Vice President, Marketing
+1 408-562-7690
helen@seeucorp.com
SEEUTHERE(R) TECHNOLOGIES
ANNOUNCES KEY MILESTONES FOR THE COMPANY
Company completes new financing, achieves positive cash
flow
Santa Clara, CA, October 30, 2003 — seeUthere Technologies(TM), a leading provider of enterprise meeting management solutions, today announced the closing of an oversubscribed $4.6 million round of equity financing. Wachovia Strategic Ventures led the round with participation from Chinatrust Venture Capital and ABVentures-I, a venture capital partnership formed from members of Silicom Ventures, a group of executives and entrepreneurs from leading technology companies in the Silicon Valley.Existing investors Draper Fisher Jurvetson, Acer Technology Ventures, and AsiaTech Ventures all participated.
In addition, seeUthere announced it has achieved positive cash flow this month – a major milestone for the company and the meetings technology industry.
“We have reached a key turning point for the industry,” commented John Chang, CEO of seeUthere Technologies. “seeUthere is the first meetings technology company to achieve positive cash flow. This milestone enables us to invest all of our newly-raised capital in accelerating product development and in expanding market penetration. We have solidified our position as the industry leader, and we plan to spearhead a new generation of innovations that result in greater cost savings on corporate meeting budgets. More importantly, our customers can rest assured that we will continue to support them for years to come.”
“seeUthere Technologies has proven its value proposition with a strong customer base, and a strong business model,” said Bharat Vijay of Wachovia Strategic Ventures.
Over the past year, seeUthere has achieved significant momentum in the marketplace. Revenues have more than doubled. seeUthere MeetingView (TM), a comprehensive solution for enterprise meeting management, broadened its market penetration with enterprise deployments at Fortune 500 corporations such as Abbott Laboratories and Humana. In addition, the number of seeUthere system users increased by nine times (+900%) compared to the same period last year, reflecting new account growth combined with a continued rise in user adoption rates across existing and new accounts.
seeUthere Technologies, the leading
provider of enterprise meeting management technology, provides a comprehensive
solution for the $300 billion global market for professional meetings and
events. By standardizing a meeting-management process to consolidate and
control expenses enterprise-wide, seeUthere helps its clients to achieve
greater cost savings and more effective meetings. Clients include Abbott Laboratories, Caterpillar,
Humana, NCR Corporation, Prudential Financial, Seagate Technology and HSBC. seeUthere Technologies is a privately-held
company with funding from Wachovia Strategic Ventures, Chinatrust
Venture Capital, ABVentures-I, Draper Fisher Jurvetson, Acer Technology Ventures,
and AsiaTech Ventures.