Toronto, Canada -- The GATX/MM Venture Finance Partnership today announced the completion of a US$2.0
million venture debt financing with AlterSys Inc., a global leader in Open Control
Automation Software. AlterSys, which pioneered the industry's first PC-based distributed
control system, will use the funds to ramp up its sales and marketing.
AlterSys's cutting-edge solutions address the needs of all automation applications,
including factories, industrial equipment, power plants and building management
systems. The solutions' open standards create a unified development environment
that seamlessly integrates all of the application's processes, while their web-enabled
technology allows this information to be shared with a company's ERP systems.
"Open Control Automation Software is the next evolution in control software, and
is set to expand rapidly," said Minhas Mohamed, Managing Partner of MM Venture
Partners. "AlterSys has established themselves as the clear leader in the field
with a blue chip client base. They are uniquely positioned to capitalize on this
fast growing opportunity."
"We are excited to have the GATX/MM Venture Finance Partnership, a leading technology
investor, fund and support our growth," said Julien Chouinard, founder and CEO
of AlterSys. "This funding allows AlterSys to aggressively pursue relationships
and capitalize on the increasing demand for Open Control Automation Software."
About AlterSys Inc.
AlterSys is a world-leader in PC-based distributed control systems. The Company
provides reliable, cost-effective software tools for developing high-performance,
connective PC-based automation systems. Today, their ISaGRAF automation and process
control solutions are used worldwide for applications ranging from nuclear and
conventional power to metal smelting, high-speed trains, and food processing.
AlterSys is headquartered in Montreal, Canada. For further information please
About GATX/MM Venture Finance Partnership
The GATX/MM Venture Finance Partnership is a privately held, venture-debt fund
that focuses exclusively on private technology companies in Canada. The Partnership
focuses specifically on Canadian information technology and biotechnology companies.
The partnership comprises MM Venture Partners, founded in 1998 in Toronto and
GATX Venture Finance. San Francisco based GATX Venture Finance is a unit of GATX
Financial Corporation, a wholly owned subsidiary of GATX Corporation (NYSE: GMT).
For further information please visit www.mmvp.com
For Further Information Contact:
Francine Gauthier, Vice President Finance
Tel: 450-674-7774, ext. 232
MM Venture Partners
Amit De, Vice-President