Marimba Raises $14.5 Million in Funding

Marimba Inc., a closely held and closely watched software company, said it has raised $14.5 million in funding from a group of investors, including Compaq Computer Corp. Palo Alto-based Marimba, founded 19 months ago, said it will use the money to continue developing its software products. The company writes computer programs that would enable technicians to automatically update software on hundreds of personal computers operating on a network. The new investments were made by Compaq, investment bank Lehman Bros. Inc., software company Peoplesoft Inc., chip maker National Semiconductor Corp. and others. Even though Marimba is a private company, Wall Street has been watching the software maker closely. Analysts have said the company, founded by several former Sun Microsystems Inc. executives, could have one of the biggest initial public offerings if it does go public.