Xceed Raises $30 Million in Private Offering
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Interactive solutions and e-business consulting company Xceed Inc. closed on a $30 million private offering of securities to a group of investors led by Ramius Capital Group.
Funds managed by Ramius Capital first invested in Xceed in June of 1999. The company said it plans to use the funds for financing the company's growth and acquisition plan as well as general working capital purposes.
Ramius Capital Group is a private investment firm that makes direct investments in growth and technology companies. Principals are Peter Cohen, former chairman and chief executive officer of Shearson Lehman Brothers; Morgan Stark, former president of Chemical Securities; Thomas Strauss, former president of Salomon Brothers; and Jeffrey Solomon, head of direct investments at the firm.
"In addition to the ability to more swiftly consolidate our various Silicon Alley offices into a more cohesive New York City unit, we also look to this capital to help us immediately capitalize on new business opportunities " said Scott Mednick, Xceed chairman and chief strategic officer.