News: Press Releases
Contract software maker gets $30M for acquisitions
12/10/2001 09:40 AM
By Jeff Miller
GlobalWare Solutions in Haverhill has raised $30 million in private equity financing to support strategic acquisitions.
Founded 23 years ago by chief executive James Bartlett, GlobalWare provides contract software development services for equipment manufacturers such as Lucent Technologies and Nortel Networks.
The privately held company also sells e-business platforms and content management services to large companies.
Mezzanine Management, a London-based investment company with U.S. offices in Stamford, Conn., provided all the capital and bought a minority stake in GlobalWare.
GlobalWare has grown at 50 percent per year for the past three years, said Bradley Jay, a managing director with Mezzanine. Jay said he expects the growth to continue, as manufacturers increasingly contract with outside providers for software development.
Richard Langlois, vice president at GlobalWare, said that the company is looking to acquire profitable companies that will enhance GlobalWares manufacturing capability.
GlobalWare sells itself as an outsourcing company that handles the entire process of manufacturing, packaging and delivering its outsourced products.
For Nortel, Langlois said, "we build out the final software product that goes with their routers and servers, and it involves producing documents, CDs and other materials through the distribution channel before we send it to the customer."
GlobalWare doesnt have a CD manufacturing on the West Coast, for example, so companies that could fill that gap would be attractive, Langlois said.
"We like to keep all the work in house," Langlois said, "and not farm it out."
Source: Mass High Tech