History 2003: Neartek Received Additional Funding of $8 Million

Founded in 1994, Neartek has received additional funding of $8 million to expand U.S. sales and marketing efforts.

Since it was founded, no less than $82 million has been invested in the company in 4 rounds, even if profitability is still an unrealized goal, and despite a fairly bumpy ride.

Meanwhile, Jose Rodrigues, VP international operations, disputed an item published about his company in our September 2003 issue. “I believe the quality of a publication, of whatever type, is based on the quality and veracity of its information, and this cannot be based on rumors.”

The info in question: the announcement of the liquidation of Near Technologies (brand name Neartek) French subsidiary, which served as the company’s European HQs.

We confirm that the judicial receivership was indeed pronounced on May 20, 2003 by the court’s administrator, Laurence Lessertois.

However, writes Rodrigues, “This amounted simply to a legal and accounting measure, and in no way signals the end of our business and support activities in Europe.”

However you phrase it, Neartek is currently without a legal entity that could be construed as a European subsidiary.

Note that the president of Near Technologies, Steven Bagby, current EVP engineering and operations of Neartek’s world HQ in the U.S. and formerly responsible for strategy, planning and business development for Bull Americas, is also the titular president of Tram lnformatique and MBH, 2 French entities in Neartek’s corporate orbit, both of which were struck from the Commerce and Companies Register this year.

Yet according to Rodrigues, “We will continue our commercial development in Europe with new products and a new site in a few days.”

Having learned our lesson, we cannot confirm that rumor.

This article is an abstract of news published on issue 190 on October 2003 from the former paper version of Computer Data Storage Newsletter.

Note: assets of Neartek acquired by EMC in 2006