Hambrecht & Quist Joins Framework's Elite Pool of Investors
Burlington, MA - August 3, 1999 -- Framework Technologies Corporation, the leading developer of Web-based project communication solutions for the extended enterprise, today announced that it has received a third round of financing which garnered the company $9 million in funding.
Framework Technologies' newest investor is Hambrecht & Quist, a premier investment banking firm specializing in high growth industries. This round also included re-investments from Charles River Ventures, Bessemer Venture Partners and Norwest Venture Partners, three of the nation's leading Internet investors. Framework Technologies plans to use the funding to expand its market share and hire up to 50 new employees in the next year, with growth focused in sales and marketing. This investment brings the total amount of funding that the company has received since inception to $21 million, making it the best-funded start-up to date in the hot, new category of extended enterprise project communications.
"This funding is a strong endorsement of our business strategy to provide a corporate communications solution that serves the needs of multi-organizational, cross functional teams," said Daniel Slavin, president and CEO of Framework Technologies Corporation. "Our market space is extremely competitive, but Framework has won the vote of the investment community by putting a seasoned management team in place, creating the largest installed base, and having the most recognized name in the space. The Web-based project communication market has huge potential. Fortune 1000 firms such as Exxon, BankOne and Lexmark are managing projects with our solution, ActiveProject. So are government agencies and educational institutions, including the United States Navy, Federal Highways Administration and Emory University. Framework has experienced 1000% growth in revenues and more than doubled staff over the past year. This funding will enable us to substantially increase our lead in this category."
Hambrecht & Quist invested through its Access Technology Partners, L.P. fund. Andrew Kahn, a partner with the fund, stated, "Our goal is to support companies with the potential to become leaders in emerging markets. Framework Technologies meets that criterion by virtue of the momentum it has achieved in the emerging market for collaborative project and product lifecycle management tools. We are excited about Framework Technologies' prospects and are very pleased to be part of the investment team."
Framework Technologies Corporation, a 50- person company based in Burlington, Massachusetts, offers project communication solutions that enable global project teams to better meet schedules by centralizing access to project information, expediting feedback between project team members, and providing insight into schedule-threatening issues. Framework Technologies is initially targeting facilities and product development teams, where the benefit and penalties of project execution are the most extreme. These include industries that build and manage projects in Architecture/Engineering/Construction; Product Design/Manufacturing; Retail; Education; Government; and hospitals/medical centers. For more information, contact Framework at 781 270-6554 via the Web at www.frametech.com.
For More Information, Contact:
Company Contact:
Brian Giuffrida, Framework Technologies Corp.
Tel. (781) 270-6554/Email: bjg@frametech.com
Press Contact:
Becky Stevens, Virtual Marketing, Inc.
Tel. (713) 932-1570/Email: bstevens@virtualmarketing-pr.com
ActiveProject is a trademark of Framework Technologies Corporation. All
other brand and product names are trademarks or registered trademarks of
their respective owners.