The SOA (service-oriented architecture) governance software maker also announced that the company has secured $3 million in a new equity round of funding from Ascent Venture Partners, Cedar Fund and Veritas Venture Partners with a contingency for additional funds if required. Additionally, to accommodate continued growth, WebLayers has relocated its headquarters.

In an interview with eWEEK, Papows said his immediate plans for the company include "continued top-line growth." As for down the road, Papows said, "As you know, WebLayers is a venture-backed company, so in the spirit of total candor, venture-backed companies are for sale ... So I have to be looking at some kind of merger or an IPO, which is not my favorite thing, although I took Cognos public. It would be optimal to find a place where there's synergy, not unlike IBM and Lotus."

Papows has more than 25 years of industry experience, including having served as president and CEO of Lotus Development, where he helped steer the company's successful integration into IBM. Papows also was president of Cognos, where he took the business intelligence software provider to a successful public offering. Most recently, Papows was the president and CEO of Maptuit, a provider of real-time commercial navigation software. Having led Maptuit to profitability and market leadership, Papows will continue to play an active role in that company as chairman of the board.

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