ExtendMedia Receives $11 Million in Funding from Atlas Venture and Venrock, Names New CEO
Jim Geary To Lead Company In Exploiting Brisk Market Demand for Broadband Video Management and Distribution Solutions; New Headquarters in Boston Area
TORONTO, ON and BOSTON, MA - (April 3, 2006) - ExtendMedia announced that it received $11 million in venture capital from top-tier firms Atlas Venture and Venrock Associates as part of a consolidation of equity. The additional funds will be used to accelerate sales, marketing and product development efforts to meet strong market demand for effective digital media content businesses. ExtendMedia solutions help power digital media commerce for Cablevision, Bell Canada, MTS, and major third-party integrators and OEMs.
ExtendMedia also announced of the appointment of Jim Geary as CEO, effective immediately. Geary is a successful entrepreneur who most recently served as CEO of Pedestal Software, an enterprise software company which was acquired by Altiris Corporation in 2005. Extend's founder Keith Kocho will remain with the company and continue to direct product strategy. As part of the move, Extend will establish its corporate headquarters in Boston. Extend will retain its Toronto production facility while tapping into Boston's thriving digital media community as it expands its staff.
"I'm pleased to join a team that is such a jewel in a dynamic market space," said Jim Geary. "I'm also proud to have the backing of such esteemed investors as Atlas and Venrock. Their funding and invaluable strategic input will allow us to expedite initiatives aimed at developing new solutions and expanding our unique market position."
"As digital content proliferates, content players need deep, broad enterprise-class technology and vendors who have gone the distance in building fully functional, flexible business models that monetize and control assets" said Keith Kocho, founder of ExtendMedia. "With our new funding and Jim Geary on board, we are poised for exceptional growth."
Extend provides its flagship OpenCASE platform for broadband video management and delivery both as licensed software and as a hosted ASP service. OpenCASE allows content owners to better manage, control and deliver broadband content across multiple devices.
About ExtendMedia, Corporation
ExtendMedia delivers digital content service infrastructure solutions that provide the foundation for today's leading content businesses. Our flagship product, OpenCASE, is a flexible content service management platform that allows companies to swiftly provision, secure, package and monetize digital content offerings. OpenCASE's sophisticated business rules and automation controls allow our customers to lower operational overhead and adapt to changing business needs. Its rich feature set for metadata and asset management, DRM policy, syndication, billing, and consumer profiling powers the online offerings of top-tier media companies, broadband service providers, and mobile operators. ExtendMedia brings years of content management and delivery experience to the table in solving each customer's unique challenges. For more information, please visit us at www.extend.com
Contacts:
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Mike Coulson ExtendMedia Corp. 416-535-4222 x2210 press@extend.com |
Mary Kae Marinac MKM Corporate Communications 978-685-3136 mkmarinac@comcast.net |
