9/23/2002 - Tridium, a leading provider of Internet-enabled, automation software infrastructure and enterprise applications, announced the close of a $5 million round of capital funding. Funds came from Marubeni Corporation, a new investor and supporter of Tridium products in Asia, and K Road Ventures, L.P., which increased its existing ownership in Tridium. The investment will be used to further enhance its Niagara FrameworkTM technology and products.
Hiromichi Mizuno, General Manager, IT & New Technology Business Development, Utility & Infrastructure Division of Marubeni said, "We have evaluated many technologies in our quest to find solutions that enable control-side and information-side systems to merge coherently. We see tremendous value in Tridium's Internet-based technology and products, and are very excited to partner with them as an investor and a key customer of Niagara Framework products and services."
William Kriegel, K Road's Chairman and CEO, stated: "Tridium's Niagara Framework, Vykon Building and Vykon Energy product suites have experienced tremendous global appeal and the company is continuing significant growth in all areas of its business. We are pleased to have the opportunity to re-invest in Tridium, as we continue to believe Tridium will become the global leader in the development and implementation of Internet-based technology in key control industries and energy management markets".
"This financing allows us to continue our efforts to become the leader in bringing an open, interoperable software framework for device management to automation and energy management markets," said John Petze, president and CEO of Tridium. "We will continue our expansion into strategic overseas markets and invest in more products to extend the reach of our technology. We are also very pleased to add Marubeni to our stable of strategic investment partnerships and welcome K Road's reinvestment - they are great votes of confidence!"
"This management transition has been in the works for quite some time. John has demonstrated an exceptional ability to master the ins and outs of a complex software business. I am very confident that John's proven abilities, skills and vision are the leadership qualities that will allow Tridium to realize our full potential," added Jerry Frank.
Tridium Inc. develops and markets a universal software platform - known as the Niagara Framework - that allows companies to build software applications for accessing, automating and controlling smart devices in real-time over the Internet. This open, Java-based framework integrates diverse systems, devices and communications standards into an interoperable, Web-enabled application environment. In addition, Tridium offers the Niagara-powered Vykon suite, which is specifically designed for building automation and energy services applications. Tridium is a privately held software company headquartered in Richmond, Va., with subsidiaries based in London and Singapore. The company has established key strategic alliances with leading corporations in the energy services, building control, home automation and industrial control industries. Tridium markets its products to value-added resellers, original equipment manufacturers, a network of Vykon Energy Resellers and Tridium Systems Integrators.
Founded in 1858, the Marubeni Corporation is a leading Japanese general trading house (sogo-shosha), ranked as the 25th largest company in the 2002 Global 500 by Fortune magazine. The Company's operations encompass domestic, import/export, offshore trade and investment activities, which range from the development of natural resources to the retail marketing of finished products. The Company, based in Tokyo, conducts these operations through a worldwide business network that includes 52 overseas offices and 28 overseas subsidiaries for a total of 131 offices in 73 countries.
About K Road Ventures, L.P.
K Road Ventures, L.P. is a private equity fund that is managed by K Road Management, LLC. K Road invests in energy assets and energy related companies. Principals of K Road include the founder of Sithe Energies, Inc. as well as former senior executives of Sithe. Sithe was one of the world's largest independent power providers prior to its being acquired by Exelon Corporation at the end of 2000. Investors in K Road include large corporations and individuals with connections to the energy industry.
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