Abstract:
On 26 February 2008, Bluenog announced its most recent business deal- the receipt of funding worth $4 million from NewSpring Ventures Fund, a private equity firm from Pennsylvania.Company Profile
Bluenog provides integrated commercial software solutions, which are built through AIS (Application Infrastructure Software). At present, Bluenog has concentrated on developing enterprise infrastructure software such as Enterprise Content Management, Portal Servers, and Business Intelligence.Details of the Deal
Bluenog announced its investment deal on February 26, 2008. Through this deal, Bluenog raised $4 million in its Series A financing. Bluenog received this funding from NewSpring Ventures, a venture fund of the NewSpring Capital Fund Family.The decision was made that after closure of the deal Michael Poisel and Michael DiPiano of NewSpring Capital would join the Board of Directors of Bluenog.
The funds are to be utilized in product development projects and in improving the sales infrastructure of the company, providing Bluenog with the potential of expanding its range of service.
In respect to the investment deal, Suresh Kuppusamy, CEO of Bluenog, stated that Bluenog has already experienced tremendous growth, and that after receiving the investment from NewSpring Ventures the company would be able to expand its platform and become a leader in providing Application Infrastructure Software.
On the other hand, Michael Poisel, Principal of NewSpring Capital, suggested that the investment would help Bluenog in offering integrated commercial applications to the mid-market companies at a reasonable price.
