Magnitude Information Systems, Inc., recently announced the completion a $1.0 million equity financing round. According to a company press release, the funds are being provided by European accredited investors, the majority of whom are shareholders and previous investors of Magnitude. Over $500,000 of the funds have already been received.
Magnitude, formerly Proformix, also states that its current operational focus includes “expanding and optimizing” its sales and distribution network. In February, 2004, the company also reported the completion of a $2.4 million equity financing round. For Magnitude, which bills itself as “a software company pioneer” that delivers “the science of ergonomics to the computerized workplace,” it remains to be seen whether these and other investments will deliver a sustainable business model for the company and its investors. As of September 23, 2004, the company’s stock was trading at $0.11 per share.
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This article originally appeared in The Ergonomics Report™ on 2004-09-25.