PolarLake secures US$7m VC funding

18 Oct 2005

Dublin-based application integration software firm PolarLake has closed a funding round worth more thanUS$7m led by Atlantic Bridge Ventures and including existing investors Add Partners and Delta Partners.

With its technology based on web services technologies such as the enterprise service bus, PolarLake provides a complete suite of integration products for the automation of complex business processes across organisational and technical boundaries.

The company said it will use this new funding to drive continued expansion of its sales and marketing activities in Europe, the US and Asia in order to capitalise on growing demand within large financial services and government organisations.

Ronan Bradley, CEO of PolarLake, said the aim is to consolidate the PolarLake Integration Suite’s world-leading position as the only viable alternative to complex and costly traditional enterprise application integration (EAI) solutions.

“Our Integration Suite is already delivering value in dozens of large-scale line-of-business applications, deployed by leading organisations that see PolarLake as a long-term strategic integration partner,” added Bradley. “Flexible, productive and standards-based, PolarLake offers a real alternative to proprietary, costly and complex EAI products, whilst addressing complex, real-world integration challenges in a way that more lightweight ESB products are unable to do.”

Deployed customers in financial services include JP Morgan Chase, Pioneer Investments, part of the Unicredito Italiano Banking Group, Man Financial, Nissay Dowa and Bank of Ireland. Deployments in the government sector include the Criminal Justice System in England and Wales, and in the telecommunications sector include two of Japan’s largest providers and Midwest Wireless USA.

PolarLake solutions are provided by partners such as Hitachi Systems and Services and Sun Microsystems. The company is headquartered in Dublin with offices in London, New York and Tokyo.

“We have been consistently impressed by the high levels of satisfaction reported by PolarLake’s customers, based on the ease of deployment and rapid return on investment those customers are already experiencing,” said Kevin Dillon, partner, Atlantic Bridge Ventures. “PolarLake maintains a strong focus on answering the needs of leading financial services and government organisations, and this is reflected in the quality of the customer base.”

By John Kennedy