eNovance announces $CDN 8.2 million in funding from well-known European investors

MONTREAL, July 9, 2013 /CNW Telbec/ - eNovance (www.enovance.com), the European open source cloud computing leader and multi-cloud management pioneer (public, private and hybrid clouds) has announced that finalization of a funding deal worth $CDN 8.2 million from Entrepreneur Venture, BNP Paribas, Oséo, and its  long-time investor Odyssée Venture. In a booming market, the investment will be used to support eNovance's strategic priorities:

  • Strong growth in internal teams
  • Ongoing R&D investment in open source technology
  • Internationalization through increased access to US and Asian markets
  • Targeted strategic acquisitions

At the same time, eNovance announced that it has recruited an experienced professional for its Montreal offices. Philippe Thériault is appointed Chief Commercial Officer for North America. "This new round of funding confirms the company's business model and growth potential. eNovance's unique expertise places us squarely among the few credible players on the market and in a highly advantageous position on the North American market," explained Thériault.

"The Montreal area is bursting with qualified workers who meet the very exacting needs of our industry. We plan to make Montreal the nerve centre of our North American operations, so the team in the Montreal office, which already has twenty-some employees, will have to grow quickly in the months ahead," added Nicholas Marchal, co-founder and Technical Director of eNovance.

With nearly 200 clients, including Warner, Ray-Ban, Publicis, Safran, and OnMobile in North America, eNovance has proven the maturity of its solutions for critical production applications. eNovance intends to deploy its expertise internationally in all areas of open source cloud technology. The company has set itself the goal of quickly becoming an international benchmark in the field of open source cloud technology and, by 2014, achieving a critical mass, with 150 people devoted to cloud computing in three regions - Europe, North America and Asia.

About eNovance
eNovance is an innovative French company founded in 2008 by Raphaël Ferreira, Nicolas Marchal and Pierre Molin is the European leader of open source cloud computing. The company delivers services in two key areas: integrating and operating public and private open source clouds and 24/7 managed services for the world's largest public clouds (Cloudwatt, AWS, Google Compute Engine, etc.). With its extensive investment in R&D, in less than three years eNovance has become the world's 7th largest contributor to the OpenStack initiative, and the only European company on the foundation's board of directors alongside Rackspace, Redhat, Cisco and HP. With nearly 200 clients such as CloudWatt, Warner, Chronopost, Safran, and Canal Plus, eNovance has become a partner of choice for rolling out critical applications in the cloud.  For more information: www.enovance.com

About Odyssée Venture
Odyssée Venture is one of the leading independent management companies of investment capital funds, approved by the French financial market authority (AMF). It manages twenty three innovation-focused investment funds, investment funds for SMEs, and ISF funds, accounting for more than €420 million of assets under management. Founded in 1999, Odyssée Venture specializes in growth companies and manages a portfolio of more than 60 investments in highly diverse sectors, from the internet to telecommunications, IT services, software publishing, innovative industries and life sciences. www.odysseeventure.com

About Entrepreneur Venture
Founded in 2000, Entrepreneur Venture is a company approved by the French financial market authority (AMF), specializing in companies not listed on the stock exchange, which are held and governed by entrepreneurs. Entrepreneur Venture has capital invested in more than 90 SMEs. It manages two institutional venture investment funds, one venture investment fund accessible to individuals, and 21 investment funds focusing on SMEs, covering 12 of the 22 regions in France. It manages a total of €400 million in assets, making Entrepreneur Venture a leading investor in growing SMEs.  www.entrepreneurventure.com

About BNP Paribas
BNP Paribas (www.bnpparibas.com) has a presence in 80 countries with nearly 200,000 employees, including more than 150,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail banking model across Mediterranean basin countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas and solid and fast-growing businesses in Asia-Pacific.

About OSEO, the future finance branch of bpifrance
OSEO, is a public company and the future finance branch of bpifrance, providing entrepreneurs with the means to expand by funding their innovation, investment and internationalization plans. It provides the advice and funding needed throughout the various stages of a company's life cycle. OSEO works closely with a network of European, national and regional partners to allow the boldest innovative projects come to fruition.  www.oseo.fr


SOURCE: eNovance

For further information:

Chad Torbin
Principal
(508) 740-5899
chad@speakeasystrategies.com

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