Santa Clara, Calif., January 8, 2002 - Covigo, Inc., the emerging leader in
multi-channel application platforms, today announced the completion of an
additional round of financing. This latest $4 million infusion, led by
existing investors Nokia Venture Partners and Norwest Venture Partners, will
enable the company to achieve profitability.
Covigo will continue to be highly focused on its partner-based business
model, including licensing the Covigo PlatformTM to infrastructure software
and enterprise applications vendors. In addition, Covigo will continue to
provide its software to leading systems integrators for use in multi-channel
implementations.
The Covigo PlatformTM is used to deploy applications spanning multiple
channels (Web, wireless, voice) and multiple modes (real-time, offline,
alerts), leveraging standards such as Java, J2EE and J2ME. Covigo enables
software vendors and systems integrators to provide enterprises and carriers
with workflow-based multi-channel applications without having to build
separate applications for voice, wireless, offline or Web.
"We are delighted that our existing investors have demonstrated their
continuing support in our team, technology and the overall market
opportunity by increasing their investment in Covigo," said Stuart Bagshaw,
CEO of Covigo. "With our partner-based business model and our
market-leading products, Covigo is well positioned to be the leader in
supplying multi-channel infrastructure software to the market."
Robert Abbott of Norwest Venture Partners stated, "The breadth and depth of
Covigo's technology offering far surpasses the wireless-only
rendering-focused solutions provided by many companies in the market today.
Covigo's flexible, innovative and cost-effective suite of solutions for all
modes of communication (voice, wireless, offline and web) enables software
vendors and systems integrators to speed time-to-market at a lower cost of
ownership."
John Gardner of Nokia Venture Partners stated, "Covigo has an extremely
competitive broad-based solution that will enable the company to emerge as
one of the key new players in the software infrastructure industry in the
coming years. Covigo's products are an ideal fit for software vendors
looking to expand their solutions beyond the Web."
About Covigo
Covigo is headquartered in Santa Clara, California, with European operations
based in Maidenhead, England. The Covigo PlatformTM is used by software
vendors and systems integrators to deploy applications spanning multiple
channels (Web, wireless, voice) and multiple modes (real-time, offline,
alerts). To learn more about Covigo's innovative multi-channel solutions,
visit www.covigo.com or download Covigo Platform* at
.
About Nokia Venture Partners
Nokia Venture Partners is a leading global venture capital firm based in
Menlo Park, California. Launched in 1998, Nokia Venture Partners has USD$650
million under management and leads investments in early stage mobile
technology companies around the world. The fund is backed by a number of
limited partners including BMC Software, CDBWebTech, Goldman Sachs, Nokia,
and others, and has a strong track record of leveraging its combined
resources, experience and contacts to help build successful mobile
businesses. The firm also has offices in Washington DC, London and Helsinki.
For more information, visit www.nokiaventurepartners.com
.
About Norwest Venture Partners
For more than 40 years, Norwest Venture Partners (NVP), has actively
partnered with entrepreneurs to build large businesses. NVP focuses on early
stage investments in enterprise software and communications technologies.
The firm manages more than $1.5 billion in venture capital and has funded
over 350 companies since inception.
NVP has invested in such market leaders as Accord Networks (acquired by
Polycom), Actel Corporation, Brocade Communications, Cerent (acquired by
Cisco Systems), Corio, Cray Research, Docent, Documentum, Extreme Networks,
Forte Software (acquired by Sun Microsystems), Network Systems (acquired by
StorageTek), Octane Software (acquired by E.piphany), OnDisplay (acquired by
Vignette Corporation), PeopleSoft, Quantum Effect Devices (acquired by
PMC-Sierra), SeeBeyond, Siara Systems (acquired by Redback Networks), Tivoli
Systems (acquired by IBM), Vantive Corporation (acquired by PeopleSoft),
Verio (acquired by NTT Communications) and Xylan (acquired by Alcatel).
Additional information on Norwest Venture Partners can be found at
www.nvp.com .
