“The Santa Cruz Operation, Inc. (SCO) (Nasdaq: SCOC) today
announced it has reached an agreement for the private placement of
common stock and warrants, worth $13.1 million. The agreement was
facilitated by Security Research Associates, Inc., and represents a
total purchase of 3,275,000 shares.”
“The financing provides continued investment for developing
the SCO Tarantella business, which provides web-enabling software
that connects clients and server-based applications over the
Internet.“
“These additional funds support the expansion of Tarantella
efforts, and place us in a much stronger position to capitalize on
our technology lead and meet our projected growth,” said Mike Orr,
president of the SCO Tarantella division. “This growth is fueled by
the increasing business use of the Internet, the attractiveness of
thin-client computing, the need to web-enable legacy applications,
and the accelerating adoption of the ASP business model.”
“Brian Swift, CEO of Security Research Associates, Inc.
commented, “We view Tarantella’ web-enabling software as
particularly unique in the industry, and are pleased to be able to
provide, through our institutional investors, some additional
working capital to assist the company in gaining continued market
acceptance of their product.”