Press Release
OLIVE SOFTWARE AND PITANGO VENTURE CAPITAL CLOSE
EXPANSION FUNDING DEAL
DENVER, Colorado, November 6, 2005 - Olive Software, Inc., a global leader in XML automation technologies, announced today that it had secured a 9 million dollar investment-financing round led by Pitango Venture and an existing investor Sequoia Capital also participated.
Founded in 1999, the company has acquired expansion funding to capitalize on active and growing vertical markets. The investment further strengthens the company and will serve as a springboard to the next levels of sales, marketing and new product development for enterprise initiatives.
Worldwide, over 300 corporations, elite publishers, prestigious libraries and federal governments have selected Olive's XML automation technologies to help solve many of the interoperability problems associated with sharing, preserving and converting both data and documents. Through standardization and open architecture, Olive's technology enables organizations to rapidly move data and offline resource documents to an online, open and standardized architecture.
Chemi Peres, managing general partner and co-founder at Pitango, commented, "We see Olive as hitting the tipping point - it is positioned to transform a number of large existing markets. We also believe that Olive's XML automation software can add tremendous value for virtually any business."
"This investment by Pitango, Israel's largest venture capital firm further validates the strength of our technology and its value to corporate organizations," said Yuval Rachmilevitz, president and CEO.