NEW PROVIDENCE TECHNOLOGY COMPANY ELANTI SYSTEMS TO EXPAND OPERATIONS WITH EDISON INNOVATION FUND INVESTMENT
Trenton, N.J. (April 1, 2008) – The New Jersey Economic Development Authority (EDA) has closed a $1-million Edison Innovation Fund investment to assist New Providence-based Elanti Systems, Inc., a leading innovator of service management and intelligent routing software solutions, which are marketed to global telecommunications companies. The Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, was created to support technology and life sciences companies throughout their discovery, development and commercialization stages.
“Elanti Systems has shown the strength, vision and tenacity to succeed in today’s very competitive technology environment,” said EDA Chief Executive Officer Caren S. Franzini. “Investing in New Jersey’s technology-based companies will not only create high-wage, high-skilled jobs, but will also strengthen the state’s overall economy. Governor Corzine created the Edison Innovation Fund to attract and retain technology and life sciences companies, and attracting a company like Elanti further enhances our reputation and leadership in the technology industry.”
The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology (CST), is responsible for managing the Edison Innovation Fund. The fund will leverage $350 million in private capital that will be targeted to emerging companies as well as existing mid-sized and large technology and life science businesses.
Elanti Systems, Inc. offers service providers management solutions that focus on service visualization and assurance for IP Virtual Private Networks, and optimization for IP Networks. The company provides its customers essential management and control capabilities and the ability to optimize and utilize IP infrastructure related to its services, thereby offering service guarantees instead of service level agreements. The $1million in financing from the EDA will enable Elanti to create 38 new jobs in New Jersey over the next two years.
“New Jersey EDA’s commitment to innovative technology and Elanti Systems enables us to continue to grow and meet the needs of service providers around the world. Elanti’s growth will ensure new jobs for New Jersey. We are thrilled with the EDA’s vision in identifying and supporting Elanti Systems and look forward to a long and healthy relationship with the state of New Jersey ” said Elanti Systems, Inc. CEO Michael Jaschke.
The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.
For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.
About Elanti Systems, Inc.
Elanti Systems delivers competitive advantage to service providers by helping them truly focus on, and exceed their business customers’ needs and expectations. This greatly enhances revenue streams, customer loyalty and reduces operational and capital expenditures. Elanti enables service providers and their customers to control, manage and visualize their IP VPN based services end-to-end and meet Service Level Agreements. Elanti also allows service providers to significantly increase the utilization of their network infrastructure by dynamically optimizing IP network traffic enabling the saving of millions more in capital and operational expenditure while also ensuring quality of service for end customers.
For more information please visit www.elantisystems.com