FireStar Software, Inc. Raises Additional $2 Million
New York, August 22, 2006 – Amphion Innovations plc (LSE:AMP.L) today announced that one of its partner companies, FireStar Software, Inc., has raised $2 million in a preferred stock round of financing, against an initial target of $1.5 million. This financing will be used to further accelerate the company's marketing and sales efforts surrounding its flagship EdgeNode™ product.
In January, Amphion announced a FireStar raise of $2 million. The financing announced today brings Firestar’s total financing for the last 12 months to $4 million.
FireStar Software is a leading provider of multi-enterprise business automation software solutions. Its EdgeNode product is a next generation distributed software platform that automates the exchange of business transactions between multiple, independent enterprises. Today, many enterprises continue to exchange transactions manually, while some others are connected by simple point-to-point solutions. Both of these approaches are prone to error, difficult to maintain in the face of rapid change, unresponsive to new client needs, and not cost effective as the number of users grows.
EdgeNode provides enterprise customers with a highly scalable solution that easily integrates with any message source and is customizable to meet the unique needs of each enterprise participating in a transaction. By providing all of the functions that are required for a successful multi-enterprise integration in one product, EdgeNode allows a new or enhanced service to be created, deployed and maintained far easier than other existing technologies.
“There is a huge need for increasingly sophisticated transactions, between enterprises, to be automated, but there are legacy issues and other hurdles that have stood in the way of automation” said Amphion’s Chief Executive Officer, Richard C. E. Morgan.
“FireStar addresses these hurdles with solutions that are unique in that they are, at the same time, highly scalable, flexible and secure.”
In addition to the supporting sales and marketing efforts for EdgeNode, the funding will be used to continue the expansion of business operations and to increase the development of platforms that can serve specific vertical sectors, including payment systems and trading exchanges.
"We are very pleased with the outcome of this preferred stock offering,” said Kenneth Lord, Chief Executive Officer of FireStar. “This strong round of financing is an endorsement of the competitive edge FireStar delivers to customers and it allows us to apply an increasingly focused approach to the specific types of transactions that define the various sectors we serve.”
For further information please contact
Amphion Innovations plc
Josh Berkman, Media Relations
+1 (646) 747-7158
Ben Atwell / John Gilbert
+44 207 269 7169
FireStar Software, Inc.
+1 (978) 206-3563
About FireStar Software, Inc.
FireStar is the provider of EdgeNode, the leading InterEnterprise Service Bus software product for building software applications that automate the exchange of business transactions between companies that are business partners – buyers, sellers, suppliers, vendors, manufacturers, and distributors. FireStar’s EdgeNode expands the market for these InterEnterprise Transaction Applications by directly addressing key obstacles to broader adoption at a significantly lower price point than alternative approaches.
On the web: www.firestarsoftware.com
About Amphion Innovations plc
Amphion Innovations plc is listed on the AIM Exchange in London under the symbol AMP. Amphion's business is the formation, financing, management and development of life sciences and technology companies, working in partnership with corporations, governments, universities and entrepreneurs seeking to commercialize their intellectual property.
On the web: www.amphionplc.com