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San Bruno, Calif. – Sept 17, 2010– Qumu, Inc., a proven innovator in streaming media solutions for the enterprise, announced today that it has secured $8.75 Million in debt and equity financing, including investment from MMV Financial (“MMV”) and existing investors. The capital raised will enable the company to advance its mission of capturing, managing and distributing live and on-demand video webcasts to client organizations using its progressive appliances, hosted solutions and enterprise video communications software. The funding through new investor MMV Financial is joined by SAP Ventures, a division of SAP AG, Advanced Technology Ventures, Storm Ventures, Garage Technology Ventures, Halo Opportunity Fund, and the Angels Forum.
“We are delighted to be working with Qumu and have been most impressed with how the company’s solutions help enterprises manage the burgeoning use of video in the workplace,” said Bob Curley, SVP and Managing Director, MMV Financial. “We are excited to be a financial partner to Qumu and look forward to its continued success.”
“We are delighted to bring on this growth capital for our fast-growing and profitable business and to have the support and financial backing of MMV Financial along with our existing investors,” said Ray Hood, Chief Executive Officer of Qumu. “Qumu is forecasted to grow at 100% this year and to meet the growing demand for enterprise video solutions – this growth capital will accelerate our go to market plans to meet the needs of Enterprise, Government and Educational institutions for streaming video. MMV Financial adds a solid investor backing Qumu, and we were pleased with the terms and speed of transaction MMV was able to provide.”
Qumu was founded by former executives of Inktomi who acquired the Media technology from Inktomi prior to their acquisition by Yahoo! Inc. The team was quick to realize the potential of enterprise video communications and seized on the opportunity to further develop the video communication solutions. Video plays an ever increasingly strategic role in the way enterprises communicate internally and externally and has the power to draw audiences in – making the processes of communication and knowledge dissemination much more dynamic.
About MMV Financial:
MMV Financialis a specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMVis backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, Fonds de Solidarité des Travailleurs du Québec, HSBC Bank Canada, ROI Capital, and Wells Fargo Company. For more information please visit www.mmvf.com
About Qumu, Inc.
Qumu is the leading provider of video solutions to corporations, not-for-profit organizations, and government entities. Qumu’s products allow organizations to easily create, manage, publish and distribute live and on-demand video content while integrating the video with other media. Qumu’s solutions are engineered to allow companies to get started at minimal expense while leveraging existing IT standards and infrastructure. Our flexible deployment options include SaaS, enterprise software, appliance or hybrid delivery. Find out why so many Fortune 500 companies partner with Qumu for their enterprise video needs. Contact Qumu in San Bruno, CA at 1-866-654-8333 or www.qumu.com
MEDIA CONTACT
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For Qumu
Scott Safe
VP Product Strategy & Marketing
408.307.3645
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For MMV Financial
Bob Curley
Senior Vice President & Managing Director
650.241.0320
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