Providers of On-Demand Hosting and Utility Computing Layered Technologies Secures $11 Million in Private Funding
Led by Enhanced Equity Fund and Pangloss International
This is a Press Release edited by StorageNewsletter.com on March 13, 2008 at 3:29 pmLayered
Technologies, Inc., a leading worldwide provider of “on demand” IT
infrastructure, today announces the completion of an investment round
of $11 million, led by US private equity firm Enhanced Equity Fund, LP
(EEF) and the founding investor, Pangloss International.
“We
are proud to support Layered Tech’s continued growth in the fast moving
hosting services market,” said David Howe, Managing General Partner for
Enhanced Equity Fund. “We see great potential for Layered Technologies
to play a key role in shaping the future of grid computing and
virtualized services within the hosting marketplace.”
With
clients in over 120 countries, Layered Technologies’ custom technology
solutions allow both large and small customers to rapidly deploy
on-demand hosting and utility computing services, providing all the
controls of colocation without the start up costs, capital investments,
long term contracts and associated challenges. By partnering with
Layered Technologies, companies are able to achieve ROI quickly via
reduced capital investment, total cost of ownership (TCO), labor
reduction, training, and floor space. Layered Technologies can have a
company up and running in days versus months.
The new cash
investment will provide Layered Technologies with working capital to
expand on current successes, develop new products, and accelerate sales
and marketing efforts within new enterprise markets.
“The
continued growth of our long standing relationship with Pangloss and
the expansion of the EEF investment demonstrates the faith our
investors place in Layered Technologies’ future,” said Jack Finlayson,
CEO of Layered Technologies. “In the last 90 days, Layered Tech has
added significant resources to our sales and marketing, development,
and service delivery efforts. We expect the remainder of 2008 to be
characterized by aggressive market expansion, new product
introductions, and overall growth.”
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