CHICAGO–(BUSINESS WIRE)–June 30, 2003–
Up-Round underscores investor and market enthusiasm for company’s
leadership position in wireless IT management industry
Expand Beyond Corp., the worldwide leader in mobile software for IT management, today announced the closing of a $3.66 million financing round. With this round, Expand Beyond achieves a significant milestone by securing a rarity in today’s environment – an up-round that also marks the start of the company’s fourth year of business.
New investor CrossBridge Venture Partners participated in the round, along with initial institutional investor Menlo Ventures. The company’s financing history includes an original angel round followed by a $11.2 million Series A round lead by Menlo Ventures in September 2001.
Expand Beyond will use the Series B round funding for future product development of wireless software products for IT systems management, as well as to develop custom mobile applications for areas of the enterprise beyond the IT department.
“Expand Beyond provides the most comprehensive, secure suite of mobile software available today for managing heterogeneous IT environments across the enterprise,” says Ari Kaplan, CEO and Co-founder, Expand Beyond Corp. “This funding will allow us to pursue exciting new ways to extend business-critical data and applications to more users in other areas of the enterprise – where they need it, when they need it.”
Expand Beyond solutions leverage the XBanywhere mobile platform to remotely manage the back-end systems powering the enterprise. XBanywhere is an enterprise-class application server that facilitates communication between heterogeneous IT environments and virtually any device with a Web browser. The XBanywhere platform provides dynamic display intelligence, layered security and real-time connectivity to extend business-critical data and applications to users anywhere.
With the PocketDBA(TM) and PocketAdmin(TM) product lines, Expand Beyond offers wireless control over everything from SQL Server, Oracle and DB2 UDB databases to any network device command line – including Windows, Unix, and Exchange servers as well as routers and firewalls.
Expand Beyond has more than 100 customers including P&G, The McGraw-Hill Companies, Cinergy and the City of West Palm Beach. The company meets global demand through a network of certified resellers throughout Europe and the Americas.
About Expand Beyond Corporation
Expand Beyond Corp. is the worldwide leader in mobile software for IT management. With Expand Beyond mobile software, organizations can wirelessly control business-critical databases, networks and systems from anywhere. By taking true mobile control of the infrastructure, organizations improve system availability, increase productivity, and lower costs. Expand Beyond customers worldwide include Fortune 1000, government and educational institutions. Expand Beyond is headquartered in Chicago with EMEA based operations in Paris. For more information please visit www.XB.com.
About Menlo Ventures
Menlo Ventures, a Silicon Valley based private venture firm, provides long-term capital and management support to early stage and emerging growth companies. The firm looks for combinations of management, market opportunity, products or services that create the potential for an exceptional rate of return. Since its inception in 1976, Menlo Ventures has organized and managed nine venture funds with combined capital of $2.7 billion. Menlo has invested in over 240 companies in a wide range of industries since its founding.
About CrossBridge Venture Partners
CrossBridge is a private equity fund managed by a group of highly experienced investment professionals at CrossBridge Venture Partners who have successfully teamed together in the past. The primary aim is to earn substantial capital gains by linking the explosive growth of Silicon Valley technology companies to the Asian markets. Management consists of former senior partners at Silicon Valley Bank, JAFCO, and Techno-Venture in Tokyo who have extensive experience in venture capital investing in the United States and Asia.
