Press Release
iJET Secures $5.4 Million in Growth Capital
Annapolis, Maryland - March 15, 2004 - iJET Travel Risk Management, the industry leader in real-time travel risk management services for multinational corporations, today announced that the firm has secured $5.4 million of growth capital from new and existing investors. The lead investor in this round is Longworth Venture Partners, a Boston-based venture investor that specializes in assisting technology and business service companies expand their market penetration. In addition to Longworth, all existing institutional investors participated in this round, including EuclidSR Partners and PA Early Stage Partners.
In reflecting on events leading up to this latest financing, iJET CEO Bruce McIndoe stated, "In less than three years, iJET has grown to support more than 350 multi-national clients through a combination of direct sales and targeted acquisitions. After becoming cash flow positive at the end of 2003, this new capital gives iJET a solid balance sheet upon which to enhance and continue the global expansion of our services. We are indebted to Longworth and our existing investors for providing the fuel to grow iJET to the next level of performance."
Peter Roberts, partner in Longworth, will join iJET´s Board of Directors effective immediately. In commenting on why Longworth found an investment in iJET to be compelling, Roberts stated, "iJET is a unique blend of innovative technology, seasoned management, and dedicated staff that have successfully combined to create a new standard in the field of real-time risk management. The fact that iJET has successfully integrated acquisitions of Kroll and Pinkerton information service subsidiaries and partnered with larger, industry leaders indicates a maturity not often found in companies at this stage. After speaking with both iJET clients and prospects, we became convinced that this is both a sustainable and exciting company in which to leverage Longworth's core expertise - investing in technology and technology-enabled business services companies."
About iJET Intelligent Risk Systems
iJET Intelligent Risk Systems is a leader in business resiliency, helping multinational corporations and government organizations monitor, protect against and respond to global threats. Integrating world-class open source intelligence with patented technology, iJET’s award-winning Worldcue® solutions help clients monitor and assess global threats relative to their key people, facilities and supply chain assets; automatically track and communicate with travelers and expatriates; and deploy emergency response services throughout the world at a moment's notice. Providing a unified view of threats to assets, iJET enables clients to mitigate risks, reduce corporate liability and prepare for and respond to business disruptions.
