CIT GAP Funds Invests in WorkProducts, Inc.
Posted on: Tuesday, 20 May 2008, 12:00 CDT
To: TECHNOLOGY EDITORS
Contact: Hap Connors of The Center for Innovative Technology, +1- 703-689-3048, hconnors@cit.org; or Doug Poretz, +1-703-744-7800, dporetz@qorvis.com. for The Center for Innovative Technology
HERNDON, Va., May 20 /PRNewswire-USNewswire/ -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds is investing in WorkProducts, Inc., a Reston, Va.- based company with a market-leading evidence lifecycle management (ELM)/litigation compliance product, the MatterSpace(R) appliance. WorkProducts will use this capital to continue its customer and alliance partner execution, as well as to fortify its intellectual property protection.
MatterSpace(R) already counts Global 1000 companies and AmLaw 100 law firms as customers and partners who utilize the product to manage digital assets in compliance with the recently amended Federal Rules of Civil Procedure, the rules that govern the electronic discovery disclosures of companies and their legal counsel. In a defined marketplace that spends over $4 billion annually on disparate service offerings, WorkProducts MatterSpace appliance provides companies and their legal counsel with an automated, more defensible and more cost effective enterprise technology that greatly reduces legal spending.
With growing market demand for MatterSpace(R), receiving this strategic investment from an organization such as CIT provides our customers and partners with even more confidence in WorkProducts execution, said Steve Lilley, Founder & CEO. Information metadata asset gathering and management through our patent-pending technology will continue to provide companies with sustainable value.
With MatterSpace, WorkProducts significantly enhances a companys ability to protect itself through risk mitigation and cost containment, Peter Jobse, CIT president and CEO said in making the announcement. The advanced stage and efficiency of this technology is a strong incentive for customers and partners to immediately derive value from product deployment.
CIT GAP Funds is a family of venture funds designed to bridge the gap between "family and friends" funding and early-stage equity investments for Virginia-based technology and life science companies. CIT GAP Funds invests in seed-stage firms with a high potential for successful commercialization, rapid growth and downstream private equity financing.
"Our investment in WorkProducts validates both the technology and the market opportunity," noted Tom Weithman, CIT GAP Funds managing director. As the twenty-seventh investment of our GAP Funds, WorkProducts is certain to add to the more than $21 million in private equity leveraged thus far for new Virginia companies.
Summaries of the CIT GAP Funds portfolio companies are available at
http://www.citgapfund.org/portfolio/gapfundI.html.
About the Center for Innovative Technology,www.cit.org
CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers. CIT is now listed on the GSA MOBIS Schedule, Special Item Numbers (SINs) SIN 874-1 for Consulting Services and SIN 894-2 for Facilitation Services. Its CAGE Code is 1UP71.
About WorkProducts, Inc.,www.workproducts.com
WorkProducts provides a leading Evidence Lifecycle Management (ELM)/litigation compliance solution that speeds up matter-specific evidence delivery by a factor of ten -- with improved quality -- while dramatically reducing the risks and costs of a corporations and its legal counsels evidence preservation, review, and delivery. MatterSpace(R) is a patent-pending information metadata asset gathering and management software application that enhances existing solutions for multiple technology market segments such as enterprise content management, storage, archiving, legal matter management, legal litigation management, and eDiscovery. WorkProducts counts as active partners, DS3 DataVaulting, Wolters Kluwer, and Infocrossing/ a Wipro Company.
SOURCE Center for Innovative Technology
(c) 2008 U.S. Newswire. Provided by ProQuest Information and Learning. All rights Reserved.
Source: U.S. Newswire
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