SOURCE: Netaphor Software, Inc.

October 30, 2006 08:00 ET

Netaphor Software, Inc. Secures First-Round Venture Financing From vSpring Capital

Investment to Fuel Netaphor's Growth in the Printer Asset Management Market

IRVINE, CA -- (MARKET WIRE) -- October 30, 2006 -- Netaphor Software, Inc. (www.netaphor.com), a provider of software for printer asset management, today announced that it has secured Series A equity financing from vSpring Capital, an early stage venture capital firm. vSpring, based in Salt Lake City, has invested in several well known IT asset management companies including Altiris and LANDesk. Ed Ekstrom, managing director at vSpring, and Jeron Paul, principal at vSpring, have joined Netaphor's board of directors.

This marks the first round of institutional funding for Netaphor, a company that has been self-funded since its inception in 1997.

"We see a tremendous market opportunity for Netaphor, as the company is addressing a previously untapped segment of the IT asset management market," said Ed Ekstrom, managing director at vSpring Capital. "Netaphor's unique focus on asset management for printers has the potential to help companies across all industries improve the return on their printer assets. We have been impressed by the company's initial customer acceptance, the experience of its management team and the strength of its product offering."

Netaphor will invest the funds in accelerating market demand for SiteAudit, the industry's first software suite to help businesses identify and manage printer costs. The company also plans to use the financing to expand its partnerships with complementary technology providers, including other software vendors and printer manufacturers.

"We are excited to partner with vSpring because of its deep expertise in the IT asset management market as well as its proven track record of helping portfolio companies achieve their growth goals," said Rakesh Mahajan, CEO of Netaphor. "This funding will be instrumental in supporting our aggressive expansion plans as we aim to establish SiteAudit as the de facto industry standard for printer asset management."

About Netaphor

Founded in 1997 and headquartered in Irvine, Calif., Netaphor Software, Inc. develops and sells asset management tools that help companies control printer costs. The company's flagship product, SiteAudit, is the industry's first software suite to identify, reduce and manage printer costs, saving organizations up to 30 percent during the printer asset lifecycle. SiteAudit customers include organizations in the pharmaceutical, industrial, technology and education industries including Prometheus Labs, USS-POSCO and Invensys PLC.

For further information, please visit www.netaphor.com.

About vSpring Capital

vSpring Capital (www.vspring.com) is an early stage venture capital firm with $200 million under management. With offices in Utah and New Mexico, vSpring invests in information technology and life science companies that have the potential to transform their markets and create lasting value.

Contact Information

  • Media contact:
    Judy Daughton
    Public Relations
    Netaphor Software, Inc.
    Email Contact
    763-360-6308