Baltimore’s eOriginal raises $26.5 million
Baltimore software firm eOriginal Inc. has raised $26.5 million in an investor equity round to expand its digital transactions management business. The round was led by LLR Partners, a Philadelphia-based private equity firm. EOriginal will use the money to grow its staff and bolster product development, officials say.
The raise is in response to growing market demand, as companies look to shift more of their business to electronic platforms, said CEO Stephen Bisbee in an interview. “We are seeing more opportunity in front of us than we’re able to execute with our current staff,” Bisbee said.
Founded in 1996, eOriginal specializes in tools for completing and managing digital business transactions, while protecting the security of sensitive information. Company products include an electronic signature and an asset management platform that handles the entire life of an electronic transaction. The programs are used in marketplace lending, vehicle and equipment financing, and banking. Nissan, US Bank and Protection1 Security Solutions are among eOriginal’s clients. The company is based at the Warehouse at Camden Yards, and expects to employ 72 people by the end of the year and double its staff in 2017. June. Terms were not disclosed.
Polaris will develop technology and security solutions for defense and intelligence clients. The company projects revenue of $250 million in 2017. The company will maintain offices of its three merged companies. It will also have offices at Aberdeen Proving Ground and in Alexandria, Va. The merged company will have about 1,100 employees, including 120 from PROTEUS.
Founded in 1999, PROTEUS develops cyber security and software tools for government clients. PROTEUS co-founder and president Chuck Taylor said in a statement he thinks joining forces with EOIR Technologies and Intelligent Software Solutions is a way for the company to make a bigger difference.