Cape Clear Sails off with $15M

Not a bad way to go, rounding up a fourth round of VC. But can they deliver with the Web services bubble getting bigger and bigger? Only time will tell…

Cape Clear Software secured $15 million in a fourth round of funding Friday led by InterWest Partners, allowing the web services software developer to expand further internationally.

Other firms that were repeat investors in the company joined in the funding, including Accel Partners, ACT Venture Capital, and Greylock Partners.

The company plans to use the extra financing to open more offices throughout the United States, Europe, and the Asia Pacific region. In addition to its headquarters in Waltham, Massachusetts, the company also has offices in Atlanta; San Mateo, California; London; and Dublin, Ireland.

Cape Clear specializes in helping companies develop applications around web services in the service-oriented architecture (SOA) market with technology that it calls an enterprise service bus (ESB). The technology enables companies to tie together their different legacy applications through web-based software.

The privately held company was founded in Dublin in 1999 by former executives from Iona Technologies, which also develops ESB technology and is also located in Waltham and Dublin. Cape Clear took in $2 million in funding led by ACT Venture Capital of Dublin in April 2000…. Source: Red Herring