The funding is being applied to expanding product development, marketing and sales. The backing comes with the naming of Updata Venture general partners, John F. Burton and Tim H. Meyers, to the Kernel Group board of directors. Updata Venture is a private equity affiliate of Updata Capital Inc., one of the top three US investment banking firms specializing in the IT industry.
"The rise of global e-business has increased the need for companies to carefully guard their mission-critical applications, data and infrastructures against power outages, natural and man-made disasters as well as outright technology and software failures," Burton says. "What we see in TKG is a company not only equipped today with a portfolio of unique software solutions, but a company strategically positioned to serve the future needs of global enterprises."
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