Working Opportunity Fund makes follow on investment in Layer 7 TechnologiesAward-winning local company could dominate cloud computing industry. |  | |
February 2, 2009 Vancouver, BC – The Working Opportunity Fund (WOF), managed by GrowthWorks Capital, a leader in venture capital investing*, is pleased to announce its follow on investment in Vancouver-based Layer 7 Technologies, a provider of award-winning security and governance solutions for service-oriented architecture (SOA) and Web 2.0. An investor of the privately held company Layer 7 Technologies since 2003, the Working Opportunity Fund has provided a total of $11 million in financing, which has enabled the Vancouver start-up to become one of the only local key players in this sector among notable large technology firms worldwide. “Despite the slowing economy and downsizing by competitors, Layer 7 Technologies has doubled its revenue each year over the past three years,” explains Jim Charlton, SVP of Investments for GrowthWorks, BC. “This company has positively transformed the security and policy management appliance industry. WOF is pleased to support Layer 7’s impressive growth and developmental endeavours.” With the Internet deemed essential in everyday business operations, corporations are seeking ways to quickly and cost effectively offer web based services to its employees and customers, as well as improve business processes by leveraging the web. Layer 7’s unique family of SOA and Web services based solutions provides companies with centralized monitoring and management preferences such as service access, message security, availability, virtualization and validation. In just five years, Layer 7 has already built an impressive list of high profile clients including US Department of Defense, the governments of BC and Ontario, and British Telecom. “Organizations are recognizing the need to deploy simple, scalable and flexible web performance management and governance solutions, which are vital to the health and safety of their business,” says Ed Koepfler, President and CEO of Layer 7 Technologies. “We’ve been able to focus on growing public and commercial sectors with WOF’s invaluable venture capital. The follow on investment will allow us to expand our market share globally.” Layer 7 is renowned among consumers and analysts for its leadership in addressing SOA ecurity, runtime governance and policy management challenges. It was named a “Cool Vendor” in 2008 by industry analyst firm Gartner, and was nominated for SYS-CON’s Readers’ Choice Award for “Best Security Solution,” known as the Oscars for the software industry. WOF’s investment in Layer 7 is held in the Venture Series and 05 Commercialization Series investment portfolios. About GrowthWorksGrowthWorksTM managed funds provide investment capital for Canadian companies and taxadvantaged investment opportunities for Canadian investors. GrowthWorks manages approximately $750 million in assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd., and GrowthWorks Canadian Fund Ltd. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Advanced Manufacturing sectors. Building on more than 15 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management. About Layer 7 Technologies Layer 7 Technologies markets a complete set of XML appliances and software with the objective of making web services available in an easy, secure and scalable manner. Web services are applications that add functionality via the Internet to other applications by using standard XML data formats such as SOAP, REST, AJAX and RSS. Modern SOA models and Internet-based application delivery models are entirely dependent on effectively dealing with issues such as performance, security, complexity, reliability and availability with shared web services that are shared with other applications. Layer 7 Technologies is fully focused on solutions in the area of "application-oriented security" and network infrastructures in order to provide service-oriented and web-oriented architectures (such as SOA and Web 2.0) which are required for "the next wave of Internet and software innovation." For more information go to www.layer7tech.com.
*GrowthWorks refers to affiliates of GrowthWorks Ltd. and includes: GrowthWorks Capital Ltd, manager of the Working Opportunity Fund (EVCC) Ltd.; GrowthWorks WV Management Ltd., manager of GrowthWorks Canadian Fund Ltd. and GrowthWorks Commercialization Fund Ltd.; and GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd. *Based on dollars invested by managed venture capital funds during the period January 1, 2008 - January 1, 2009 and excluding investments by government and government agencies and investments made in Quebec. Commissions, trailing commissions, management fees and expenses all may be associated with investments in retail venture capital funds (RVCs). RVCs are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus of WOF before investing. GrowthWorks capital is the principle distributor of WOF. A third party link does not imply endorsement or verification of third party information by GrowthWorks or WOF. This document contains forward-looking statements and information obtained from third parties, actual results may differ from those implied by such statements or information and neither the fund nor its manager assumes any obligation to update such statements or confirm such information. WOF offers Venture and Commercialization Series of Shares. The Venture Series and each current and previously offered Commercialization Series has a separate venture investment portfolio. Net assets are allocated to a series based on the series’ investment program. For more information, please contact: Laura Murray
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