TORONTO, ONTARIO – May 18, 2005– Abridean Inc, a leading provider of user management and provisioning solutions, today announced the successful closing of $2.0 Million of debt financing to expand Abridean’s R&D and Services teams and grow the company’s presence in the market for identity management and IT compliance solutions. As part of this transaction MMV Financial, Inc. is joining Abridean’s team of investors.
Abridean is headquartered in Chicago with most of it’s operating staff based in Halifax, Nova Scotia. Abridean's flexible identity management solutions enable organizations to comply with government regulations, enforce security policies, and lower IT administration costs by automating and controlling employee access to networks, applications, data and devices.
Organizations rely on Abridean technology to quickly and easily deploy user management and provisioning solutions that fully automate user account set-up and maintenance - ensuring that users get rapid access to every system they need, and that the organization gains all of the control and audit reporting they need.
Abridean’s flexible policy-based architecture easily adapts to an organization’s unique administrative processes and includes sophisticated workflow, role and rule based entitlement definitions, easily-configurable use cases, automated reconciliation of security exceptions, and advanced audit logging and compliance reporting. Abridean’s lightweight connector framework ensures support for a wide variety of target systems and platforms.
"We are investing in Abridean because it has cost-effective, pragmatic solutions to a problem that has become one of the highest IT department priorities —compliance with regulations such as Sarbanes-Oxley, HIPPA, and Gramm Leach Bliley,” said Ron Patterson, Executive Vice President of MMV Financial. “As important, Abridean has a solid management team and is selling into a dynamic market.”
“MMV Financial has a long history of successfully assessing a company’s ability to deliver returns for its investors and we are happy they have joined our team,” explains Sean Sears, President and CEO of Abridean. “We experienced stellar growth in 2004 and are experiencing even more growth in 2005 as a result of the increasing urgency for compliance solutions and faster adoption of identity management in key geographies such as the UK and the rest of Europe.”
About Abridean Inc.
Abridean provides user management and provisioning solutions with a primary focus on Global 2000 organizations, mid-market enterprises, and hosted application service providers. More than 2,500 companies currently use Abridean technology to manage users and provision applications. Abridean’s customers span multiple industries including financial services, manufacturing, hospitality and food services, healthcare, and service providers. Current customers include Sprint, USA.NET, COLT Telecom, and AT&T Canada. For more information, visit http://www.abridean.com/or call 1-877-520-4277.
About MMV Financial
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to mid-stage technology and life sciences companies, with a focus on the Canadian and North American sectors. Previously known as MM Venture Partners, the firm is backed by top U.S. and Canadian private equity firms and financial institutions including Conning Capital Partners of Hartford, Connecticut, Caisse de dépôt et placement du Québec of Montreal, and Wells Fargo Foothill, a part of Wells Fargo Company. For more information visit http://www.mmvf.com/
For more information or to arrange for an interview, contact:
Kristie Heins Fox
Ruder Finn Inc
Phone: (312) 329-3985
MMV Financial Inc.
Executive Vice President
Tel: (416) 977-9718
Fax: (416) firstname.lastname@example.org
Copyright ©2005 MMV Financial Inc. All rights reserved.