Eagan based tech company gets a new round of financing

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A Twin Cities technology company is close to pulling off what's become a difficult feat since the bursting of the dot-com bubble: it has lined up a significant chunk of new financing. As Minnesota Public Radio's Jon Gordon reports, the deal could save Eagan-based Wam!Net from the same disaster that has befallen many other Internet-related firms. Wam!Net, which handles data networks for corporate and government clients, doesn't SEEM like a success story. It's lost more than half a billion dollars since its inception in 1994, and the company laid off 20 percent of its employees earlier this year. But Wam!Net co-founder and CEO Ed Driscoll says New York City venture capital firm Cerberus Capital Management, which specializes in funding troubled comapnies, has agreed to provide 115 million dollars in operating capital.

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