7M EXPANDS WITH INCREASED FUNDING AND NEW LEADERSHIP
· SevenMountains secures funding for the market development phase of its growth
· Ex Systems Union Exec strengthens growing application management specialist
London, May 1st 2001 – SevenMountains Software, a leading provider of application management and deployment tools for the net-centric environment, has secured $6.5M to fund it’s continued growth. In a significant vote of confidence in both the company and the market, SevenMountains has received further investment from it’s existing shareholders and simultaneously secured new funding from external investors.
The lead investors, Holland Venture and 3i, have both increased their holding in the company.
“The application management and deployment market is expanding rapidly. 7M, one of the leaders in this field, is well positioned for the future. It’s the type of company, with a strong product and management team, that we like to invest in.” said Steven Tan, Investment Director at Holland Venture.
The company has also appointed Jim Simpson as Chief Executive Officer (CEO), based at 7M’s new headquarters near London, England. Simpson, with 15 years of computer industry experience, moves to 7M from the board of leading business and accounting sofware specialists Systems Unions Group where he was responsibile for the customer support and development operations.
“Jim is a powerful addition to 7M and will provide strong commercial leadership and focus for our team,” said Norman Schofield, chairman of the board. “I am particularly pleased that we have secured a further round of investment to fund continued revenue growth. As a result of this vote of confidence from existing and new investors we can capitalise on a substantial market opportunity with 7M’s feature-rich products.”
“Joining 7M at this time is exciting and challenging,” said Simpson. “The market for application management and deployment tools in the enterprise space growing rapidly, the 7M products are leading edge and it’s a great opportunity to work with an experienced and progressive team.”
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About SevenMountains Software
SevenMountains provides the tools that enable enterprises to centrally manage and administer all of their applications (Windows, Web, client/server, mainframe, etc.) within a single framework.
From the user perspective the use of IT is simplified by integrating access to all the applications they need into a single web client that they can access wherever they are – remotely, while mobile or across the intranet.
The control of applications and user access is both centralized and simplified. Using the net-centric model current-generation applications can be served out seamlessly alongside Web-based applications. New versions, or upgrades can be rapidly deployed to large user communities, anywhere in the world.
The management of user profiles and access rights can be delegated while still maintaining central control of applications and usage tracking for internally and externally sourced applications.
SevenMountains has formed partnerships with leading technology companies including IBM, Sun Microsystems, Psion, Citrix Systems, and SilverStream Software.
Founded in 1997, SevenMountains Software is headquartered in London, England with offices in Bergen, and Boston. More information can be found on the SevenMountains’ website at www.sevenmountains.com.
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Rose Ross, Omarketing
+44 (0)20 8255 5225
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