FOR IMMEDIATE RELEASE:
Balance of funding provided by Edison Venture Fund and NJTC Venture Fund
Fairfield, NJ (June 26, 2007) - Archive Systems, Inc., a premier provider of document process automation solutions, today announced that it has completed a Series B round of funding led by The Carlyle Group, with the balance coming from existing investors Edison Venture Fund and NJTC Venture Fund. The $11.5 million in new funds increases the company's total capital raised to $20 million. This new capital will be used to expand sales and marketing activities and continue product development as well as infrastructure build-up. The company will add Brian Hayhurst, Managing Director, U.S. Venture for The Carlyle Group, to its Board of Directors.
"This investment, led by The Carlyle Group, along with the continued support of our Series A round investors, represents a tremendous vote of confidence in Archive Systems and our solution," said Rick Kushel, CEO of Archive Systems.
Archive Systems provides services that automate and streamline complex processes to manage the flow of document-based work. The company enables organizations to eliminate paper and electronically bridge the gaps between partially-automated business processes. The company provides a wide range of solutions including highly specialized feature sets targeting specific industries and functional areas including: Accounts Payable, Human Resources, Mortgage Lending and Broker/Dealer.
"Business applications require data, but in many cases the source for this data is unstructured – paper documents, faxes, emails, etc – which must be manually processed. The big breakthrough comes from eliminating the paper and virtualizing the processes," added Kushel. "We provide our clients with a strategic, breakthrough solution that bridges the gap from the unstructured sources to their business applications."
"The business trend is favoring Software-as-a-Service (SaaS) rather than purchasing an 'on premise' solution that requires additional hardware and software," stated Hayhurst. "Archive Systems' innovative solutions and SaaS delivery model makes them a compelling choice for prospects and an appealing investment for The Carlyle Group."
About The Carlyle Group
The Carlyle Group is a global private equity firm with $58.5 billion under management. Carlyle invests in buyouts, venture & growth capital, real estate and leveraged finance in Asia, Europe and North America, focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. Since 1987, the firm has invested $28.3 billion of equity in 636 transactions for a total purchase price of $132.0 billion. The Carlyle Group employs more than 800 people in 18 countries. In the aggregate, Carlyle portfolio companies have more than $87 billion in revenue and employ more than 286,000 people around the world. www.carlyle.com.
About Archive Systems, Inc.
Archive Systems, Inc. flagship solution, ASPEN 360 Accounts Payable Edition, combines best practices AP Automation with ZeroTouch AP imaging and workflow. The product increases efficiencies and reduces costs with features such as straight through processing, which uses automated three-way matching to auto match invoices to PO and receipt line items without AP processor intervention. It includes the ASPEN 360 Invoice Virtualization Center, which removes from the client all tasks associated with document imaging, data capture, document classification, indexing, and OCR. The company also provides physical records management services such as business records storage, document shredding, and offsite data storage, through a number of Record Center locations. For more information, please visit www.archivesystems.com.
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