RealTime IT News

Andromedia Raises $10 Million In Equity Financing

Andromedia Inc. in San Francisco, a supplier of ARIA Web site activity analysis software, said it raised an additional $10 million in equity financing.

The investment came from an investment banking and venture capital group comprised of UBS Capital II LLC, The Travelers Insurance Co., JK&B Capital and Westbury Capital Partners L.P. Executives from Travelers and UBS Capital will also join Andromedia's board of directors.

The latest round of equity financing brings the total outside investment in Andromedia to $15.7 million since its founding in late 1995, the company said.

The new funding will be used to accelerate the growth of Andromedia's diverse revenue streams, to further establish the company's brand for Web site activity analysis, to expand the company's business model into the personalization market, and to ensure the continued development of the company's corporate infrastructure.

In addition, new capital will be used to expand Andromedia's international presence, particularly in Europe, where the company said it has seen strong demand for its products.

"We are pleased to add Travelers Insurance, UBS Capital, Westbury Capital Partners and, once again, JK&B Capital to our investment family," said Kent Godfrey, Andromedia President and CEO. "Each financial partner brings us a wealth of investment experience and relationships."

Jack L. Rivkin, a senior vice president of Travelers Investment Group, Inc. has been named to the Andromedia board along with UBS Capital Vice President Hyunja F. Laskin. They join current outside Directors Eileen Richardson, partner at JK&B Capital, and Robert Saldich, retired president and CEO of Raychem Corp.