Back in May, I speculated that IBM would be well served if it picked up PHP vendor Zend. That hasn't happened (yet), meantime Zend continues to raise funds on its own.

Today Zend announced it was getting $7 million from from TriplePoint Capital, of Menlo Park, California.

"Zend benefits from its strong position in this market, with an expanding list of major companies as customers and partners," Harold Goldberg, CEO at Zend Technologies said in a statement. "We wanted to ensure that we continue our expansion and are therefore pleased to begin this partnership with TriplePoint Capital, a firm whose innovative approach closely aligns with our strategies in the web application market."

Good news for Zend I suppose, but still a far cry from them truly unlocking their potential value which will only happen if they either get bought out or have an IPO.