ObjectStar International, a world leader in business integration software, has announced that it has received a multimillion-dollar investment from the Investcorp Technology Ventures Fund, resulting in the formation of ObjectStar International.
The management team, with Investcorp funding, will use the additional capital to develop and extend its product suite. The terms of the transaction were not disclosed.
Old Mutual, SAA and Transnet are major South African clients of ObjectStar. Jim Hoffmann, CEO of ObjectStar International, says: "This is great news for ObjectStar and its clients, marking the next stage in our development. Our existing clients will see no change in our approach, with their applications serviced by the same, experienced management team."
Investcorp is a company with a successful track record investing in, and being highly supportive to, businesses in the corporate IT sector, including leading server company, Stratus Technology, and the enterprise software provider, Acta Technology.
"Over time, the investment will allow us to develop further, enhancing customer support and delivering new services to the benefit of our corporate clients," adds Hoffmann.
ObjectStar will continue to be run by its current management team, led by Hoffmann, COO Vi Sadler, and executive VP of worldwide sales and marketing, Geoff Forster. Savio Tung, Richard Fuller and Alex Guira, at Investcorp, will serve on the new ObjectStar International board.
Over the past 12 years, the company has become one of the world`s leading suppliers of business integration software. ObjectStar has successfully established itself with Global 1 000 organisations, running many of their mission-critical, high-transaction rate, integrated business applications. Most recently, ObjectStar has experienced 120% year-on-year new licence revenue growth and has closed its 15th consecutive profitable quarter. The company now has over $1.5 billion in installed corporate applications and provides global 24x7 support for more than 100 Fortune 500 companies.
In addition to clients across North America, ObjectStar has established a growing client base in the UK, Australia, Singapore, Scandinavia, Italy, France, Netherlands, Germany and SA.
Richard Fuller, a principal at Investcorp said: "ObjectStar has built up an enviable client base in the international software integration market. The company has an excellent management team and unrivalled expertise in this increasingly critical area to IT managers and corporations in general.
"As with all the companies within our technology portfolio, Investcorp will be highly supportive to ObjectStar as it continues its development, ensuring the strong team in place continues to offer clients highly reliable service and a coherent future evolution of this high-quality enterprise software platform."
Investcorp`s technology investment team is a dedicated group of highly qualified professionals with related technology and investment skills. Business is conducted from New York and the firm`s European offices in London, acting as one transatlantic team. Further information on Investcorp`s current technology investment portfolio is available at www.investcorp.com.
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