29West announced plans to use the investment to fund the creation of a sales and technical office in New York City in 2005 and in London in early 2006.
"We have been quickly growing our customer base as more and more prospects have had the opportunity to measure the performance gains in both throughput and latency when comparing our Latency Bustersâ¢ Messaging software to the leading products in the market today," said Mark Mahowald, president at 29West. Mark added, "Seeing is believing. Some of our customers and evaluation accounts have been able to measure improvements of 3 to 10 times the throughput and dramatically lower latency when simply replacing their existing messaging system with LBM. With LBM providing a solid competitive advantage, many of our customers in NY were interested in having a local sales and support presence. Although we had been able to provide solid support from our Chicago area headquarters, we wanted to take in additional capital to provide the resources to open an office in NY this year and in London in early 2006."
As a part of the investment, Howard Rossman, president of Mesirow Advanced Strategies, Inc., with nearly $9 Billion under management, has agreed to join the board of 29West. Howard joins Mark Mahowald, the founder and president of 29West, and Ronald Lachman, a pioneer in network protocol development and founder of Lachman Goldman ventures on the 29West Board.
"When we took a look at the market success of 29West, and the clear breakthrough the LBM design represents, it was obvious to us that the company will have a major impact on the high speed messaging market, setting a new standard for messaging performance. I look forward to serving on the board" stated Howard Rossman.