Networking software and services developer Banyan Systems Incorporated announced today
it received a $10 million equity investment from HarbourVest Partners.
Under the agreement, the company said HarbourVest is privately purchasing
263,158 shares of Series A convertible preferred Banyan stock at a price of
$38.00 per share.
At a conversion rate of 10 common shares for each Series A convertible
preferred share, Banyan said this represents a 13 percent ownership
interest in the Westboro, MA-based company.
"We plan to utilize this new capital to support the growth of our Internet
subsidiary, Switchboard Inc., and
the expansion of our services business and intranet software initiatives,"
said William P. Ferry, Banyan's chairman and chief executive officer, in a
statement.
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"Switchboard . . . expects to capitalize on its position as one of the
Internet's ten most frequently visited sites and accelerate its revenue
growth by expanding its investment in activities to increase traffic and
grow its advertising base."
"Additionally, I believe that this agreement brings the resources to Banyan
necessary to deliver a broader range of directory-based intranet offerings
and comprehensive consulting, integration and support services that appeal
to both current and prospective customers."
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Banyan added that Robert M. Wadsworth, managing director of HarbourVest
Partners, has been elected to its Board of Directors.
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