Agility Raises $16 Million in Second-Round Equity Financing
Minneapolis, Minn., February 18, 2000 - Agiliti Inc., an ASP and provider of enhanced Internet services, announced today that it has received $16 million in a second round of equity financing led by Norwest Equity Partners of Minneapolis, Minn. Also participating were Delphi Ventures of Menlo Park, Calif., and Affinity Capital Management, The Rahn Group, and individual investor Bill Cadogan, chairman and CEO of ADC Telecommunications-all of Minneapolis. The funds will be used to expand Agiliti's suite of rentable, web-based software applications, to augment the company's existing technology infrastructure, and to increase visibility for the company through marketing and advertising. Tom Kieffer, a Twin Cities technology entrepreneur, founded the company in 1999 and serves as chairman and CEO.
"We have been very active investors in Internet service companies," said Art Monaghan, principal, Norwest Equity Partners. "We believe Agiliti provides an immense amount of value in enabling the delivery of applications in a business-to-business environment, and are very excited to be backing this first-class management team."
Agiliti, which received $4.5 million in a first-round of equity financing last summer, provides its customers with rentable software applications, hosting services and high-speed Internet connectivity. The company has been recognized by dbusiness.com as one of the region's top 10 private hot growth companies for the first quarter of 2000.
"We know that Agiliti's rentable e-services business model is a winning one, as evidenced by the positive response we continue to receive from our customers, our partners, and the venture capital community," said Tom Kieffer. "In terms of our financing, I'm particularly gratified that our initial funding has come from investors in both Silicon Valley and the local community. I believe keeping local investors involved is critical for the financial growth of the state and the region, and I'm glad we've been able to include a number of them in these early rounds."
Tom Kieffer is an established entrepreneur with a proven track record, having built and sold two successful technology companies in the past two decades. In December 1999, the Twin Cities Business Monthly named him "one of six Twin Citians who will transform business in the next century," noting that Kieffer and Agiliti will "permanently alter the course of business over the Internet." Kieffer served as the Chairman for the Minnesota Software Association-now a part of the MN High Tech Association-from 1995 to 1997 and continues to be an active member of the MHTA's Board of Directors.
Agiliti Inc. provides its customers with access to rentable, web-based software applications, hosting services and high-speed Internet connectivity. Sm@rt Reseller Magazine named the company to its "Sm@rt 50" list in 1999, recognizing it as a leader in "the e-business revolution." Based in the Twin Cities, Agiliti serves more than 600 customers. For more information, visit www.agiliti.com or call (612) 918-2000.