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Monday, February 25, 2008

Portico gets new backers

     Portico Systems, a Blue Bell firm that makes network management software for Horizon Blue Cross of New Jersey and other Blue Cross health plans, has received $7.7 million in new financing.
     That's $4.9 million from Edison Venture Fund, Lawrenceville, and $2.8 million from Safeguard Scientifics, Wayne). Edison partner Doug Petillo sits on Portico’s board, and Edison director of analysis Orlando Mendoza ran the firm’s due diligence, said Edison spokeswoman Tricia Bradley. Portico CEO Ned Moore said in a statement that Edison “will help fuel our growth and take Portico to the next level.”
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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