H.I.G. Capital News
Savvion Secures $25 Million in First-Round Financing
TO REINFORCE ITS LEADERSHIP IN E-BUSINESS PROCESS MANAGEMENT SOLUTIONS
Santa Clara, California - April 27, 2000 - Savvion, a leading provider of Internet based enterprise business process management solutions, today announced the closing of its $25-million first round of financing. With venture capital secured from strategic investors worldwide, the funds will further accelerate Savvion's global business marketing efforts and allow the company to effectively respond to high customer demand for its Business Process Management system, Savvion's BusinessManagerTM (SBM), a leading e-business software platform.
SBM is a pure Java software platform that lets companies rapidly develop managed e-business solutions that span today's extended enterprise of customers, partners, suppliers, and employees. With SBM's Web-based foundation, companies can quickly implement automated online solutions that streamline internal and external business processes. Managers can use SBM to monitor operations proactively, responding to changing business conditions on the fly by quickly modifying the automated processes.
"The Internet is changing the way companies do business, requiring integrated interactions across a greatly extended enterprise. SBM enables companies to streamline operations across this extended enterprise, while also providing a quick and cost-effective solution for companies wanting to enter B2B and B2C marketplaces," said Dr. Ketabchi, Savvion founder and CEO. "Savvion's successful $25-million round will support company growth to better manage the overwhelming demand for our product. As we recognized from the beginning that the Internet revolution is a global phenomenon, the funding will enable Savvion to extend its global sales efforts."
"When securing venture capital, Savvion sought well-established firms in target geographic regions that would not only provide funding but would act as invaluable business resources around the world," Ketabchi added. "Our strategic partnerships with Westaim, Trans Cosmos, D-Age, Redwood Venture Partners, and H.I.G. Capital position Savvion to emerge as the leading global managed e-business solutions provider."
In addition to the previously announced investment by Canadian technology incubator Westaim Corp., Savvion has secured first-round funding from other strategic investors spanning the globe. These investors include Japan-based venture capital firm Trans Cosmos USA, a subsidiary of Tokyo-based Trans Cosmos Inc.; D-Age, a venture fund in The Netherlands that assists U.S. companies in achieving success in Europe; Redwood Venture Partners, a strategically positioned venture capital firm in Silicon Valley; and H.I.G. Capital, a venture capital investment firm based in Miami. These investors will become key Savvion partners in their geographic regions, building a strong foundation for the delivery of managed e-business solutions on a global scale while setting the stage for the creation of overseas divisions.
"E-business isn't only about buying and selling products over the Internet. Its most important benefit to businesses today is streamlining interactions and communications among partners, suppliers, employees, and customers," said Shin Nagakura, Managing Director at Trans Cosmos USA. "Savvion is hands down the leader in delivering online business process management across the extended enterprise and is already working with such leading customers as Fujitsu Limited and Alpha Systems," continued Mr. Nagakura. "We are very excited about the potential SBM has to transform business in Asia."
"Savvion's e-business management platform ensures the highest levels of business performance by enabling companies to proactively address changing business conditions," said Peter Vervest, Principle at D-Age. "These features will be extremely attractive to European companies wanting to leverage the Internet for additional cost savings and improvements in customer service. D-Age is pleased to play a leading role in Savvion's promising future as it make inroads into Europe."
"In today's highly competitive marketplace, companies that recognize the business benefits the Internet offers can gain critical competitive advantages. Savvion makes it a snap to leverage the Web to further streamline business processes, increasing productivity and lowering operational costs," said Chris Vora, Managing Director at Redwood Venture Partners. "Any company that doesn't embrace SBM is going to be left behind. We look forward to being a part of this business revolution."
"The real benefit of the Internet will be when businesses can run and manage their entire business in real time over the Web. SBM is the only product on the market that is making this a reality today," said Tony Tamer, Managing Director at H.I.G. Capital. "We are extremely excited about the potential of Savvion and SBM to transform today's business environment.