Press Release
Akers Capital Closes Investment in RidgeRun, Inc.
Provider of software for network-connected Linux devices secures first
round of funding
BOISE, ID - May 25, 2000 - Akers Capital, LLC today announced that its Pac
West Technology Ventures Fund had closed an initial investment in RidgeRun, Inc.
RidgeRun, based in Boise, Idaho, creates software for network-connected devices
using the Linux operating system. The company's software is targeted at the next
generation of innovative 'network appliances' such as smart phones or connected
digital assistants, a market segment that is experiencing rapid worldwide
growth.
"We are excited to make this investment in RidgeRun," said Tom
Loutzenheiser, a Managing Partner at Akers Capital LLC. "Net-centric
embedded systems are a hot market opportunity with lots of growth. RidgeRun has
an excellent technical team that is well positioned to be a leader in this
space."
Akers Capital, as the general partner of the Pac West Technology Ventures I
Fund, acted as lead investor in this first round of financing for RidgeRun,
which totaled $500,000. In addition to providing investment capital, Akers
Capital will provide mentoring and support for the RidgeRun team to help the
company succeed and meet its aggressive growth plans.
"Partnering with Akers Capital is much more than just about
financing," said Pat Sewall, President of RidgeRun, Inc. "The team at
Akers Capital, and their value-added network have already helped us put the
company on the fast-track. It allows our management team to really focus on our
core competencies, which is critical to meet our market leadership goals."
About Akers Capital, LLC
Akers Capital, LLC was founded in 1999 by managing partners Roger Akers and
Tom Loutzenheiser. The firm's investment team brings over 60 years experience
operating and investing in emerging technology companies. Akers Capital, LLC, is
the general partner of Pac West Technology, LLP investment fund. The Fund will
make private equity investments in high-growth technology companies, focusing on
Internet and information technology. Akers Capital is dedicated to working
closely with motivated entrepreneurs and adding significant value to build
successful companies. Akers Capital LLC has offices in Fair Oaks, California and
Boise, Idaho. Additional information can be found at www.akerscapital.com, or
e-mail to info@akerscapital.com.
About RidgeRun, Inc.
RidgeRun, Inc., founded in May 2000, creates software for network-connected
devices using the Linux operating system. The RidgeRun team has extensive
experience in developing world-class embedded systems and creating reliable and
high performing Linux solutions. RidgeRun can be reached at (208) 331-2226,
www.ridgerun.com or by e-mail to info@ridgerun.com.