Enigma Completes Third-round Financing, Brings Total Funding to $36 Million
22 May 2000
Enigma Completes Third-round Financing, Brings Total Funding to $36 Million
BURLINGTON, MA, May 22, 2000 --Third Round Totals $20 Million, Major Investors Include BancBoston
Ventures, GE Equity, ING-Baring and Polytechnos
Enigma, Inc., the leading provider of software for B2B e-commerce for high-value spare parts and aftermarket support, announced today it has successfully completed third round funding of $20 million, bringing investments in the company to a total of $36 million. The latest round is fueling Enigma's strategic and organizational growth, including its acquisition of the e-publishing division of Inso Providence, and the launch of its XML-based transaction manager solution, CommerceSight.
Third-round investors BancBoston Ventures, ING-Baring and Polytechnos join GE Equity, Deutsche Bank, Banker's Trust, Sumitomo Corporation, Walden Fund and Mofet in support of Enigma's growing leadership in B2B e-commerce for spare parts and aftermarket business. Enigma's CommerceSight solution enables companies in high-value industries such as aerospace, telecommunications and discrete manufacturing to build e-commerce solutions driven by product-related content.
"Enigma has established itself as a leading innovator in XML technology and is making impressive inroads into a previously untapped realm of the B2B market," said Keith Miller, senior vice president at GE Equity. "We feel that Enigma is strategic for the GE industrial divisions."
"The exponential growth of B2B e-commerce has created one of the largest markets in the Internet economy," noted John Doggett, director at BancBoston Ventures. "With its strong financial backing and leading-edge technology, Enigma is well-positioned to become the leader in B2B e-commerce for spare parts and aftermarket business."
The purchase of Inso Corporation's technical publishing division, completed late last year, brought Enigma an additional 250 customers and industry proven technology for the creation and delivery of large, structured documents via the Web or CD-ROM. The acquired DynaWeb and DynaText product lines complement Enigma's strong product offerings which link vast technical information -- including service bulletins, electronic illustrated parts catalogs, detailed procedural guides and mission-critical repair manuals -- with ERP and procurement systems to provide an integrated e-commerce system for high-value spare parts sales.
"Our investors and customers have given Enigma a position of strength in both the business and financial markets," said Jonathan Yaron, CEO of Enigma. "Enigma's CommerceSight is the only e-commerce solution which enables manufacturers of high-end equipment to realize the full revenue potential of their spare parts business. This latest round of financing provides Enigma with the resources necessary to widen deployment of this solution throughout our key markets."
About BancBoston Ventures
BancBoston Ventures, a venture capital unit of FleetBoston Financial , has been providing expansion capital to emerging growth companies since 1959. Today, it has roughly $300 million invested in over 75 Internet-focused technology companies worldwide. With offices in Palo Alto, Boston, London, Hong Kong, Buenos Aires, and Sao Paulo, BancBoston Ventures brings 40 years of venture capital experience, a global network of contacts, and close affiliation with the premiere investment bank Robertson Stephens to each investment opportunity. BancBoston Ventures' investments include Allaire, Avicon Group, Bizland.com, BuildNet, Gomez Advisors, Internet Capital Group, Inventa, Netmind (Puma), OnDisplay, Silknet, Versata, and Viant.
About Enigma
Enigma, Inc. leads the market in content-driven B2B e-commerce for spare parts and aftermarket support. The company's ESP architecture, which includes CommerceSight for high-value B2B e-commerce, emphasizes Enigma's commitment to continued development in the area of vertical exchanges. Typical applications of Enigma technology include e-commerce sites, e-catalogs, eIPCS, IETMs and self-service product support. Enigma's rapidly expanding list of customers includes GE Aircraft Engines, Pratt & Whitney, Rolls-Royce, Hewlett-Packard, Ameritech, Lucent, Bell South, Nokia, Sybase, Sun Microsystems, John Deere, Mack Trucks, Freightliner, Motorola, Cummins Engines and United Airlines. Enigma is a privately held company, headquartered in Burlington, Mass., with offices in San Francisco, London, Munich, Amsterdam, Toronto, Tokyo and Tel Aviv. For more information about Enigma, go to www.enigma.com .
About GE Equity
GE Equity, a subsidiary of GE Capital, is the private equity arm of GE. GE Capital, with assets of more than US$345 billion, is a global, diversified financial services company with 28 specialized businesses. A wholly-owned subsidiary of General Electric Company, GE Capital, based in Stamford, CT, provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide. www.geequity.com