|
|
 |
|
|
Senator Bruno discusses how the secured state funding will enable the company to expand and generate new jobs. |
Thursday, February 10, 2005
Senate Majority Leader Joseph L. Bruno and New York State Comptroller Alan G. Hevesi announced the investment of $1.7 million from the New York State Common Retirement Fund into Convergence Technologies Inc. The funds will enable the company to expand and generate new jobs.
"The Senate has done a great deal to encourage investments in small businesses, especially in emerging technologies," said Senator Bruno. "I appreciate the effort that Comptroller Hevesi has made to use the State retirement fund to invest in New York businesses. The high tech economy of the Capital Region is booming and thanks to smart investments like this one, it will continue to grow even more."
The retirement funds� private equity partner, Founders Equity Inc., provided the investment money for Convergence Technologies Inc. Including the pension fund�s portion, Founders Equity has invested $5 million in Convergence Technologies, Inc. and is expected to double the amount over the next year.
The funds will be used to acquire Open Systems Technologies, located in Clifton Park. Both companies focus on selling information technology hardware and software to small and mid-sized businesses, government entities and school districts. They are each involved with the innovative communication technology system called Voice-over-Internet-Protocol (VoIP). This cutting edge style of communication will enable businesses to use the Internet and a microphone as a substitute for the telephone, ultimately cutting down on expenses for schools, businesses and government agencies.
[BIOGRAPHY] [DISTRICT MAP] [PHOTO GALLERY] [LEGISLATION] [CONSTITUENT SERVICES] [YOUR OPINION COUNTS] [GUESTBOOK] [PRIVACY POLICY] [SENATE INSIDER] [CONTACT INFO] [HOME/NEWS]