be used to launch significant worldwide sales and marketing initiatives as well as to accelerate product development.
Oblicore’s financing was led by leading international investors JVP, a $675M fund with offices in New York, London, Jerusalem and Tokyo, and Favonius Ventures, a $100M European venture fund based in London and Amsterdam. JVP and Favonius were joined by existing investors Concord Ventures and Platinum Neurone Ventures in this round. Michael Carus, general partner at JVP, and Professor Roel Pieper, managing director and chairman of Favonius Ventures, will join Oblicore’s Board of Directors.
"Oblicore’s ability to deliver a high-value business application to some of the world’s most distinguished enterprises has generated strong interest in the investment community," said Oblicore CEO Yuval Boger. "We are honored to have investors with such a global presence to validate our ability to become an increasingly valuable and integral part of the Global 2000 business infrastructure."
"JVP is very excited about the growth opportunities in this market. Oblicore brings a uniquely business-centric view of all aspects of service delivery to this sector and to its customers, which will put the company in a leadership position going forward," said Michael Carus of JVP. "Oblicore’s team, innovative technology and disciplined execution made this a compelling investment opportunity."
"Oblicore solves a critical business problem - the need to continuously track and manage sophisticated service level agreements across numerous business processes," says Roel Pieper of Favonius Ventures. "We were very impressed by the business value and rapid returns generated by Oblicore, as well as by Yuval and his team’s ability to articulate the complex business challenges and opportunities facing the modern enterprise."
About Oblicore
Oblicore is a leading provider of Service Level Management (SLM) applications that continuously track performance of IT services against committed service levels and business metrics. By comparing service objectives with actual performance data from IT systems and business applications, Oblicore Guarantee™ identifies discrepancies between promise and performance in real-time. Some of the world’s largest telecom, financial services and energy companies, including France Telecom, LandesBank and E.on, use Guarantee to reveal the business impact of good or poor performance in a wide variety of scenarios, ranging from managed IT services to outsourced business processes. Oblicore Guarantee benefits both service providers and recipients by significantly reducing cost and improving service. Oblicore is headquartered in Columbia, Maryland, with R&D in Israel and regional offices throughout Europe. For further information, visit www.oblicore.com.
About JVP
JVP is a leading international venture capital firm focusing on investments in early stage companies in the enterprise software and networking, semiconductors and components and mobile infrastructure sectors. With over $675 million under management and offices in New York, London, Jerusalem and Tokyo, JVP leverages its international presence, vast expertise and substantial capital base to build companies with the potential to shape and dominate global markets. To learn more about JVP, visit www.jvpvc.com.
About Favonius Ventures
Favonius Ventures (www.favoniusventures.com) is a European venture capital firm focused on rapidly growing software and communications technology companies. Favonius pairs deep technical, operational and management expertise with professional investment expertise at all levels. The Favonius team is supported by an Executive Advisory Board comprised of the following leaders in the worlds of information technology and investment:
- Leo Apotheker - President EMEA, SAP
- Charles Wang - Founder & Chairman, Computer Associates
- Tom Perkins - Founding Partner, Kleiner Perkins
- Clint Harris - Managing Partner, Grove Street Advisors
- Alex Vieux - Founder & CEO, Dasar
