[September 10, 2007] CRI Technologies Inc. Raises $10 Million in Series A Funding Tweet SHELTON, Conn. --(Business Wire)-- CRI Technologies, an independent IT virtualization consulting and professional services firm, today announced that it has secured $10 million in Series A funding. Commonwealth Capital Ventures and Sigma Partners co-led the round and were joined by members of the company's executive management team. A portion of the funding was used for the acquisition of virtualization consulting company Computer Resolutions. The funding will also be used to build the company's management team, expand its operations and fund future acquisitions. CRI Technologies' focus on virtualization technologies and solutions enables the firm to deliver significant benefits to its large enterprise and mid-tier business customers alike, including increased asset utilization, lower physical infrastructure costs, reduced IT management costs, failover and disaster recovery protection and leading-edge desktop management and security solutions. The firm's proprietary Operational Readiness Practice (ORP) brings together the people, process and technology required to help companies evaluate, assess and implement the best strategy for deploying their virtual infrastructure platform. "The huge cost-savings and benefits virtualization technology offers to mid-tier businesses are driving exponential growth in demand," said Commonwealth Capital Ventures General Partner Justin Perreault. "CRI Technologies' accomplished executive team understands the challenges mid-tier business face in moving to virtualized environments and has built a skilled and experienced virtualization-focused consulting firm to address this enormous market opportunity." Howard A. Pavony, CRI Technologies CEO, is a technology industry veteran with 30 years of successful experience in IT management, sales, marketing and business development. Most recently, Pavony co-founded and served as CEO of IT services provider MTM Technologies. The CRI Technology management team also includes John Palmieri, President and Chief Technology Officer and John Premus, Chief Strategic Officer. Virtualization expert Palmieri served as President and CTO of Computer Resolutions prior to its acquisition by CRI Technologies. Premus, an early pioneer in virtualization, most recently served as CTO of JRI America and earlier as CTO of Sumitomo Mitsui Banking Corp. (SMBC), where his primary focus was the virtualization of SMBC's IT operation. "CRI Technologies' acquisition of Computer Resolutions has created a company with a visionary management team and proven track records in IT consulting and virtualization," said Sigma Partners Managing Director Bob Davoli. "Further, the acquisition provides CRI Technologies with a successful services provider model that can be replicated nationwide." Commonwealth Capital Ventures' Perreault and Sigma Partners' Davoli have joined Pavony on the company's Board of Directors. "We see Sigma and Commonwealth as not just investors, but as partners with extensive knowledge of the technology marketplace who are committed to helping us build a preeminent virtualization consulting and professional services organization," said Pavony. "We are looking forward to the opportunity to work with investors who have, between them, helped grow hundreds of companies to leadership positions in their respective industries." About CRI Technologies A pioneer in virtualization technology since 2001, CRI Technologies provides virtualization excellence. Through our proprietary Operational Readiness Practices (ORP), we deliver complete virtualization solutions that enable enterprises and midsized companies alike to realize dramatically reduced operating costs and IT infrastructure complexity. Our highly-skilled consultants help you design, implement, and manage your virtual IT environment and realize the full value of your virtualization solutions investment. CRI Technologies' leadership team brings extensive management and technology expertise from leading IT services organizations and principal IT operating roles at enterprises and midsized organizations. The company's customers include Coopervision, Timex Corp., ESPN, CIGNA, JPMorgan Chase, Pfizer and Princeton and Yale Universities. For more information, please visit www.cri1.com. About Commonwealth Capital Ventures Commonwealth Capital Ventures (Waltham, MA) is a venture capital firm focused on software and software-based services, Internet and digital media, communications technology, and instruments and systems investments in the Northeastern United States. The firm's collaborative investment approach leverages the entire team's venture and operating expertise, experience, and contacts to guide portfolio companies through all stages of their development. Since its inception in 1995, Commonwealth Capital has invested in more than 130 high-growth companies. Commonwealth currently manages over $580 million of committed capital across four funds. For more information, please visit www.commonwealthvc.com. About Sigma Partners Founded in 1984, Sigma Partners is a leading early-stage venture capital firm. The Sigma team uses their deep operational experience to provide entrepreneurs with practical strategic counsel through every phase of company growth. With over $1.5 billion under management and bicoastal offices, Sigma invests in innovative technology startups across the United States. Some of the market leading companies in which Sigma has invested include Atria, Cascade, Clarify, Internet Security Systems, KLA-Tencor, Octel, VeriFone, Vermeer, and Vignette. For more information, please visit www.sigmapartners.com. Note to editors: Trademarks and registered trademarks remain the property of their respective owners. [ Back To TMCnet.com's Homepage ]