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RED OAK SOFTWARE RECEIVES $2.0 MILLION IN VENTURE CAPITAL FINANCING; ACCELERATES SOLUTIONS FOR LEGACY AND INTERNET APPLICATION INTEGRATION
February 22, 2000 - MOUNTAIN LAKES, NJ; Red Oak Software,
a leading provider of Legacy and Internet Application
Integration solutions, today announced the completion of a $2.0
million round in venture capital financing lead by Opticality
Ventures LLC, a New York-based venture capital firm that
invests in private technology companies.
The investment, which marks the company's first round
of funding, will be used to continue the rapid market
penetration of Red Oak's superior Stingray legacy integration
product and accelerate deployment of the new suite of
eBusiness integration software products.
"We are extremely excited about the Opticality partnership
and look forward to adding to their ongoing success as one
of the technology industry's leading venture capital
firms,'' said George Cummings, President and CEO.
"There are a growing number of vendors claiming
eBusiness integration expertise. Red Oak is one the few
new companies we have seen that can back up their
assertions," said Hadar Pedhazur, the principal at
Opticality Ventures LLC. "They have put together an
extraordinary team that will unveil new products and
services in the EAI and IAI marketplace to enable the
Global 2000 to leverage their existing systems and
investments. In addition, their best-of-breed Stingray
legacy integration product continues to add impressive
new customers. We believe Red Oak is perfectly positioned
to forge ahead and capture their share of the new eBusiness
The first product, Web Integrator, will be released in
early Q2, 2000. Red Oak backs its eBusines integration
software with a superior professional services and support
team, staffed with top experts in EAI, IAI, HTML, XML and
legacy system integration.
Opticality Ventures LLC, is a venture capital management
company that focuses on investments in private technology
companies, generally those involved in software development
concentrating on finance, the Internet, programming tools,
development environments, distributed object systems and
programming languages. Opticality's principals have achieved
notable successes in both large corporate and entrepreneurial
venues. For more information, contact Hadar Pedhazur at
914-923-0003 or visit the web site at www.opticality.com.
About Red Oak
Red Oak Software is a leading solutions provider for
eBusiness integration. Pioneer in Web-to-Host legacy
integration, Red Oak's new suite of EAI and IAI products
enables large corporations to leverage their investment in
legacy systems and extend their reach to those production
Internet applications critical to the future of eBusiness.
Red Oak Software is headquartered in Mountain Lakes, New
Jersey, with offices in Rochester, New York. For more
information, contact Red Oak Software, Inc., 115 Route 46,
Suite F1000, Mountain Lakes, New Jersey 07046. Phone:
973-316-6064 or email: firstname.lastname@example.org.
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