WhipTail Technologies said Monday that it has hired Daniel Crain as its CEO and that Spring Mountain Capital has provided it with convertible bridge financing. Financial terms weren’t disclosed. Crain was most recently Brocade Communications’s chief tech officer. WhipTail is a Summit, N.J.-based software vendor. With the financing, Spring Mountain, a New York private investment firm, will have the option for a seat on WhipTail’s board.
WhipTail Technologies, Inc., an independent software vendor of solid state-storage drives designed to improve the scalability and performance of applications, such as virtualization and email, announces today the hiring of Daniel Crain as Chief Executive Officer.
“In my more than two and a half decades in the technology industry, I’ve never seen a young company with such an outstanding technological advantage,” said Crain. “What attracts me to WhipTail and impresses me the most is the Company’s work ethic and focus on its clients, as well as the ability to offer them affordable solutions that can radically transform business system performance,” he said.
Crain, a 27-year veteran of the technology industry, has held executive positions at several technology companies, most recently as Chief Technology Officer at Brocade Communications Systems. Prior to Brocade, he was an original founding member of StorageApps, a New Jersey based-technology company that was the pioneer in storage virtualization, where he ran engineering, services and manufacturing. The company was sold to Hewlett Packard in 2001. He also has experience as an information technology executive in the investment banking industry, where he held senior positions at Deutsche Bank and Morgan Stanley. Crain also serves as a board member and advisor to several private venture backed technology companies.
Additionally, WhipTail announced that Spring Mountain Capital (“SMC”), a New York-based investment management firm that focuses on alternative asset investing, has provided convertible bridge financing to WhipTail. SMC made the commitment through its SMC Select Co-Investment Fund I. Financing terms were not disclosed. With the investment, Spring Mountain Capital will have an option for a seat on WhipTail’s Board of Directors and will continuously be an advisor to the company.
“Spring Mountain Capital seeks to invest in breakthrough companies,” said Raymond Wong, Managing Director and Head of Private Equity Investing for SMC. “WhipTail’s pivotal breakthrough has taken down the cost barrier between solid state storage appliances and conventional hard disk based storage, while delivering twenty times the performance,” Wong said.
ABOUT WHIPTAIL TECHNOLOGIES
WhipTail Technologies, Inc., based in Summit, N.J., is an independent manufacturer of solid-state storage appliances designed to drastically improve the scalability and performance of applications such as virtualization, databases, OLTP and email. WhipTail Technologies is currently the acknowledged leader in extremely high performance, pure Solid State Storage appliances for the Commercial, Enterprise and Government segments. WhipTail’s Datacenter XLR8r Storage appliances are installed worldwide, in numerous mission critical virtualization and database environments. The Company’s Datacenter XLR8r and Virtual Desktop XLR8r reduce delays related to disk contention and access times – thereby allowing database or virtualization servers to process more data in dramatically less time, while lowering the overall TCO up to 90 percent when compared to traditional storage. WhipTail Technologies is the only vendor currently offering in-line, or “on-the-fly”, data deduplication and compression. Additional information may be found on the Company’s website: www.whiptailtech.com.
ABOUT SPRING MOUNTAIN CAPITAL
Founded in 2001 and located in New York, New York, Spring Mountain Capital, LP (“SMC”) is a private investment management firm that focuses on alternative asset investing and offers investors a wide range of strategies designed to produce attractive risk adjusted returns. SMC has a dynamic and opportunistic mindset with a client oriented focus that drives it toward providing investors with intelligent and sophisticated investment opportunities. Based on its extensive network of personal and professional relationships, SMC is constantly searching for insightful investments from a wide range of sources. For further information, please go to www.springmountaincapital.com.