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Altio Secures Over $9 Million in Private Financing
LONDON — 15 November 2000 — Altio, the leading platform for enabling next generation Internet applications, today announced it has secured $9.2 million in second round funding from three leading international venture capital firms. Atlas Venture led the round, joined by existing investor Amadeus Capital Partners, and HarbourVest Partners.Altio's technology provides a platform for the rapid development of live user-interfaces for web applications. Following the financing, Vic Morris of Atlas Venture will join Altio's Board of Directors.
"The dual advantages of Altio's Application Client Platform -- significantly reducing time-to-market, while delivering a dramatically superior user interface -- has the potential to transform the X-Internet," said Vic Morris, of Atlas Venture. "The company's management team has a clear vision and strategy to make Altio the industry standard for the development of web applications."
Mr. Morris brings strong software-industry experience, most recently as VP of Marketing for California-based NetDynamics.
Altio's management team blends the best of U.S. and U.K. technology market experience. Senior management includes Dave Levett, previously of Talus Solutions, Melissa Bane, formerly of the Yankee Group, Mike Jackson, previously of Bain & Co, and Rob Mills from The Anite Group.
"The investment gives us the resources to continue the company's rapid expansion," said Dave Levett, Altio's CEO. "This new funding will also allow us to increase our strategic partnering efforts, and further expand the functionality of our Application Client Platform."
Altio recently opened offices in Cambridge, MA, and relocated to new London headquarters. The company will release version 2.0 of its flagship product, Altio Live, at the end of November.
About Altio
http://www.altio.com/
Altio is the leading provider of Application Client Platform software, enabling rapid development of live user interfaces for web applications. Altio provides key e-infrastructure to the global business-to-business markets, facilitating efficient business management and application interactivity. Altio is a privately held software company headquartered in London, England.
About Amadeus Capital Partners
http://www.amadeuscapital.com/
Amadeus Capital Partners Is a leading UK venture capital firm, investing in early stage technology companies in the UK and continental Europe. Amadeus currently manages two funds totalling £285 million. Investors include Reuters, Microsoft Ventures, Infineon, Marconi, Bank of America, Lazards and JAFCO.
About Atlas Venture
http://www.atlas.com/
Atlas Venture is a leading international venture capital firm investing in Internet infrastructure, communications and life sciences. With offices worldwide, Atlas Venture's investments are split evenly between the United States and Europe. Atlas Venture currently manages $1.6 billion in committed capital, and since its inception in 1980 has organized five international funds and been involved in the development of over 250 companies worldwide.
About HarbourVest
http://www.harbourvest.com/
HarbourVest Partners is a global private equity investment firm. It was founded in 1997 to assume the business of Hancock Venture Partners, Inc., which was formed in 1982. HarbourVest is 100%-owned by its twelve Managing Directors. HarbourVest invests in all types of private equity funds, including venture capital and leveraged buyout funds, and also directly in operating companies. HarbourVest currently manages investments in North America, South America, Europe, Asia, Australia and Africa.