Thursday, April 16, 2009

StoredIQ Secures $8 Million Financing

Austin, TX. – April 14, 2009 — StoredIQ Inc., a leading provider of Intelligent Information Management and eDiscovery technologies, today announced that it has closed an $8 million investment financing from its existing investors, including S3 Ventures and Techxas Ventures. The company also announced that it has added industry veterans Dan Junk as vice president of business development and Ellis Ishaya as vice president of partner development to its management team.

"StoredIQ’s product offering is unique, because it provides a unified, easy to deploy platform that meets the compliance, eDiscovery and information management requirements of the enterprise, while contributing to immediate cost and risk reductions," said Christine Taylor, analyst with Taneja Group. "Couple a great product with substantial market demand, add this type of funding in the current economic climate and StoredIQ is well-positioned to become a market leader."

StoredIQ will use the financing to expand its award-winning information management and eDiscovery solution, grow its industry partnerships and accelerate the company’s marketing and distribution initiatives to take advantage of the significant market opportunity that lies ahead. The eDiscovery market, which is about $3 billion to $4 billion in size, is expected to double in three years, according to Robert W. Baird & Co analyst Andrea Wirth, quoting industry findings.

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