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The rapid uptake of Citadon's next generation product, Citadon CW™, further reaffirms its position as the leading provider of project collaboration software. Funding coincides with three consecutive months of profitability.
SAN FRANCISCO, CA, September 2, 2003 - Citadon, Inc., the leading provider of project collaboration software targeting owners, operators, and other key participants in the design, construction and operation of large and complex capital projects today announced that it has secured $15 million in financing from an investment group led by Insight Venture Partners.
Founded in 1997, Citadon provides collaboration software to the global engineering and construction industry. Citadon develops project collaboration software that enables enterprises that own, operate and maintain physical assets to improve how they manage their projects and capital works programs. By bringing together workflow, document management and communication and collaboration tools Citadon enables companies to reduce project costs, mitigate financial and legal risk, and shorten project durations.
"Continuing to receive investment confidence and support during the current challenging economic cycle is a tremendous endorsement of our technology and our business strategy." said Bernard Fried, President and CEO of Citadon. "The capabilities of our next generation product, Citadon CW and the sales traction we have achieved with blue-chip enterprise customers clearly places Citadon as the leading solution provider of internet-based project collaboration services on large complex capital projects."
"Our decision to invest in Citadon is based on the long-term value we see in the company's business model and technology, coupled with the company's growth track record and profitability'' said Jeffrey Horing, Founder and Managing Partner of Insight. "The company's Citadon CW™ product is the clear leader in a market that is growing rapidly, and Citadon's ever-expanding list of customers around the world clearly validates value proposition of Citadon's web services."
The funding will be used to further advance Citadon's rapid growth by providing working capital and expanding sales efforts. The new funds will also contribute to further technology development. No further financing is anticipated given that Citadon has been profitable for the last three months and fully expects this trend to continue.
Citadon's group of enterprise customers manage large, complex infrastructure projects globally, ranging from the $4.5 billion Nanhai petrochemical plant in China to Project Finance Initiative work in the UK to large industrial capital projects in the energy, chemical, pharmaceutical and biotech industries around the world.
About Citadon Inc.
Citadon Inc. provides the $3.9 trillion global engineering and building industry with internet based project collaboration software that is designed to reduce financial and legal risk, improve profitability and create accountability and predictability across global projects. Citadon's fully integrated web services help customers to manage and share documents, automate and propagate core business processes, collaborate and communicate seamlessly, and capture and leverage knowledge across the extended enterprise.
Headquartered in San Francisco, Citadon's services are currently being utilized in over 60 countries, by more than 40,000 active subscribers on projects with a construction value in excess of $130 billion. Current Citadon customers include Shell Oil Products, the Bechtel Group, The Chicago Transit Authority, Fluor Corp., Mustang Engineering, EC Harris, Wates, and Transport for London, Novo Nordisk Engineering, and GE Transportation Services.
Citadon CW is a trade mark of Citadon Inc.. More information is available at www.citadon.com.
About Insight Venture Partners
Insight Venture Partners, with approximately $1 billion in funds under management, is a leading venture capital firm specializing in enterprise software companies. Insight invests in entrepreneurial, growth-stage companies developing technology-based solutions for the corporate enterprise. Headquartered in New York, Insight has taken a global approach to software investing in a market where speed, domain expertise, intensive value-add and the ability to execute are the foundations of success. More information on Insight is available at www.insightpartners.com.
Media Contact:
Citadon, Inc.
Ian Howell
VP Marketing
ihowell@citadon.com
(415) 216 2365
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