|
PA Early Stage Leads $3 Million Round Financing in Gladwyne
Software Surety
Wayne, PA, October 15, 2000
- PA Early Stage, a Safeguard Scientifics (NYSE:SFE) affiliated private
equity fund focused on start-up and early stage investments, today announced
that it has taken an equity stake in Gladwyne Software Surety, the leading
provider of risk management products and services for information technology
(IT) implementations. PA Early Stage led Gladwyne Software Surety's
$3 million financing round. Other participating investors include the
Eastern Technology Fund, Base Camp Ventures, CIP Capital, and selected
individuals.
"We are extremely pleased to
support Gladwyne Software Surety, an exciting innovator that is leading
the charge in reducing the risk associated with IT implementation by
providing objective assessment, auditing, and surety bonding for such
projects," said Mike Bolton, managing director and chief executive
of PA Early Stage. "The market opportunity is tremendous for Gladwyne
Software Surety with approximately $400 billion being spent each year
on IT services and a very defined need for risk mitigation."
Gladwyne Software Surety, based in
King of Prussia, PA, is the first company to assess, bond and audit
IT projects in order to guarantee their success. The Company ensures
IT project implementations leveraging the proven risk mitigation methods
of the construction industry. The Gladwyne Software Surety Risk Management
Program is offered directly to corporate IT buyers and in partnership
with leading enterprise software vendors and systems integrators to
provide project peace-of-mind and keep work on track and on budget.
"We are thrilled with the support
we've received from PA Early Stage and our other investors," said
Mort Goldman, chairman, founder and CEO of Gladwyne Software Surety.
"The completion of this round is the first of many milestones and
successes ahead as we realize our vision of preventing the occurrence
of late and over-budget IT projects thereby decreasing cost and increasing
the return on investment for project stakeholders."
About Gladwyne Software Surety
Gladwyne Software Surety, Inc. (GSS) is the leading provider of risk
management products and services for information technology implementations,
meeting the market's call to reduce, control and transfer IT project
risk.
Based on the proven risk mitigation
methods of the construction industry, the GSS IT Risk Management Program
provides an objective risk assessment, ongoing project risk audit, and
the first insurance-backed guaranty for IT implementations in the market.
For qualified projects, a surety bond is included in the GSS Risk Management
Program to assure corporate buyers that their project will be completed
on time, on-target, and on budget to increase return on investment (ROI).
The GSS program marks a turning point in the technology arena by establishing
true accountability for technology implementations.
About PA Early Stage
PA Early Stage is a Safeguard Scientifics (NYSE:SFE) affiliated
private equity fund that focuses on start-up and early stage investment
opportunities in companies based primarily in Pennsylvania. The
primary areas of interest are information technology companies focused
on software, services, communications and Internet infrastructure.
The fund also considers technology companies in microelectronics,
life sciences and materials.
|
