H.I.G. Capital News
Craig Burson , CFA
Trumbull, CT-CYA Technologies, Inc., a leader in business continuity software solutions, announced today that it has closed the Series A round of financing...
ADDITIONAL INVESTMENT CLOSES CYA'S SERIES A ROUND AT $7.3 MILLION
July 22, 2002 - Trumbull, CT - CYA Technologies, Inc., a leader in business continuity software solutions, announced today that it has closed the Series A round of financing that was formally announced on May 23, 2002, with the inclusion of $2.5 million from H.I.G. Ventures, a Miami, Florida based venture capital firm. Terms of the deal were not disclosed. CYA's investors include: YankeeTek Ventures, a Cambridge, Mass. based venture capital firm, which led the round, Connecticut Innovations and others.
With the full round secured, CYA plans to use the funds to expedite development of additional CYA Command Console business continuity suites, strengthen its strategic alliances and build its direct and channel sales force.
CYA, which stands for Capture Your Assets! ™, markets a suite of software products and utilities targeted to the enterprise's growing need to achieve business continuity, guarantee data integrity and enable true business without interruption by protecting the relationships and processes within an organization's enterprise systems.
CYA HOTBackup , the suite's engine, is the only application-aware software solution of its kind; able to understand the application, it's data and the complex relationship between them. By utilizing this intelligent engine, enterprises can plug-in additional modules to achieve greater degrees of business continuity for mission-critical information.
"I am pleased to include H.I.G. as one our strategic investors as they truly understand the business continuity space and recognize the huge market potential that CYA represents," said Elaine Price, president and CEO of CYA Technologies, Inc. "Further, their clear recognition of the market potential, and our ability to meet that potential is evidenced in that we were able to solidify and close the funding in a short period of time."
"CYA has consistently executed its initiatives and, as a result, it continues to gain impressive clients even in tough economic times. We firmly believe that CYA will continue to achieve and exceed its goals and are excited to be a part of providing the necessary funding to support the company's rapid growth and global expansion," said Craig Burson of H.I.G. Ventures.
About CYA Technologies, Inc
CYA Technologies is the leading provider of application-aware business continuity software products and utilities designed to quickly recover critical business processes in the event of a disaster. The Company's product suite, the CYA Command Console, consists of a multitude of innovative and robust modules designed to provide superior business continuity as well as simplify complex administrative tasks. Fortune 2000 companies in every industry utilize CYA's products to successfully compete in today's highly regulated and eBusiness environments.
About H.I.G. Ventures
H.I.G. Ventures is one of the largest and most successful venture capital firms in the Southeast United States. H.I.G. is dedicated to helping talented entrepreneurs build market-leading companies. Focusing on early stage, high growth technology companies in communications, infrastructure, e-commerce, and Internet software and service industries, H.I.G retains a distinguished list of strategic partners and financial institutions to support its investment efforts. H.I.G. maintains offices in Atlanta, Georgia and Miami, Florida. www.higventures.com