Keeping a venture “open” for a few more months has paid dividends for Relativity, the developer of enterprise modernization software.
Relativity recently closed its “B” round when CEC, a systems integrator in Japan and as Relativity business partner, came on board.
In all, Relativity raised $2 million.
“Up until just recently we had kept that round open, and have now selected an investor in Japan,” Peter Mollins of Relativity told Local Tech Wire.
CEC gained distribution rights to resell Relativity’s Modernization Workbench suite in Japan.
“As part of the distribution agreement Â¾ and as is often the case for Japanese distribution agreements Â¾ CEC invested in Relativity along with others, bringing the total new investment to about $2 million,” Mullins said. “With that financing, we’ve closed out the B-1 round.”
The venture financing is the latest in a series of positive announcements over the past several months from Relativity.
“We’re very pleased with the agreement with CEC, as they are highly respected in the Japanese market for the business and technical skills,” Mullins said.
Earlier in January, Relativity announced that IBM would private label Relativity software, expanding upon a long-standing agreement with Big Blue to tout Relativity products and services.
IBM plans to make Workbench part of its WebSphere product line, and Relativity will train IBM workers in using the software.
Relativity reported more than 35 new customers in 2004 and has completed numerous projects working with IBM and clients.