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Data Exchange Solutions Leader Leonard's Logic Closes Second Round of Financing
PARIS — 20 July 1998 — Leonard's Logic SA, the leading provider of Data Exchange Solutions, announced today that it has completed its second round of financing with a $7.5 million investment led by HarbourVest Partners, LLC ("HVP") of Boston, Massachusetts. In addition, all of Leonard's Logic previous institutional investors -- including Innovacom, Galileo and Three Cedars -- demonstrated their continued commitment to the company by participating in this round. The majority of funding was raised from HVP and Vertex Management PTE ("Vertex"). Robert Wadsworth, Managing Director of HarbourVest Partners and Frankie Tan, Managing Director of Vertex, will serve on the Leonard's Logic Board of Directors."We are enthusiastic about this investment not only because Leonard's Logic is the technological leader in the data exchange market, but also because we believe this segment of the market will continue to grow more rapidly as a subset of the multi-billion dollar data warehousing tools market. In addition, Leonard's should advance its leadership position as it continues to improve Genio's functionality while still maintaining a price advantage over its competitors," according to Rob Wadsworth. In discussions with Genio users, "we found that customers appreciated the complete interoperability of the application with their current systems and the user-friendly interface. All the customers we talked to agreed that utilizing Genio led to a quicker and more cost-effective implementation of their data warehousing projects."
"Leonard's Logic is already the leading provider of Data Exchange Solutions in Europe, and this round of financing will allow the company to aggressively expand it's marketing and sales operations in the US," said Gilles Andre, CEO and co-founder of Leonard's Logic. "The new financing will also allow us to continue our substantial investment in R&D, and in particular our interoperability with leading application packages such as ERP, risk management and manufacturing applications," commented Andre.
The Genio suite of products from Leonard's Logic is the first architecture neutral, multi-tier software for managing the Data Exchange process across the enterprise. Genio started shipping in June 1997 and has since been adopted by more than 50 leading companies such as Northern Telecom, Phillip Morris, Nestlé, Smithkline Beecham, Credit Lyonnais, British Midland Airways and Heineken.