PRESS RELEASE
VERARI SYSTEMS SECURES OVER $20M IN EQUITY FINANCING; ELECTS CEO DAVID B. WRIGHT CHAIRMAN OF THE BOARD
By Mike LaPan (858) 874-3800
San Diego, Calif. - June 5, 2007 -- Verari Systems®, developers of platform-independent blade-based computing and storage solutions, today announced that it has completed over $20M in private equity financing. Verari's latest round of financing was led by Carlyle Venture Partners, a fund managed by The Carlyle Group, along with Voyager Capital, Sierra Ventures and a strategic investor. The financing is expected to be expanded up to a total of $25M to include several other private investors. Verari will use the funds to bring its next generation of blade-based server and storage solutions to market and further its research and development of energy-saving technologies for the green data center.
Additionally, Verari Systems' CEO David B. Wright has been elected chairman of the board of directors, replacing CTO David Driggers. Mr. Wright will continue to hold the CEO position at the company while Mr. Driggers will continue as CTO and member of the board. Mr. Driggers made the proposal to elect Mr. Wright to the position at Verari's most recent board of directors meeting.
"It was an exciting week at Verari Systems. The completion of our financing marks a moment of affirmation for our technology. Since bringing David B. Wright on as CEO, we've seen increased growth across the board; in our customers and in emphasizing and evangelizing our responsibility to a green data center," said David Driggers, CTO, Verari Systems. "It was my pleasure to recommend that David become the chairman of Verari's board of directors as our financing round concluded."
"I appreciate David Driggers' support for my position at Verari Systems. As one of Verari's original founders, he's done a tremendous job and has been an insightful leader over the past ten years," said David B. Wright, CEO, Verari Systems. "This is a great company, largely because of Dave, and I am enthusiastic about continuing to move Verari forward. I am delighted to assume the position of Chairman of the Board at such an exciting time in Verari's growth."
About Verari Systems
Verari Systems, Inc. is the premier developer of powerful, flexible and scalable platform-independent blade-based compute and storage solutions that are defining a new era in enterprise and high performance utility computing for the data center. Organizations such as Akamai, CGGVeritas, Lockheed Martin, Microsoft, Northrop Grumman, Qualcomm and Sony Imageworks, as well as top universities and research institutions worldwide, are among the customers who have chosen Verari Systems' line of high density blade servers, modular storage blades, rack-optimized servers and award-winning software solutions. To learn more about Verari Systems and its unique solutions, please visit us on the web at http://www.verari.com or call (888) 942-3800.
Verari Systems, BladeRack, Vertical Cooling Technology and the Verari Systems logo are trademarks or registered trademarks of Verari Systems Incorporated.
