Abstract:
On 26th February, 2008, Bluenog announced its' most recent business deal. The announcement revealed that, Bluenog was going to receive a huge funding worth $4 million from NewSpring Ventures Fund.
Bluenog announced a business deal, which revealed that the company was going to receive an investment worth $4 million from NewSpring Ventures, a private equity firm of 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 softwares like Enterprise Content Management, Portal Servers and Business Intelligence.
Details of the Deal
Bluenog announced its' investment deal on 26th February, 2008. Through this investment deal, Bluenog raised $4 million in its' Series A financing. Bluenog received this huge funding from NewSpring Ventures, which is a venture fund of NewSpring Capital Fund Family.
It has been decided that, after closing of the investment deal, Michael Poisel and Michael DiPiano of NewSpring Capital would join the Board of Directors of Bluenog.
It has been informed that, the funds, received through this investment deal, would be used in product development projects of the company. The funds would also be utilized in improving the sales infrastructure of the company. Using these funds, Bluenog could expand the range of its' service offerings.
In respect of the investment deal, Suresh Kuppusamy, CEO of Bluenog, stated that Bluenog has already experienced tremendous growth and after receiving the huge investment from NewSpring Ventures, the company would be able to expand its' platform and become a leader in providing Application Infrastructure Softwares.
On the other hand, Michael Poisel, Principal, NewSpring Capital, opined that, the huge investment would help Bluenog in offering integrated commercial applications to the mid-market companies at a reasonable price.