Apax Partners and LLR Partners Fund New Storage and Data Management Solution
Princeton Softech, the pioneer and leader in active archiving technologies, today announced it has closed a million deal with Apax Partners, Inc. and co-investor LLR Partners, Inc. The funding enables Princeton Softech to spin out from its parent company, Computer Horizons Corp., and fortify its leadership position in the active archiving market.
“Through a combination of our technology expertise and buyout experience, we successfully identified Princeton Softech as a divestiture candidate,” said Greg Case, general partner at Apax Partners, Inc. “We believe there is great value in helping a subsidiary of a large firm to set out on its own, particularly when - as in this case - the company has a strong value proposition, proven technology, large base of satisfied clients, and has taken the lead position in its market.”
According to Lisa Cash, Princeton Softech’s CEO, “This transaction is a powerful endorsement of our business and of the active archiving category as a whole, especially given today’s economic climate and highly selective venture community. Now we have the financial power to accelerate our marketing and business development plans, and solidify our position as the global market leader in active archiving.”
Princeton Softech’s Active Archive™ Solutions help companies improve application and database performance and availability by storing data ‘smarter.’ As a result, database response times are faster and service levels are maintained, without the expense of costly capacity upgrades.
Industry analysts are confident of active archiving and Princeton Softech's leadership position in this burgeoning niche in the storage software market. Gartner Dataquest estimates the overall storage software market is expected to reach .7 billion by 2005, with the data management sector at .7 billion.*
“With corporate databases growing at a rate of 40 percent annually, the market for active archiving solutions is large and will continue to be a fertile market for both mainframe and open systems,” said Rich Evans, vice president of Enterprise Data Centre Strategies for META Group.
“Princeton Softech’s command of the active archiving market is extraordinary,” said Dr. Evangelos Simoudis, partner at Apax Partners. “In just 12 months, Princeton Softech quickly established the active archiving category, captured thought leadership, and signed Fortune 500 clients that are already receiving a significant return on investment. We are convinced that active archiving will become a critical element of every enterprise storage strategy in the next decade.”
“As the leader in the active archiving market, Princeton Softech is strategically poised for immediate growth,” noted Mitchell L. Hollin, partner at LLR Partners. LLR Partners invests in a broad range of industries with a strong growth potential and has a reputation for targeting superior companies.
LLR’s Hollin and Apax Partners’ Case and Simoudis have joined Princeton Softech’s Board of Directors.
Formerly a wholly owned subsidiary of Computer Horizons Corp., Princeton Softech is headquartered in Princeton, New Jersey with offices in the Australia, Austria, Holland, Italy, France, Germany, Spain, Switzerland and the United Kingdom.
About the Active Archiving Category
Active archiving enhances the performance of production databases by setting aside infrequently used data, yet keeps it ‘active’ for easy access. However, unlike traditional archiving and HSM programs that deal with entire files, data that has been actively archived can be quickly restored one record at a time. In addition, the referential integrity of the data is maintained, which means that the proper relationships between the records still exist (customer to orders, vendor to purchases, etc.). In 2001, Princeton Softech ( http://www.princetonsoftech.com) introduced the active archiving technology. For more information about active archiving, please visit http://www.storesmarter.com .
Princeton Softech company contact
Tel: +1 609 627 5500
Catherine Eyres/Mary Brain
Tel: +44 (0) 1494 434434
ABOUT PRINCETON SOFTECH
Princeton Softech ( http://www.princetonsoftech.com), the pioneer and leader in the active archiving marketplace, is a software products and services company that helps enterprises enhance the performance of their systems by managing data smarter. The company allows enterprises to manage their mission-critical applications more efficiently through "active archiving."
By using Princeton Softech's suite of Active Archive™ Solutions, companies can identify and move complete sets of infrequently used data to an active archive, while maintaining accuracy, integrity and business context. Princeton Softech is a leader in enterprise-scale data management solutions, with over 2,000 of the world's largest companies in more than 30 countries using Princeton Softech's products and services. Princeton Softech is financed by Apax Partners and LLR Partners.
ABOUT APAX PARTNERS
Apax Partners is one of the world’s leading private equity investment groups, managing more than $11 billion on behalf of institutional investors worldwide. Its cross-border teams of more than 180 investment professionals in the United States, Europe, Israel and Japan, work together to identify the best investment opportunities and to help build world-class companies. The focus of their investment efforts is on several industry sectors, including Information Technology, Telecommunications, Health Care and Retail/Consumer. Funds advised by the group pursue a balanced equity portfolio strategy, investing in companies at all stages of development from start-up to buy-out ( http://www.apax.com).
ABOUT LLR PARTNERS INC.
LLR Partners Inc. ( http://www.llrpartners.com) is a $260 million private equity firm providing capital to companies with strong growth potential, proven business models and outstanding management teams. LLR primarily makes investments of million to million in a broad range of growth industries, with an emphasis on business services and information technology.
* Gartner Dataquest "Storage Management Software Forecasts: 2001-2005", C. DiCenzo, May 2001.
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