28 May 2008
VC Pipeline Still Flowing to Local Tech Firms By Amanda Fung
By Amanda Fung
Following DataArt’s announcement on raising private equity investment, Crain’s New York Business features the company as one of the champions in New York technology space as it managed to secure the funds despite the markets’ volatility.
“DataArt, which develops custom software for companies particularly in the financial services industries, said it raised $4 million in private equity funding—the first time the company has taken outside money since it was founded in 1997,” writes the paper. “DataArt will use the investment to expand sales and marketing efforts to companies in the online travel and telecom fields. Its clients include Standard & Poor’s and BNP Paribas. The 400-employee company acts as a tech consultant to corporations and does all of its tech research and development out of centers in Russia and the Ukraine.”
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