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Press Releases 2003
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Emagia Closes $7.5M of Venture Investment in Second Financing Round


Sigma Partners and WestBridge Capital build on track record to invest in leading enterprise cash flow management solutions provider

SANTA CLARA, Calif., April 8, 2003 - Emagia Corporation, the leading enterprise cash flow management solutions company, today announced the closing of its second round of institutional funding. The new investments, which total $7.5 million, come from Sigma Partners and WestBridge Capital Partners. They are two of the most highly regarded venture financing firms focused on enterprise software and have strong track records in financing and nurturing successful companies.

Sigma, with more than $1 billion under management, has previously invested in companies such as Cascade, Vignette and Storage Networks. WestBridge Capital Partners portfolio includes industry leaders such as Celetron, Zenasis Technologies and July Systems, among many others.

Emagia's solutions have gained significant momentum in the market by helping large enterprise customers manage cash flow efficiently and optimize working capital. Emagia's customer base includes industry leaders such as Solectron, Celestica, Network Associates, Syngenta, Hyperion, Advanced Fibre Communications and Sensormatics. The company's early investors include Solix Technologies, B3 Ventures and others. The new round of financing enables Emagia to expand its sales, marketing and deployment operations into new markets.
  • With the proven success of its product line, the customer satisfaction it's recorded, and a sound business strategy, Emagia has the right fundamentals to grow into a large, successful global enterprise," said Sumir Chadha, Senior Managing Director of WestBridge Capital Partners, a leading US-India VC firm that invests in technology companies with the potential to develop a global presence. "There's increased market pressure on corporations worldwide to improve the bottom line, and Emagia's solutions help achieve that by managing cash flow effectively.
  • With its leading-edge product offering and highly successful deployments at Fortune 500 and Global 2000 companies, Emagia has established a clear leadership position in the enterprise cash flow management space," said Mark Pine, Managing Director, Sigma Partners. "We're very cautious with our investments, and Emagia meets all of our strict criteria.
  • "Sigma and WestBridge Capital Partners have remarkable track records in building global enterprise software companies," said Veena Gundavelli, President and CEO of Emagia. "It's a huge validation of our approach to the market that they would choose to invest in us."
About Emagia
Emagia Corporation is a leading provider of collaborative e-business software solutions that streamline and automate cash flow processes for medium-to-large enterprises. Headquartered in Santa Clara, Calif., the company focuses on optimizing working capital for its customers through enterprise cash flow management. Emagia products integrate with leading back-office ERP financial systems. With offices in US and India, the company has several Global 2000 customers world-wide. For more information, visit www.emagia.com

About Sigma Partners
Sigma Partners is a Silicon Valley based early-stage high-technology venture capital firm with more than one billion dollars under management. With a strong portfolio including several successful companies such as Cascade, Vignette, Storage Networks, Internet Security Systems, Tradex and many others, Sigma brings a very strong track record of building successful companies. For more information, visit www.sigmapartners.com

About WestBridge Capital Partners
WestBridge Capital Partners is a leading venture capital fund focused primarily on U.S-India technology companies that are targeting global markets. WestBridge's investment professionals have substantial experience in high technology venture capital, investment banking and entrepreneurship. Its portfolio companies include Celetron, Zenasis Technologies, July Systems and others. WestBridge has offices in Silicon Valley, Bangalore and Mumbai. For more information, visit www.wbcp.com

Contact Information
Media contact: Irwin Soonachan, Emagia Corporation, (408) 551-4903.
For general information, call 866-EMAGIA-1.

Emagia is a registered trademark of Emagia Corporation.

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