SEATTLE, WA -- (MARKET WIRE) -- Apr 13, 2009 -- At a time when many companies are struggling to grow sales and raise new money, Adapx ( www.adapx.com) announced today record customer growth and the closing of $9 million in Series B financing. UV Partners led the new round which also included existing investors OVP Venture Partners (Kirkland, WA) and Paladin Capital Group (Washington, DC). The unique combination of enterprise and federal-related investors reflects strong uptake of Capturx software products in automating paper-based processes in both businesses and government agencies using digital pens. More than 500 organizations are using Capturx today -- ranging from large enterprises such as Holland America Line and EMCOR to agencies such as NASA and the Port of Seattle.
"The vast majority of field workers still rely on paper for collecting and sharing information, avoiding the expense and complexity of mobile computers and PDAs," said Jim Dreyfous, general partner at UV Partners who will be joining the board of Adapx. "Today's leaner workforces are facing increased pressure to improve productivity. Teams participating in new infrastructure projects funded by the economic stimulus plan are preparing for greater amounts of paperwork and accountability. Adapx is uniquely positioned to grow with those trends and we're looking forward to fueling their expansion."
Only Capturx enables teams to instantly digitize information as it's written with digital pens that automatically integrate data into Microsoft™ Office, Autodesk, and ArcGIS. Mobile workers can immediately share field data, improve collaboration and speed decision making, without the extra time and cost of scanning, sending, and transcribing paper -- or deploying mobile computers or PDAs. Capturx software has significantly improved the way mobile teams fight fires, report on field assets, perform inspections, respond to emergencies, manage utilities, and track construction, among other field operations.
Adapx will use the additional capital to further extend the Capturx product line and partner network to meet the growing demand for Capturx software by enterprises and government agencies. In the past year, Adapx has been named New Partner of the Year by ESRI and a Cool Vendor in Emerging Technologies by Gartner.
"With track records of remarkable success, we're very pleased to have UV Partners join our investment team," said Ken Schneider, CEO and chairman of Adapx. "UV Partners brings valuable insight and acumen which will greatly help to guide and fuel our fast-growing business as we move forward."
About Adapx
Adapx is changing the way mobile teams collect data and collaborate with Capturx™ software for digital pens. A broad range of industries and agencies use Capturx products as natural interfaces into Microsoft Office, GIS, and CAD systems through digital pens and voice. Teams can immediately collect and access data in native file formats and systems without the delay and cost of transcribing paper or deploying mobile computers. Adapx has strategic partnerships with Microsoft, Autodesk, ESRI, Lockheed Martin, In-Q-Tel, and works with standard digital pen technology from Anoto. For more information, please visit www.adapx.com or follow Adapx on Twitter at www.twitter.com/Capturx.
About UV Partners
UV Partners, established in 1986, is a leading early stage private equity investment group based in Salt Lake City, Utah. UV Partners helps entrepreneurs develop early-stage concepts into tomorrow's industry-leading technology companies. The partners possess diverse but highly complementary industry and investment backgrounds. They share a hands-on approach and work collaboratively on each portfolio company over the life of an investment thereby providing each company with a broad range of resources, experience, and knowledge. For more information, see www.uvpartners.com.
About OVP Venture Partners
For 26 years, OVP Venture Partners has led the drive into new, high-growth technology markets in the Pacific Northwest. OVP makes early stage investments in cleantech, digital biology, and information technology. The firms' record of 52 liquidity events -- including 22 IPOs -- leads the region. OVP has over $750 million in capital under management and is currently investing its seventh fund. The firm has offices in Seattle, WA and Portland, OR. More information on the partnership is available at www.ovp.com.
About Paladin Capital Group
Headquartered in Washington, D.C., Paladin Capital group is a leading multi-stage private equity firm providing capital for growing companies whose principal business centers on products and services that address homeland security issues and needs. Paladin has over $980 million under management across multiple funds and 35 portfolio companies. Importantly, the fund's leadership is comprised of individuals with a proven track record of financial expertise, national security experience and specialized technical competence. Collectively, Paladin's Principals have completed over 100 direct and co-investments in a wide range of industries. For more information, see www.paladincapgroup.com.
About In-Q-Tel
In-Q-Tel is the strategic, not-for-profit investment firm that works to identify, adapt, and deliver innovative technology solutions to support the mission of the U.S. Intelligence Community. Launched by the CIA in 1999 as an independent organization, In-Q-Tel's mission is to identify and partner with companies developing cutting-edge technologies that serve the national security interests of the United States. Working from an evolving strategic blueprint defining the Intelligence Community's critical technology needs, In-Q-Tel engages with entrepreneurs, growth companies, researchers, and investors to deliver technologies that provide superior capabilities for the CIA and the larger Intelligence Community. In-Q-Tel concentrates on several broad commercial technology areas, including application software and analytics; bio, nano, and chemical technologies; communications and infrastructure; digital identity and security, and embedded systems and power. To date, In-Q-Tel has engaged with more than 100 companies and delivered more than 140 technology solutions to the Intelligence Community. To learn more about In-Q-Tel, visit www.iqt.org.
Adapx and Capturx, and their respective logos are trademarks, registered trademarks, or service marks of Adapx Corporation. Other products and company names mentioned are the trademarks of their respective owners.
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