Navigation Links
PSS Systems Secures $18 Million in Financing

Funding Led by FTVentures Will Expand Product Line and International


MOUNTAIN VIEW, Calif., June 16 /PRNewswire/ -- PSS Systems, the leader in legal holds and retention management solutions, announced it secured $18 million in equity financing led by FTVentures. The company's existing investors, including Lightspeed Venture Partners, Azure Capital, Granite Ventures, and Cipio Partners, all renewed their investment in the company. PSS Systems will use the capital to aggressively expand its legal governance product portfolio and its presence in the US and European markets.

PSS Systems established itself as the innovator and market leader when it launched its Atlas legal holds and retention policy suite nearly two years before revisions to the Federal Rules of Civil Procedure raised the bar for how corporations preserve evidence and manage information. Similarly today, the company anticipates a substantial increase in global complexity as judicial expectations in the US rise alongside increasing enforcement of data protection rules in the European Union. To expand on its leadership in legal governance solutions, PSS Systems will increase its R&D investment and expand its product family to address the growing complexities and data volumes plaguing global companies and to deepen its market lead.

"As we looked at PSS Systems, we were impressed with the level of enthusiasm and advocacy expressed across their customer base; the company's impressive domain expertise enables them to solve very difficult problems and provide real value as business partners, substantially reducing risk and cost for their customers," said Eric Byunn, partner at FTVentures and new PSS Systems board member. "As the first mover to address an extremely thorny challenge, PSS has a tremendous lead in the market that is substantiated by a blue chip customer list which features seven of FTVentures financial services limited partners including Citi, Credit Suisse, and Travelers."

"The ability to effectively manage your entire records system and necessary legal holds acting on those records is essential in today's legal environment. Doing this reduces legal risk and effectively manages business information assets," states Bruce Whitney, former assistant general counsel and now advisor to Air Products. "PSS Systems is the only company that really understands and effectively addresses this important linkage. Its Atlas product suite is a natural choice for companies -- I'm one of many fans."

PSS Systems, which expects to be profitable this year, has achieved significant customer growth in 2008, adding new customers and industry leaders across the energy, financial services, pharmaceutical, healthcare, and chemical industries worldwide. Existing customers have purchased additional software modules and increased the number of users during this period -- an excellent testimony to the value they receive from the Atlas product family. With the new funds, PSS Systems will increase the number of customer-facing offices in both the U.S. and Europe to expand its customer base and sustain its well-regarded service quality.

"The Atlas Suite, which is designed to enable corporations to implement and automate legally defensible retention and legal holds operations, has achieved significant customer uptake and enjoys real customer loyalty," said Vivian Tero, Program Manager, Compliance Infrastructure Service, IDC.

The Atlas software suite reduces legal risk and cost by providing a comprehensive and coherent solution for legal holds, discovery, and retention policy management. In order to comply, companies need to know what the laws are and how they apply to them, as well as develop procedures to ensure continuous compliance. The Atlas suite enables companies to implement corporate governance policies while complying with disparate country laws with greater precision and control. "Increasingly, the practices of the legal department impact the operational efficiencies of a company. There is tremendous cost and risk in under-addressing preservation or allowing information to be retained without regard to need," said Deidre Paknad, CEO of PSS Systems. "Complexity is increasing rapidly for global companies, so we are delighted to have the capital to extend our product family, our global reach, and our market leadership to meet these evolving needs."

About PSS Systems

PSS Systems is the leader in legal governance systems, and its Atlas software is the standard for legal holds and retention policy management. In the early 2000s, the company envisioned a change in legal requirements for corporations, and in 2004 was first to introduce solutions to reduce and control the growing cost and risk for corporate legal departments. The Atlas software suite includes Atlas LCC to streamline legal holds and collection processes end-to-end; Atlas ERM to enable retention programs across disparate countries, business units, information sources, and systems; and Policy Enforcement Services to automate retention and preservation policy enforcement across various systems and data sources. PSS Systems founded and sponsors the CGOC, a professional community on retention and preservation, and continues to lead the industry through unparalleled innovation and thought leadership on these issues. The privately-held company is headquartered in Mountain View, California, with offices in New York, Los Angeles, Chicago, and Houston. For more information, visit

About FTVentures

FTVentures provides growth capital to companies seeking to finance organic expansion, recapitalizations, build-ups and buyouts. The firm invests in software and business services companies that derive value from its unmatched Global Partner Network, which includes many of the world's leading financial institutions. FTVentures' Global Partner Network provides the firm with a unique vantage point into the business driven IT and operating challenges of the global enterprise. Founded in 1998, FTVentures currently has over $1 billion under management and offices in San Francisco and New York. For more information, please visit

Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. IDC implements DR systems in eight A-Class military hospitals in Pakistan
2. New West Health Services Selects Perot Systems Xcelys(TM) 5.0 Software
3. Authentidate and EncounterCare Form ExpressMD Solutions Joint Venture to Provide Telehealth Vital Signs Monitoring Systems Designed to Improve Chronic Illness Care for Patients
4. Elekta and Mary Bird Perkins Cancer Center Sign Strategic Multi-Center Radiation Therapy Systems Agreement
5. Kiss One-Size-Fits-None Goodbye: Archi-Tech Systems Offers First SFA Solution Targeted to Pharmaceutical Sales Organizations
6. Dawning Technologies, Inc. and Medical Automation Systems, Inc. to Develop a Business Partnership
7. Stronger Health Systems and Better Maternal Health Critical to African Development, Japan Summit Affirms
8. Adroit Medical Systems Awarded Premier Supplier Contract for Temperature Therapy Systems
9. Perot Systems and Sinai Health System Extend Revenue Cycle Solutions Contract
10. IDC awarded Indias largest state government contract for digital radiography systems
11. Varian Medical Systems to Develop Interface Between the ARIA(TM) Oncology Information System and the Monarch250(TM) Proton Radiotherapy System From Still River Systems
Post Your Comments:
(Date:12/1/2015)... ... December 01, 2015 , ... Nurotron Biotechnology Co., Ltd., maker ... order to date. , The order will be from the China Disabled Persons’ ... Implant System is an effective solution for children and adults suffering from severe ...
(Date:11/30/2015)... ... November 30, 2015 , ... ... Brooke Bennett are collaborating with brands across various categories through traditional and social ... make up an elite group of Gold Medal Moms who can connect with ...
(Date:11/30/2015)... ... December 01, 2015 , ... The ... a 2015-2016 inductee into its VIP Woman of the Year Circle. She is ... leading networking organization exclusively for professional women, boasting 850,000 members and over 200 ...
(Date:11/30/2015)... Alexandria, VA (PRWEB) , ... November 30, 2015 ... ... Applied Research Foundation (Meso Foundation) released information for caregivers and held two webinars ... webinars are available on demand free of charge at . , ...
(Date:11/30/2015)... ... ... MOSI recently added two state-of-the-art augmented reality (AR) experiences from INDE Broadcast ... collection of interactive exhibits within the Kids In Charge! building. In collaboration with the ... closer than ever to a range of animals as they drink, sleep and play ...
Breaking Medicine News(10 mins):
(Date:11/30/2015)... 2015 North America was ... grow at a CAGR of 7.6% from 2015 to 2020. ... 135.6 million in 2014, and is expected to grow at a ... to the new Market Research Report "North America Cardiac Output Monitoring ... (Hospitals, ambulatory care, others) - Analysis And Forecast To 2020", the ...
(Date:11/30/2015)... Six Months Ended 30 September 2015 2014RestatedChange%Turnover 545,575 , 518,852 , ... , 384,242 , 9.8 Hospital Management Service ... (18.3) Medical Insurance Administration Service Income , 2,780 ... Devices and Accessories Sales , 89,645 , 94,580 ... 2,822 , 2,917 , (3.3) ...
(Date:11/30/2015)... VIEW, Calif. , Nov. 30, 2015 ... been the norm in U.S. medical imaging ... The increasingly popular accountable care payer-provider contracts ... models and, in their wake, alter provider-vendor ... quality-based payments will push forward new purchasing ...
Breaking Medicine Technology: