Jul 28, 2002 (08:07 PM EDT)
Softricity Morphs Software Into Network Service

Read the Original Article at InformationWeek

Softricity, a developer of application deployment and management tools, has raised $14.6 million in a third round of venture funding. The capital brings the company's total funding to $40 million. Investors include TD Capital Technology Ventures and FA Technology Ventures.

Softricity has developed streaming software technology for deploying and managing applications. The Boston company's product, SoftGrid Platform 2.0, transforms applications into network services that can be delivered to thousands of users from a single server, simplifying application management and reducing administration costs. In May, Softricity struck a multiyear strategic alliance with Microsoft that includes joint development, sales, and marketing initiatives to turn existing and future Windows applications into .Net managed Web services. The company also has a strategic marketing relationship with software vendor Citrix Systems.