Zeligsoft Secures Series B Financing to Accelerate Sales, Marketing and Partnership Developments
Leading embedded software tools vendor adds semiconductor industry veteran to Board of Directors
Gatineau, PQ, July 23, 2007 — Zeligsoft™, a leading vendor of software development tools to the embedded computing industry, today announced the successful completion of a $5M Series B financing round. The investment was led by BDC Venture Capital (BDC) and includes an initial investment from Export Development Canada (EDC) and Echo Capital FIERS Outaouais LLP (Echo Capital), and a follow-on investment from Fonds régional de solidarité FTQ Outaouais (FRSO). The company has also announced the expansion of the board, adding semiconductor industry veteran Simon Morris, now at BDC, who led the investment syndicate, amongst others.
"During our due diligence interviews with Zeligsoft's customers and partners, we heard strong recurring messages," said Mr. Morris. "With the large increase in chip complexity due to multi-core multiprocessing, embedded code developers and system developers need Zeligsoft’s novel component based and platform-aware tools. The customers view Zeligsoft's software tools as key to improving their competitiveness in the market place by significantly reducing development time and cost of the much more complex systems that are emerging.”
“This is an exciting time for Zeligsoft and our customers,” said Dave Longbottom, Chairman of the Board. “We are very pleased to have the support of such a strong investment group, and to have diversified the experience around the board table. With this investment round, we can realize the full potential of our market-leading product strategy and continue to grow the company into one of the most important vendors of software tools in the embedded software industry, meeting the needs of the largest embedded systems makers around the globe.”
"EDC is pleased to be an integral supporter of Zeligsoft's commercial expansion into key foreign markets," said Jennifer Brooy, VP of EDC's Equity Team. "As an investment partner with global reach, EDC understands that Zeligsoft and leading-edge technology companies like it are "born global". We look forward to helping cultivate the company's international success."
Zeligsoft was founded in 2002 and has built a leadership position providing advanced software tools to the largest defense contractors and integrators building Software Defined Radios (SDRs). With this new investment, Zeligsoft will build on this initial market success to expand beyond SDR to encompass all projects within the Military and Aerospace vertical, and to expand into the telecom vertical where the pace of the market is highest and customer pain most acute. Zeligsoft’s solutions address four areas of widely acknowledged pain for the world’s largest makers of embedded systems:
- managing software complexity
- managing hardware platform change and evolution
- enabling software reuse
- enabling multi-site development and off-shoring
“Embedded systems providers are spending too much time maintaining their software. They’re missing out on opportunities to capitalize on advanced hardware platforms and as a result their competitiveness is diminished. Zeligsoft CE™ 3.0 is the only tool in the marketplace tackling these challenges,” said Francis Bordeleau, Founder and CEO of Zeligsoft. “This new investment is a strong endorsement of our business strategy and means that we can expand on our market lead and deliver even greater value to our customers.”
BDC Venture Capital is a major venture capital investor in Canada, active at every stage of the company's development cycle, from seed through expansion, with a focus on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. BDC Venture Capital has been involved in venture capital since 1975 and has to date invested in more than 400 companies involved in the areas of Life Sciences, Telecommunications, Information Technology and Advanced Technologies. (www.bdc.ca)
EDC is Canada’s export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC’s knowledge and partnerships are used by 6400 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and has been named one of Canada’s Top 100 Employers for six consecutive years. (www.edc.ca)
About Echo Capital
Echo Capital is a venture capital fund investing in the start-up and growth of promising companies, principally in the Outaouais region. Echo Capital is accredited by Investment Quebec as being a FIER-Region Regional Economic Intervention Fund development investment fund.
The Fonds Régional de Solidarité FTQ Outaouais is an important economic player in the development strategy of the Outaouais Region, with great understanding of the regional economic issues as well as an awareness of the challenges facing business managers. Business growth is a prerequisite to economic development. Through its network of contacts with the other regional funds, speciality funds and the Fonds de Solidarité FTQ, the Fonds Régional de Solidarité FTQ Outaouais is able to offer business opportunities to more than 2200 partner companies. (www.fondsreg.com)