BEA founder gets $12.6 mln investment for new firm

* Andreessen Horowitz invests in Magnet Systems Inc

(Reuters) – Alfred Chuang, a co-founder of software maker BEA Systems Inc that was acquired three years ago by Oracle Corp (ORCL.O), has landed a $12.6 million investment in his latest start-up.

Magnet Systems Inc said on Wednesday that venture Capital firm Andreessen Horowitz invested the money in the company which develops web-based software applications that are designed to help business people collaborate and communicate with each other in the way that Facebook and Twitter help consumers connect with each other.

Magnet has built a platform called WIN, or Workplace Interaction Network, that runs web-based software. Its first program, Sales WIN, is designed to help salespeople connect to customers using a social network.

Sales WIN runs on Inc’s (AMZN.O) cloud platform, which means that companies can access it via the web and do not need to download any software to access the program.

Chuang said in an interview on Wednesday that he has yet to decide whether he will develop other software programs to run on the WIN platform, or license the WIN platform to corporations and allow them to write their own programs for it. (Reporting by Jim Finkle; editing by Carol Bishopric)


Continue Reading: