For Immediate Release
Castek
secures $10 million series B financing in round led
by international venture capital firm
Investments by p3 Technology Partners, CIBC Capital
Partners and Altamira Management Ltd. confirms Castek
as emerging leader in insurance business systems
TORONTO
(June 28, 2001) -- A third round of venture capital
funding from a group of respected firms experienced
in the technology sector will help Castek Software Factory
Inc. advance product development and propel market access,
Castek Chief Financial Officer Fay Wu announced here
today.
The
$10 million funding, from the Netherlands-based p3 Technology
Partners, CIBC Capital Partners and Altamira Management
Ltd., both of Toronto, was completed early in June.
The funding marks the first Canadian investment by p3,
a Dutch VC fund backed by bank-insurers ING and Achmea,
and the third time that Altamira has participated in
a Castek placement.
Castek
has created a number of acclaimed enterprise software
products for the financial services industry in the
U.S. and Canada, including its Insure3 (insure
cubed) family of flexible software for integrated customer
information, product configuration and policy administration
for the property and casualty insurance sector. The
funding will enable Castek to speed delivery of product
enhancements currently under development in the areas
of claims management and claims processing.
"p3’s
investment strategy is to seek out high growth, innovative
companies with an established track record of customers
and performance in the financial services industry,"
said Peter Huisman, partner with p3 Technology Partners.
"Castek has consistently demonstrated the ability
of its solutions to service critical, core business
drivers and needs in this sector and is clearly positioned
to capture global leadership."
"As
a leading investor in the technology arena, we have
been very pleased to continue our support of Castek
by investing in this current round of financing they
have raised," said Steve Masson, Vice President,
Equities for Altamira. "We have consistently had
confidence in Castek's ability to bring innovation to
market."
"Castek
is a Canadian success story. Ninety per cent of our
business originates in the U.S. We are very pleased
we have earned the confidence of p3 and CIBC as well
as the continued support of our existing shareholders
such as Altamira, in completing this round of financing,"
said Wu. "Given the current state of capital markets
for technology, this says a great deal about Castek."
Castek
Software Factory Inc. is a successful, privately-held
company that specializes in the business-critical software
for the financial services industry, with a specific
focus on property and casualty insurance. Founded in
1990, Castek is recognized in the industry as a leading
practitioner of component-based development. Castek
has offices in Toronto and Ottawa, Ontario, and Cary,
North Carolina, and was named to the Top 100 Independent
Canadian Software Companies in the Branham 300 rankings.
For
more information, readers can visit the company’s Web
site at http://www.castek.com
For
more information contact:
Fay
Wu
416.777.2550 x258
fwu@castek.com