RealTime IT News

Softricity Plugs Into $25 Million

Softricity, a Boston startup developing delivery systems for business e-business software, has launched with $25 million in financing from Longworth Venture Partners, Prism Venture Partners and Hikari Tsushin.

"By smoothly evolving today's prohibitive ownership infrastructure to a more centralized, usage-based service delivery structure, Softricity is creating unprecedented market opportunity," said Prism's David Baum.

The company plans to sell its patent-pending products to software vendors, systems integrators and network and applications service providers.

Softricity is led by CEO Harry Ruda, who most recently held the top job at ITS, a provider of video access equipment for Internet protocol and ATM networks. David Greschler, whose worked at MIT's media lab, is president and co-founder of the company.

The company today also named Rick Hronicek as executive vice president of sales and business development, ex-CEO of Xevo, a maker of service management software for the ASP market.

Ruda summarized said, "Softricity is addressing one of the market's clearest and most economically compelling needs, and -- in the process -- has become a magnet for the industry's top talent."