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DICOM, Adobe Ventures & HarbourVest Partners Invest $10.5M in Cardiff
Strategic Investments Driven by Explosive Growth in Cardiff's eForm & Personalization Product Lines
San Diego - 2000-09-14 - Cardiff Software, Inc. today announced that it has received over $10M in new investment funding, which it will use for late stage development and to accelerate the sales of its new online eForms and personalization products. Heading the investment round was DICOM Group Plc. (London: DCM.L), a leading supplier of software and consulting services for implementing automated document capture applications. Joining DICOM was Adobe Ventures, L.P., the venture capital limited partnership affiliate of Adobe Systems (NASDAQ: ADBE), and HarbourVest Partners, a private investment organization that has previously invested in Cardiff.
Cardiff's Information Capture, eForm and Personalized Interaction solutions work together to replace manual processing with automated online systems, putting information to work more quickly and affordably than ever before. Cardiff's eTransaction products improve the productivity and reduce the operating costs of more than 20,000 corporate and government clients, including leading Global 2000 organizations.
The investment by DICOM in Cardiff establishes a strategic relationship between two of the most successful companies that deliver automated information capture and processing solutions. As part of the strategic relationship, DICOM also announced that it has selected Cardiff TELEform® as its data collection standard, and will distribute the Cardiff product through its European and Asian channels.
"Cardiff has a unique place in the information capture market and is truly complementary to DICOM's current document capture business," said Otto Schmid, Chairman and CEO of DICOM. "This relationship represents an immediate opportunity for DICOM to increase revenue generated by our sales and consulting organizations and we will continue to explore additional ways of working more closely in the future."
Adobe Ventures' investment in Cardiff was driven by a strategic relationship Cardiff and Adobe formed last year around eForms and the use of Adobe ePaper Solutions within enterprise organizations. PDF+Forms, created by Cardiff in 1999, allows organizations to put paper forms online using the Adobe PDF file format, and to automate the use of corporate eForms using Adobe Acrobat products.
"Cardiff has proven to be an effective enterprise partner with Adobe on all levels - marketing, sales, product and consulting services," Fred Mitchell, vice president of Venture Development, Adobe Systems. "The investment by Adobe Ventures in Cardiff is a strong signal that Adobe is serious in our strategy of putting Adobe ePaper Solutions at the core of eBusiness applications."
HarbourVest Partners, an investment group that specializes in high-growth technology companies, closes out this round of investors through continued support of Cardiff.
"We are very pleased with the increase in shareholder value generated by the Cardiff team in the past two years," said Robert M. Wadsworth, Managing Director of HarbourVest Partners. "The new eForms and personalization products are already showing excellent adoption rates, and promise to keep Cardiff on a strong upward trajectory."
"The participation of DICOM, Adobe and HarbourVest in this investment round is a combination that significantly validates our business model," said Dennis Clerke, co-founder, President and CEO of Cardiff. "DICOM validates our revenue success in the traditional data collection space, while Adobe validates the growth represented in our next generation eBusiness products. Most importantly, HarbourVest validates that the company continues to deliver on the growth in shareholder value."
About DICOM Group Plc.
DICOM is a global leader in the area of Electronic Data and Document Capture (EDC), a fast growing segment of the Electronic Document and Content Management market. EDC technology is used at the important phase at the beginning of the workflow and document management value chain and closes the gap between non-digital information and data which can be further processed by ERP and E-Commerce applications.
DICOM is listed on the London Stock Exchange since 1996 and on the Neuer Markt in Frankfurt since January 2000. On a combined basis DICOM achieved revenues of EUR 159 million in the financial year 1998/99 and employed 540 employees. The increasing demand for comprehensive international solutions and the relevant project management is seen by DICOM as a confirmation of its strategic direction.
About Adobe Ventures
Adobe Systems Incorporated is a leading provider of publishing and imaging software technologies, and is one of the largest independent software companies in the world with annual revenues of more than $1 billion. As sole limited partner in the four Adobe Ventures funds formed to date totaling $240 million of committed capital, Adobe contributes capital, deal flow and technical and market due diligence. Adobe also assists portfolio companies when appropriate and mutually beneficial. Funds are invested in companies expected to bring to market products and services strategic to Adobe's own business. Portfolio companies receive capital and experienced guidance, and customers receive access to innovative solutions and a broader selection of products and services.
About HarbourVest Partners, LLC
HarbourVest Partners, LLC is a global private equity investment firm. It was founded in 1997 to assume the business of Hancock Venture Partners, Inc., which was formed in 1982. HarbourVest is 100%-owned by its twelve Managing Directors.
HarbourVest invests in all types of private equity funds, including venture capital and leveraged buyout funds, and also directly in operating companies. HarbourVest currently manages investments in North America, South America, Europe, Asia, Australia and Africa.
About Cardiff Software
Cardiff's integrated eTransaction solutions are used by more than 20,000 organizations, including Global 2000 companies, to automate a wide range of business transactions and processes. Cardiff's Information Capture, eForm and Personalized Interaction solutions work together to replace manual processing with automated online systems, putting information to work more quickly and affordably than ever before.
Cardiff TELEform Information Capture products automatically convert paper forms and documents into online information for database, XML and eBusiness applications. Cardiff's eForm Warehouse™ Suite, HTML+Forms™ and PDF+Forms™ are used to automate the collection and processing of data from Internet forms, and to replace corporate paper forms with automated online eForms. Cardiff Personalized Interaction products include AutoMerge™ Publisher, a powerful way to deliver pre-filled forms and eReply documents using eMail, Adobe PDF, Fax and print, and the AudienceOne™ Personalization Server, which creates and delivers personalized documents using the Web, eMail, Fax and print-on-demand systems.
Cardiff's Europe, Middle East and Africa headquarters are located in London. Cardiff products are available from Cardiff regional offices and software integrators in more than 55 countries. More information on Cardiff eTransaction Solutions can be found at www.Cardiff.com.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
Media Contact:
Tim Dubes
Cardiff Software, Ltd.
+44 (0) 20 8326 1100
tdubes@cardiff.com
Media Contact:
Judy Smith
JPR Communications
818. 386.0403
jprcommun@aol.com
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