Canaan Partners Investment to Fuel Product Development
MOUNTAIN VIEW, Calif. — April 28, 2006 — SOASTA, Inc., revolutionizing the way organizations create, test and certify software for Web services, SOA orchestrations and Web applications, today announced that it has secured $2.25 million in Series A funding. The round was led by Canaan Partners with additional participation and support from private investors. The investment will support the company's efforts to launch a suite of innovative new products.
SOASTA also announced that John Balen of Canaan Partners and Jeff Webber of J.T. Webber & Affiliates have been named to the SOASTA Board of Directors. The Board also includes Ken Gardner, SOASTA’s founder and CEO, as well as Tom Lounibos, CEO of Kenamea.
“We believe that this round of investment reflects an important endorsement of our company and our product strategy—to vastly reduce the effort and technical expertise necessary to test and demonstrate message-based systems,” said Ken Gardner, founder, chairman and CEO, SOASTA. “We are thrilled to add Canaan as an investor. Their investment will enable us to accelerate the development of our technology and go-to-market strategy.”
Prior to founding SOASTA, Mr. Gardner was founder, president and CEO of Istante, which was acquired by Oracle in 2005. Previously, Mr. Gardner was founding CEO and chairman of the board for Sagent Technology, a leading business intelligence software company.
“At Istante, Ken was the visionary thought leader that helped create the real-time business intelligence marketplace,” said John Balen, general partner, Canaan Partners. “At SOASTA, Ken is leveraging his experience, technology expertise and customer focus to bring a compelling solution to market. Canaan believes that SOASTA’s unique approach will become a foundation for the testing of message-based systems at leading enterprises.”
Canaan Partners is an early stage venture investor. The firm catalyzes the development of innovative technology and healthcare companies to build next-generation market leaders. Founded in 1987, Canaan Partners has $2.2 billion capital under management and has invested in more than 230 companies, completed 58 mergers and acquisitions, and brought 47companies public. Canaan invests in Internet and consumer technology, communications, semiconductor and energy, enterprise software and services, biotechnology, and medtech. Canaan was an early investor in DoubleClick (DCLK), CommerceOne (CMRC), Copper Mountain Networks (CMTN), Immunicon (IMMC), ONI Systems (ONIS), Dexcom (DXCM) and Combinatorx (CRXX), along with dozens of other market-leading companies. Canaan has offices in Menlo Park, California, Rowayton, Connecticut and Herzliya Pituach, Israel. For more information visit: www.canaan.com.
SOASTA, (pronounced sō'-sta), is a privately-held technology company focused on developing visual software tools for the testing, certification, and demonstration of SOA-based systems. The company’s product line allows business users, business analysts, QA engineers, sales engineers, consultants, and developers to quickly and easily test and certify new Web services, business processes and applications. SOASTA is headquartered in Mountain View, California. To learn more about SOASTA and its product offerings, please write to info@soasta.com.
©SOASTA, Inc. 2006. SOASTA is a trademark of SOASTA, Inc. All other trademarks are the property of their respective owners.
Editorial Contact:
Lisa Bergamo
SOASTA, Inc.
650.380.9250
lbergamo@soasta.com
Have any questions? Please call us at 1-866-344-8766.
©2008 SOASTA, Inc