EDINBURGH, Scotland -- Software developer KAL has completed a $3.5 million initial round of funding financed by a group of private equity investors in the UK including Royal Bank Ventures and Scottish Equity Partners and CA Nominees, a group of Asian-based investors.
KAL's flagship product is Kalignite, a Microsoft Windows NT or Windows 2000-based software suite that is built upon industry standards such as XFS and OPOS and provides a framework for developing interoperable ATM and kiosk applications.
KAL recently announced record sales figures for its Kalignite product of 3,300 units for the calendar year 2000.
Bill Troup of Royal Bank Ventures (RBV), the technology investment arm of Europe's third largest bank, The Royal Bank of Scotland, said, "We were pleased to be able to make an investment in an established business that combines an opportunity to invest in a core sector with the chance to utilize the bank's in-house technology expertise. KAL operates in markets that we understand well."
For Scottish Equity Partners (SEP), Catherine Simpson said "Their market is truly global, selling not only to North America, Europe and the Pacific Rim, but also in substantial growth markets such as Latin America and Eastern Europe."
KAL's Chief Executive Officer Aravinda Korala said, "I think this investment demonstrates that companies with proven products in established markets that have a sound business model can attract funding even in the current investment environment."
For both RBV and SEP, the investment in KAL was one of the first from their respective new funds established at the beginning of this year.
