Aras Closes Latest Financing Round

Printer-friendly versionPDF version

Aras®, today announced that Series B financing has been closed with the help of DLA Piper LLP (US) attorney Michael K. Barron

ANDOVER, Mass. – July 7, 2010 - Aras®, the leading enterprise open source Product Lifecycle Management (PLM) software solution provider, today announced that Series B financing has been closed with the help of DLA Piper LLP (US) attorney Michael K. Barron, lead partner in the Boston practice for early and later stage software, internet, biotechnology, medical device, healthcare, and technology companies and investors in such companies. Aras has raised over $22 million of investment to date.

“Michael Barron has been instrumental in our success. As our growth rate continues to accelerate, we wanted to offer an opportunity for our existing non-institutional angel investors to participate. Michael Barron helped us structure a win-win deal,” said Peter Schroer, President of Aras. “The individual investors at eCoast Angel Network and Boston Harbor Angels have been critical to our success in building a global business, and we recognize and appreciate their commitment.”

Aras is an emerging leader in the multi-billion dollar Product Lifecycle Management (PLM) software market, and the first provider to deliver an advanced PLM solution suite in an enterprise open source format which eliminates up-front licensing expenses and per user costs. Thousands of companies around the world use the Aras software to automate their product development process including Motorola, XEROX, Textron, GE, Lear Corporation, Lockheed Martin, Rolls-Royce, Sandia National Laboratories and TEVA Pharmaceuticals. For additional information visit www.aras.com

Michael K. Barron is a trusted legal advisor to entrepreneurs and investors in emerging growth technology companies. Located in DLA Piper’s Boston office, Michael is committed to making an impact on emerging businesses through collaboration, networking and sharing knowledge. He is the co-founder and a member of the Board of Directors of the Massachusetts Innovation & Technology Exchange (MITX, formerly Massachusetts Interactive Media Council), the largest interactive advocacy organization in the world and serves as the General Counsel to MITX.

About Aras
Aras is the leading provider of enterprise open source Product Lifecycle Management (PLM) software solutions. Freedom from licensing eliminates up-front expenses and per user costs while superior technology makes Aras the most advanced enterprise PLM solution suite available. Customers include Motorola, Rolls-Royce, Freudenberg, Lockheed Martin, Ingersoll Rand, Klockner Desma, Hi-P and ACCO Brands. Aras is privately held with global headquarters in Andover, Mass. For additional information visit www.aras.com

News Source : Aras Closes Latest Financing Round