Formation Systems has raised a $16 million fifth round of funding. Investors included Bain Capital Ventures, and previous investors Lightspeed Venture Partners and ABS Ventures. Southborough, Mass.-based Formation Systems has raised a total of $37 million and received a 5 percent decrease in valuation with its latest round, a representative said. The company's software allows companies to have a central repository of information, providing faster access to data.
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