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CreekPath Reels In $22M

Storage resource management software startup CreekPath Systems Inc. completed its first funding round in three years, pulling in $22 million in a C round that financial analysts speculate may put it in the running for a public offering or acquisition.

New investor Lehman Brothers Venture Partners led the round with participation from existing investors New Enterprise Associates, A.G. Edwards Captial, TeleSoft Partners, and Sequel Partners. The new funding brings CreekPaths total to $54 million.

CreekPath is among a small group of SRM vendors that has shown promise of competing with established players (see Panel Endorses SRM Separatism). Earlier this year, it was mentioned by insiders as an IPO candidate (see Window of Opportunity). Merrill Lynch & Co. Inc. last week issued a research note citing CreekPath as a potential acquisition target of EMC Corp. (NYSE: EMC).

For now, CreekPath says it will use the new investment to grow the company, further product development, and expand sales and marketing.

"We have been following the company for several years and have been impressed by the team's ability to win deals with blue-chip customers in a large and growing market," says Brian K. Paul of Lehman Brothers Venture Partners in a statement. Paul now assumes a seat on the CreekPath board of directors.

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