Formatta, a Fairfax, Va.-based provider of e-form solutions for electronic data capture and transfer, has raised $4.3 million from Edison Venture Fund.
PRESS RELEASE
Edison Venture Fund announced a $4.3 million investment for Formatta, headquartered in Fairfax, VA. Edison is the sole institutional investor. The proceeds will be used to expand marketing, client support and product development.
Formatta provides e-form solutions that enable businesses and government to capture and transfer electronic data. Users can securely fill in data, sign, submit and save an online form.
Gary Golding, General Partner, serves on the Board of Directors along with Edison Director Network member Norm Weissberg, EVP Sales of Vocus. Tom Vander Schaaff, Vice President of Analysis conducted Edison's due diligence.
“Edison's experience accelerating growth of their portfolio companies will be very valuable,” stated Joe Whitmore, Founder and CEO of Formatta. “Their strategic counsel will be instrumental in our long term success.” Bruce Mancinelli, President of Formatta added, “I look forward to working with Edison again to build an industry leader.”
“Innovative technology, along with a strong management team, positions Formatta to capitalize on emerging trends in eForms,” commented Gary Golding. Tom Vander Schaaff observed, “The customer references showed many applications within multiple vertical markets serving small to large organizations.”
Edison has invested in 17 Virginia-based companies including CorasWorks, Fishbowl Marketing, Innovectra, Liberty Tax and Telarix. Successful exits include Best Software, BTG, POMs and Relay.
Edison's e-Commerce investments include Cadient, Exclaim, Incurrent, Operative, Sonicbids and True Commerce.
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to expansion stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 8 million. Edison typically serves as a sole or lead investor in financings up to $10 million. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison's investment professionals are based in Lawrenceville, NJ, New York, NY, West Chester, PA, and McLean, VA. Industry specialties include application software, communications, financial technology, interactive marketing, healthcare & pharmaceutical IT. Edison's successes include Axent, Dendrite, E-Transport, Gain Capital, MathSoft, Princeton Financial, Visual Networks, Virtual Edge, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $550 million under management and is actively making new investments. www.edisonventure.com
About Formatta
Formatta Corporation based in Fairfax, Virginia, is the global leader in secure XML e-forms technology. Formatta drives broader e-forms adoption through end user productivity and data integration. Formatta allows users to save, sign, and submit e-forms at no charge and provides rapid data integration for the enterprise. Formatta's software delivers perfected data – 100% of the data you require, 100% accurately, 100% of the time.
Formatta's products are targeted at information intensive commercial market segments such as legal and financial services, healthcare, and large global enterprises, as well as federal, state and local governments.
For more information on Formatta e-forms products, visit www.formatta.com.
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