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WideOpenNews: Banking on Apache

Dec 17, 1999, 19:34 (0 Talkback[s])
(Other stories by Patricia Krueger)

"If the recent bevy of Linux-related IPOs have proven anything, it's that open source is not averse to cash flow. But while the Street is just waking up to the fact that Linux has the potential to revolutionize computing, another far-reaching open source project, Apache, isn't registering on the market's barometer. Several companies have launched successful business models off the Apache code, some long before most investors even heard the words open source. One company in particular is in a position to take the lead in the Apache arena: Covalent Technologies."

"Covalent today announced the influx of $5 million in its first round of funding, led by H&Q Venture Associates. Not an extraordinary sum by Silicon Valley standards, but enough for the Apache community to take note."

"Covalent's bread and butter has been its Raven SSL module, an Apache appliance that provides encryption needed to securely transfer data, such as credit card info. But the company's funding marks what CEO Randy Terbush calls not a shift but an expansion of its business model -- either way, it's one that aims to make Covalent the premiere Apache support and services provider."

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