Systems/Enterprise:
NORWEST VENTURE PARTNERS INVESTS
$5.8 MILLION IN CollaBnet
Norwest Venture Partners (NVP), a leading high-tech venture capital firm
partnering with entrepreneurs to build large businesses, announced an
investment of $5.8 million in CollabNet, the leading provider of collaborative
software development solutions. This $13 million Series C round of funding was
led by NVP, and included investments from Benchmark Capital, Intel Capital,
NTT Leasing Co Ltd, and Oracle Corporation.
CollabNet will use the new capital to continue research and development of
its
next generation of the CollabNet SourceCast environment and extend sales and
marketing efforts into new global markets and distribution channels. Also
announced today, Jim Lussier, venture partner with NVP, joins the CollabNet
board of directors.
"CollabNet has created a revolutionary and cost effective way to develop
software that will forever change the way development communities interact
with one another and produce mission-critical applications. We believe this
innovation marks the beginning of what collaborative computing can offer
Fortune 500 businesses in the years to come," said Jim Lussier.
"With superior technology, significant customer traction, and a mature,
highly
experienced management team, CollabNet has already proven itself as a clear
leader in the emerging collaborative software development market."
"We are pleased to have the support of Norwest Venture Partners, a firm
with a
track record for building successful large businesses. With this latest
infusion of funds and access to Jim Lussier and his deep industry and
operating experience, we expect to grow our offering and continue to expand
our foothold in the emerging collaborative software development space," said
Bill Portelli, president and chief executive officer of CollabNet.
The CollabNet Approach
The CollabNet SourceCast environment unifies the vital components needed to
address the core issues of distributed development, including applications for
software development, technical communication, knowledge management, and
project administration. CollabNet enables corporations to unite geographically
decentralized development teams, whether the team members are employees or
development partners, and facilitates Web-driven interaction.
CollabNet SourceCast automates the development, integration, and end-user
adoption links in the software development chain by enabling secure and
cost-effective development across the organization.
CollabNet SourceCast is the Collaborative Development Environment (CDE) of
choice for hundreds of thousands of users, providing industry-leading uptime
reliability. Available as a managed service hosted by CollabNet, or as an
application installed in a customer's data center, the CollabNet SourceCast
environment has been proven to scale from companies with a handful of users to
enterprises with tens of thousands of users.
Customers have their choice of Sun Microsystems Solaris operating
environment
or the Red Hat Linux operating system and also will be able to select either
Oracle9i database or MySQL database server for data storage.
Additionally, the CollabNet SourceCast environment provides roles-based
security at the project workspace, application, and data levels, and is the
only CDE with a proven track record of production use at Global 500 companies
and with over 200,000 users.
About CollabNet
CollabNet provides companies with solutions for Collaborative Software
Development (CSD) by combining a Web-based software application with a suite
of consulting services. Using these solutions, customers can collaborate on
development projects within an enterprise, with customers, with business
partners, or with third party developers.
CollabNet enables corporations to reduce costs and increase revenues by
bringing different project team members together, regardless of their
location. CollabNet is currently working with several Fortune 500 and
industry-leading enterprise companies, including: Barclays Global Investors
(BGI), Dresdner Kleinwort Wasserstein (DrKW),HP, Motorola, SK Telecom, and Sun
Microsystems. Brian Behlendorf, co-founder of the Apache Software Foundation,
established CollabNet in July 1999.
http://www.collab.net
About Norwest Venture Partners
For more than 40 years, Norwest Venture Partners (NVP) has actively
partnered
with entrepreneurs to build large businesses. NVP focuses on early stage
investments in enterprise software and communications technologies. The firm
manages more than $1.8 billion in venture capital and has funded over 350
companies since inception.
NVP has invested in such market leaders as Accord Networks (acquired by
Polycom), Actel Corporation, Brocade Communications, Cerent (acquired by Cisco
Systems), Corio, Cray Research, Docent, Documentum, Extreme Networks, Forte
Software (acquired by Sun Microsystems), Network Systems (acquired by
StorageTek), Octane Software (acquired by E.piphany), OnDisplay (acquired by
Vignette Corporation), PeopleSoft, Quantum Effect Devices (acquired by
PMC-Sierra), RF MicroDevices, SeeBeyond, Siara Systems (acquired by Redback
Networks), Tivoli Systems (acquired by IBM), Vantive Corporation (acquired by
PeopleSoft), Verio (acquired by NTT Communications) and Xylan (acquired by
Alcatel).
Additional information on Norwest Venture Partners is available at http://www.nvp.com
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