Feeds

NetStore gets £3 million from 3i and two clearing banks

System will ensure road warriors obey the rules

  • alert
  • submit to reddit

Maximizing your infrastructure through virtualization

3i has brokered a funding deal for the NetStore Group in which it, NatWest and Barclays Ventures will fund the services company to the tune of £3 million. This is the second round of funding for NetStore. In the first round, 3i financed the deal. Daniel Morgan, a senior consultant at 3I, said: "As an investor, you need to listen to people's ideas and then shape them." NetStore has a large deal with networking company Cisco. Whenever a Cisco employee logs on to the corporate network in Europe, an agent, which uses the TCP/IP protocol, takes stock of the software on employees' notebooks, backs up their files and performs asset checks. According to Sean O'Reilly, managing director of startup NetStore, he is already in discussion with a number of resellers about the project. A source at the company said Computacenter was interested in licensing it to its corporate clients. The additional £3 million investment means the two banks and 3i now own 26 per cent of the equity in the company. Its valuation is now £11 million and it is expected to either float on the stock exchange or be bought within the next six months. The Cisco representative would not say whether his company was interested in taking it over. ® NetStore

The Power of One Infographic

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
prev story

Whitepapers

Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.