Montréal, August 7, 2007 – Solidarity Fund QFL and Capital régional et coopératif Desjardins today announced a $4.7 million joint investment in Coradiant, a company that develops and implements Website performance monitoring solutions. Headquartered in the U.S., Coradiant will use the investment to grow its R&D-focused Montréal office, which currently has some sixty employees. Moreover, the Company believes the funds will also help create new jobs right here at home.
“Besides boasting a highly promising niche product and a list of prestigious clients, Coradiant is also a talent incubator in Montréal, and that’s just some of the reasons the Fund decided to invest,” states the Fund’s Jacques Bernier, Senior Vice-President, Information Technologies, Telecommunications and Industrial Innovations. “By actively supporting R&D in the Montréal office, we are playing a direct role in Coradiant’s growth,” concluded Mr. Bernier, who also mentioned that the Fund’s investment completes a US$17 million financing round initiated last spring by several foreign and local partners.
"We are pleased to continue our partnership with Coradiant. Not only does Coradiant have a solid, aggressive and experienced management team, but the solutions it develops meet with high user satisfaction and are recognized in their market," said Fabrice Lucherini, Vice-President, Venture Capital. "This investment is a testament to the potential for close cooperation between U.S and Canadian investors, and Desjardins is very proud to continue participating in this partnership," concluded Mr. Lucherini.
Coradiant has redefined the Website performance monitoring industry by introducing TrueSight, a real-time analysis tool that allows companies with corporate and transactional Websites to better understand end-user behaviour. These solutions allow companies with Websites to measure the performance, availability and functional integrity of their application. Coradiant currently has over 140 clients, most of which are Fortune 500 companies.
About the Solidarity Fund QFL With net assets of over $7.2 billion, the Solidarity Fund QFL is a development capital company that through its RRSP channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and to further Québec's economic growth. The Fund is a partner, either directly or through its network members, in 1,681 companies. It currently has nearly 575,000 shareholders and has helped, on its own or with other financial partners, to create, maintain and protect over 116,000 jobs. For more information, visit
www.fondsftq.com.
Capital régional et coopératif DesjardinsCapital régional et coopératif Desjardins is a publicly-traded company founded in 2001 on the initiative of the Desjardins Group. Managed by Desjardins Venture Capital, the Company's primary mission is to raise venture capital with a view to fostering the economic development of Québec's cooperatives and resource regions. With an authorized capitalization of $1.325 billion, the Company assists companies and cooperatives throught Québec.
www.capitalregional.com Note: The telephone numbers provided below are for the exclusive use of journalists and other media representatives.Sources: Josée Lagacé
Senior Advisor, Press Relations and Communications
Solidarity Fund QFL Telephone: 514 850-4835
E-mail:
jlagace@fondsftq.comSylvie Audet
Vice-President, Strategic Planning and Communications
Desjardins Venture CapitalTelephone : 514 281-7799
E-mail :
sylvie.audet@desjardins.com