Press Releases

Continuent Secures Funding From Aura Capital, Appoints Robert Hodges As New CEO

Hodges Succeeds Teerikorpi, Now Chairman of the Board

SAN JOSE, CA – November 2, 2010 – Continuent, Inc., a leading provider of data management solutions that make open source databases as reliable as commercial databases, today announced the appointment of Robert Hodges as its Chief Executive Officer. Mr. Hodges, previously Continuent’s CTO, brings over 20 years of experience in database and application engineering management. Prior to Continuent, he worked as a Senior Engineering Manager at Sybase® as well as Portera and Exigen® Group, where he led development and operation of SaaS applications.

Mr. Hodges succeeds Eero Teerikorpi as the president and CEO, as Mr. Teerikorpi has been elected to become Chairman of the Board, effective today. In recent months, Continuent has worked with Mr. Teerikorpi to execute a planned management transition in preparation for his new appointment. Mr. Teerikorpi will also continue as a CFO for the company, guiding the company through the next round of financing.

In 2008-2010, Continuent raised $5M in funding (Series A and loans) from Aura Capital, Continuent’s long term backer, and expects to raise Series B by Q1 2011. The most recent funding provided by Aura Capital enables the company to accelerate its R&D and expand QA. The Series B funding will be needed for market expansion.

"During the past three years, Continuent has effectively gone through a restart and is now ready to move on to the next level. As a veteran of database and software-as-a-service industries, Mr. Hodges is uniquely qualified to lead Continuent through its next phase of growth," said Eero Teerikorpi. "Robert’s entrepreneurial spirit coupled with his database background will serve as the foundation to generate new business opportunities for the company's innovative technology solutions."

"We're delighted to welcome Eero Teerikorpi as the Chairman of the Board after guiding the company through a successful restart process. He's a thoughtful, experienced leader with a deep understanding of our industry and finance," said Robert Hodges. "Continuent’s data management solutions are ideal for the new cloud-enabled world. Our solutions address the needs of SaaS providers and can be used as a foundation for PaaS services."

 

About Continuent

Continuent is the data management company that makes open source databases as reliable as commercial databases. We provide continuous data availability with an enterprise class solution that provides scalability, performance and reliability with cloud flexibility at open source cost.

Continuent Tungsten lets you add or shrink capacity as needed and easily move between in-house and cloud infrastructures, enabling you to manage complex, multi-tenant environments. Our solutions build on top of your open source database environment, preserving your low cost-of-entry and existing application and database development, and give you predictable long-term operating expenses with no vendor lock-in.

Build your business, not your infrastructure.

For more information about Continuent and our products, visit www.continuent.com.

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