The Santa Cruz, California-based software company had a tough 2003. It delisted from Nasdaq and launched a review into its revenue-recognition practices. However, it finished the year on a higher note with the appointment of Frank Wilde as CEO, president, and director, and the closure of a $2.75m private placement investment round.
The company has followed that up with a new round of private equity financing, resulting in a $16.4m cash injection. Unnamed investors acquired 11,678,580 shares of Tarantella common stock at $1.40 per share, as well as warrants to purchase an additional 2,335,714 shares at a price of $1.70 per share over the next five years.
The company has also strengthened its management team following the appointment of John Greeley as its permanent new CFO in January. Tarantella has also now appointed Steve Bannerman as VP of corporate marketing, Joseph Makoid as VP of OEM sales, Gregory Quinn as VP of North American operations and strategic alliances, and Joseph Vitetta as VP of corporate development and corporate secretary.
This article is based on material originally published by ComputerWire
