Palo Alto (22 Jul 1998) – Kx Systems announced today that it has obtained significant equity funding from Zurich International (Bermuda) Ltd., a subsidiary of The Zurich Group. Zurich has been a customer and supporter of Kx Systems since Kx Systems began licensing its products on a non-exclusive basis.
First as a customer, and now as an investor, Zurich shares Kx Systems’ vision of the power of its products, which are based on the K programming environment. Zurich’s capital investment will be applied to further Kx System’s product development, marketing and sales efforts.
“Our senior management has followed the development of the K programming environment for some time,” said Thomas Messmore, Managing Director at Zurich Centre Group. “We believe that K-based solutions are ideally suited for creating complex, high performance computing applications. With K, we find that we can aggregate, analyze and control large amounts of data with speed and efficiency in ways we never thought possible. K’s facility with massive amounts of data gives us a technological advantage that can provide us with new dimensions of business opportunities.”
In announcing the investment, Janet Lustgarten, Kx Systems’ co-founder and president said, “We are pleased to receive this funding from Zurich. Zurich is one of the preeminent insurance companies in the world, and a leading provider of financial services in non-life and life insurance, reinsurance and asset management.”
“Up until now Kx Systems has not felt a need to raise investor capital,” continued Lustgarten. “We are making an exception with Zurich because of our close and unique relationship. Zurich is an ideal corporate partner for us. Our collaboration with the K team at Zurich has produced superior applications in K. Our product development group will benefit from Zurich’s continued development of sophisticated, complex applications in K. In addition, the opportunity for Kx Systems to use Zurich as a reference will be particularly helpful with our marketing efforts in Europe.”