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RiverSoft Raises US $120 Million

[London, ENGLAND] IP network management solutions provider RiverSoft plc announced Friday a placing of 88.3 million shares to raise nearly US $120 million.

The placement, conditional on the company's proposed London Stock Exchange listing, values its share capital at around US $322 million -- making it one of the largest Internet-related businesses in the U.K.

Philip Tee, RiverSoft's chairman, said the company was tremendously pleased with the strong interest being shown despite what he called "the current challenging market conditions."

"The placing is a significant milestone that will enable us to achieve our growth potential. We look forward to our future as a listed company and to continue enhancing shareholder value by executing our strategy of providing customers with advanced IP network solutions," said Tee.

RiverSoft uses a proprietry Network Management Operating System (NMOS), which automatically discovers the configuration and connectivity of an IP network and continually monitors it for state and changes. The company's flagship product is OpenRiver, which combines NMOS with a fault isolation application.

Among RiverSoft's customers and partners are Deutsche Bank, Hewlett-Packard, Intel Corporation, Level (3) Communications and Siemens NSL.

RiverSoft expects to see its shares traded on techMARK, the London Stock Exchange market for technology companies, beginning December 13. The ticker symbol will be RSFT.