Verari Picks Up $20M

Verari Systems announced that it has completed over $20M in private equity financing

June 5, 2007

2 Min Read
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SAN DIEGO -- Verari Systems, developers of platform-independent blade-based computing and storage solutions, today announced that it has completed over $20M in private equity financing. Verari's latest round of financing was led by Carlyle Venture Partners, a fund managed by The Carlyle Group, along with Voyager Capital, Sierra Ventures and a strategic investor. The financing is expected to be expanded up to a total of $25M to include several other private investors. Verari will use the funds to bring its next generation of blade-based server and storage solutions to market and further its research and development of energy-saving technologies for the green data center.

Additionally, Verari Systems' CEO David B. Wright has been elected chairman of the board of directors, replacing CTO David Driggers. Mr. Wright will continue to hold the CEO position at the company while Mr. Driggers will continue as CTO and member of the board. Mr. Driggers made the proposal to elect Mr. Wright to the position at Verari's most recent board of directors meeting.

"It was an exciting week at Verari Systems. The completion of our financing marks a moment of affirmation for our technology. Since bringing David B. Wright on as CEO, we've seen increased growth across the board; in our customers and in emphasizing and evangelizing our responsibility to a green data center," said David Driggers, CTO, Verari Systems. "It was my pleasure to recommend that David become the chairman of Verari's board of directors as our financing round concluded."

"I appreciate David Driggers' support for my position at Verari Systems. As one of Verari's original founders, he's done a tremendous job and has been an insightful leader over the past ten years," said David B. Wright, CEO, Verari Systems. "This is a great company, largely because of Dave, and I am enthusiastic about continuing to move Verari forward. I am delighted to assume the position of Chairman of the Board at such an exciting time in Verari's growth."

Verari Systems Inc.

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