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VFA COMPLETES $4.5 MILLION EXPANSION-STAGE INVESTMENT FROM EDISON VENTURE FUND
Growth Stage Funding Advances Premier Supplier of Facilities and Infrastructure Planning and Management Solutions
Boston, MA - May 28, 2002 - VFA, the leader in facilities asset planning and management solutions, today announced the completion of a $4.5 million expansion-stage funding round with Edison Venture Fund. Additionally, Brown Brothers Harriman, the oldest and largest privately owned investment and commercial bank in America, provided VFA a $2 million revolving line of credit. VFA will use the funds to expand distribution and support for VFA.facility, the Company's flagship software platform, and its growing line of services. Funds will also be used to further expand VFA's Partner Program and accelerate development of its core software technologies.
The close of this round of funding with Edison Venture Fund comes as VFA obtains its 179th client, with recent new customers including CareGroup - Beth Israel Deaconess Medical Center, U.S. Department of Agriculture, City of Houston and the Connecticut Department of Higher Education. These clients join peer blue-chip organizations such as the United States General Services Administration throughout North America, the United States Army Health Facility Planning Agency worldwide, University of Illinois (Chicago, Urbana-Champaign and Springfield), University of Texas at Austin, Clark County School District, Ontario University and College Systems, and Texas Department of Mental Health and Mental Retardation.
VFA's Capital Planning and Management Solutions (CPMS™)offerings integrate proven business processes, assessment methodology and technology. A clear indicator of rising market demand, CPMS is now being used to manage the capital requirements for more than one billion square feet of building space worldwide. Additionally, VFA's new F/ICP™ (Facilities/Infrastructure Certification Program) enables VFA customers and partners, as well as property owners, to maximize a CPMS approach, providing them with the ability to consistently gather accurate baseline condition information by means of VFA's proven, documented assessment methodologies. The F/ICP provides the requisite foundation of defensible core data needed for a successful integrated asset lifecycle management program.
"VFA and its premier client base are defining professional standards to assess facility conditions, prepare requisite budgets and plan for infrastructure renewal, maintenance, and new construction. VFA has enabled its clients to link these valuable, critical physical assets with the organizational mission," said John Martinson, managing partner at Edison Venture Fund and member of the board of directors. "The Company's compelling combination of advanced technology and proven services ensures VFA is well positioned to continue strong growth."
"With our expansion financing firmly established, VFA is uniquely positioned to gain market share and increase the value we deliver to both our clients and investors," said Jerry Kokos, president and CEO, VFA. "Owners and managers of large real estate portfolios clearly recognize the critical role that our software and services play in an organization's ability to objectively prioritize building projects and rationally allocate funds."
VFA.facility -VFA's fully Web-architected software solution - enables users to gather and maintain a detailed, portfolio-wide building repository of information, and execute a coordinated, comprehensive approach to capital management. The software is accessible via a standard web browser and deployed using VFA's hosted-software model, or traditional software licensing. The integration of VFA's enterprise-level technology, assessment services, and consulting empowers users to assess and measure existing and future conditions, easily maintain data, and report appropriately to all constituencies (facility personnel, funding sources, legislatures, executive management, and building users) at distributed sites - all in a timely, cost-efficient manner.
About Edison Venture Fund
Edison Venture Fund provides financing and guidance to growing information technology companies. Edison seeks expansion stage opportunities in software, communications and electronics. Edison's initial investment ranges from $2 to $6 million. With a capital pool of $335 million, Edison has financed more than 110 companies. Visit Edison Venture Fund at www.edisonventure.com for additional information.
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