Digital Island Inc, the Honolulu, Hawaii-based provider of global IP network services, said Tuesday that it has raised $50m in private equity funding from a group of investors including Chase Capital Partners, Arbor Investors LLC and Merrill Lynch Kecalp LLC and its affiliates. The company said the latest financing brings its total investments to $88m since March of 1997. As part of the deal, Shahan Soghikian, general partner of Chase Capital Partners, will join Digital Island’s board.
Digital Island says it will use the funds for software and technology development and for the expansion of strategic alliances and its global sales organization. The privately-held company, founded in 1995, sees itself as a global applications network. It claims to integrate applications, its own patented technologies and an intelligent IP network to offer corporate customers a package of services for the deployment of e-business initiatives. Current investors, which include online brokerage E*Trade Group Inc, also participated in this round of funding.
