Pennsylvania Invests $1m in Physical Networks
May 14, 2001 The state of Pennsylvania has announced a global investment of US $1m in Physical Networks.
May 14, 2001 In early May, Pennsylvania Governor Tom Ridge traveled to France to announce a global investment of US $1m in Physical Networks (Paris, France). The investment will consist of an Opportunity Grant, job creation tax credit, customized job training grant, and an investment from the Pennsylvania Technology Investment Authority, the state-funded venture capital firm.
In a decision approved by shareholders in mid-February, software publisher Physical Networks (Paris, France) announced its decision to become a US corporation, with headquarters in the Greater Philadelphia area. A strong relationship exists between Pennsylvania and Physical Networks, dating back to June, 2000 when Physical Networks CEO Philippe Haustete was named an Ambassador of Pennsylvania. This was the first such designation made to an individual outside of Pennsylvania.
Haustete says that the relationship with Pennsylvania has been forged due to, "Philadelphia's ideal location, access to outstanding universities for potential employees, and the Ridge Administration's commitment to helping Physical Networks establish a base for new U.S. customers. " Physical Networks expects to employ at least 50 people in its Philadelphia office and expects to reap tremendous rewards from the State's investment.
Physical Networks is the publisher of Cabling System Manager (CSM), which is a full-featured professional software product designed to help corporations better plan, manage and service their physical network, communication and cabling infrastructure. Pennsylvania's $1 million investment comes on the heels of some $48 million in venture capital raised earlier this year. Physical Networks expects to consider a potential initial public offering once market conditions improve.