Mandriva raising new funds for Linux business
Struggling Linux seller raising new funds to complete software acquisition, exit bankruptcy protection.
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Mandriva, a struggling seller of the Linux operating system, is in the process of raising "a minimum of 3 million euros," or $4.1 million, the French company said Monday. The funds will be used to exit bankruptcy protection and to complete the acquisition of server software company Linbox, a merger the companies agreed upon in September 2006 but have been unable to complete.
The bulk of the money is from OCCAM Capital, a European investment fund that focuses on computing and telecommunications markets, which is donating 2 million euros and getting two seats on Mandriva's board. More funds are from earlier investors, including Millennium Partners, Windhurst Participation, and two executives, Jacques Le Marois and Francois Bancilhon. All shareholders will be eligible to participate on similar terms.