Cambridge, Mass., October 01, 2001 Endeca, provider of software solutions for companies that need to integrate, organize and navigate enterprise data, announces the successful completion of a $15 million second round of venture funding. The Company will use the new funding from Ampersand Ventures, Bessemer Venture Partners and Venrock Associates to continue aggressive product development, and expand marketing and sales of its information delivery and navigation software products and solutions.
Endeca also announces the appointment of Steve Walske, former chairman and chief executive officer of Parametric Technology Corporation (PTC) and recognized software industry leader, to the Board of Directors. Walske will bring extensive experience, insight and counsel to Endeca, and will contribute significantly to the long-term strategy and growth plans of the company. As CEO of PTC, Walske grew the company from inception to more than $1 billion in annual revenue with a track record of 40 consecutive quarters of growth in earnings and revenue.
“Our ability to attract new capital from premier investors is further validation of how important the issue of information overload has become, and how successfully our technology solves this critical business problem,” said Steve Papa, chief executive officer of Endeca. “I’m very excited by the reception Endeca is getting in the marketplace, and feel fortunate to be working with an industry veteran like Steve Walske. His strategic perspective, experience and strong customer orientation will benefit Endeca significantly as we grow our business.”
Ampersand Ventures, the successor to PaineWebber’s venture capital business founded in 1968, today manages more than $500 million in venture investments. Their current portfolio consists of leaders in the communications, information technology, life sciences and special materials and chemical industries. Bessemer Venture Partners, founded in 1911, is one of the longest-established venture capital firms in the country, investing over $400 million each year in communications technology and Internet infrastructure. Venrock Associates, the Rockefeller family’s venture capital firm, has invested in leading technology-based companies for over 30 years and their portfolio companies have achieved combined annual revenues in excess of $150 billion.
Also appointed to the Endeca Board of Directors is Charles Yie, general partner at Ampersand Ventures. Yie has more than 15 years of private equity experience, and currently co-leads Ampersand’s activities in the information technology sector. Yie and Walske join Felda Hardymon, senior partner at Bessemer Venture Partners as Endeca’s outside directors.
Endeca software is powered by The Endeca Navigation Engine, a breakthrough information delivery platform based on meta-relational indexing technology. Endeca solutions give users the fastest and most intuitive interaction with catalog, commerce and enterprise data available today. Users experience an unparalleled ability to search and discover precisely what they need to find and to navigate large amounts of data in a fast, highly interactive and guided way. Endeca solutions help businesses across a variety of sectors including retail, financial services, B2C and B2B with applications for content and catalog management and enterprise data access and delivery. Endeca solutions power both intra-enterprise and customer facing applications that dramatically improve ease of interaction, quality of decision-making and overall business results.
“The problem of information overload and its cost to business is now getting executive attention,” added CEO Papa. “Companies realize that in order to remain competitive, they need to address the fundamental information access and delivery needs of both their employees and their customers. Endeca offers an innovative and differentiated software solution that is a successful and cost effective way to deliver on these needs.”
About Endeca
Endeca offers innovative information delivery software products and solutions for companies who need to integrate, discover, and navigate enterprise data to solve the business problems associated with information overload. Endeca technology is already at work for some leading financial services companies and is powering Tower Records online DVD and video store. Endeca solutions empower users to explore and discover relevant relationships in data and find accurate and precise results with unprecedented speed. Its patent-pending algorithms provide a scalable Web-based infrastructure for data exploration, leading to highly relevant and meaningful results every time. Endeca solutions unlock the value in enterprise data and help businesses increase productivity, make better and faster decisions, and improve overall employee and customer satisfaction. Endeca is a privately held company headquartered in Cambridge, MA with sales offices in Boston, Chicago, Denver, New York, San Francisco and Washington DC and is backed by leading venture capital firms Ampersand Ventures, Bessemer Venture Partners, Silicon Valley Bank, and Venrock Associates. For more information, please visit www.endeca.com or email us at info@endeca.com.
Endeca and Endeca Navigation Engine are trademarks of Endeca Technologies, Inc. All other product and service names mentioned herein are or may be registered trademarks or trademarks of their respective companies or organizations.
About Ampersand Ventures
Ampersand Ventures is a private equity firm based in Wellesley, Massachusetts and San Diego, California. Founded in 1988 as a buyout of PaineWebber’s venture capital business, it manages more than $500 million targeted at four sectors: information technology, telecommunications, life sciences, and specialty materials and chemicals. Public companies backed by Ampersand include ACLARA BioSciences (NASDAQ: ACLA), Moldflow (NASDAQ: MFLO), TriPath Imaging (NASDAQ: TPTH), and VI Technologies (NASDAQ: VITX). Additional information about Ampersand Ventures can be found at www.ampersandventures.com.
About Bessemer Venture Partners
Bessemer Venture Partners, with offices in California, Massachusetts and New York, is the leading national, early-stage venture capital firm in communications technology and Internet infrastructure. The firm manages more than a billion dollars of venture funds, carrying on a tradition of hands-on, active venture investing that has continued since 1911. Many leading-edge communications companies, including Cascade, Ciena, Parametric, QED, Sirocco, Sonus Networks and VeriSign selected BVP as their early-stage venture partner. For more information, visit www.bvp.com.
About Venrock Associates
Venrock Associates was founded as the venture capital arm of the Rockefeller Family and continues a tradition of funding entrepreneurs that now spans over seven decades. Laurance S. Rockefeller pioneered early stage venture financing in the 1930s. With over 300 investments over a span of more than 70 years, the firm has an established a track record of identifying and supporting promising early stage, technology-based enterprises. As one of most experienced venture firms in the United States, Venrock maintains a tradition of collaboration with talented entrepreneurs to establish successful, enduring companies.
Venrock's continuing goal is to create long-term value by assisting entrepreneurs in building companies from the formative stages. Their consistent focus on Information Technology and Life Sciences-related opportunities provides a reservoir of knowledge and a network of contacts that have proven to be a catalyst for the growth of developing organizations. Venrock's investments have included CheckPoint Software, USinternetworking, Caliper Technologies, Illumina, Niku, DoubleClick, Media Metrix, 3COM, Intel, and Apple Computer. With offices in New York City, Cambridge, MA, and Menlo Park, CA, Venrock is well positioned to respond to opportunities in any locale. For more information, visit Venrock's Web site at http://www.venrock.com.