| [March 10, 2008] |
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Vector Capital Completes Acquisition of Precise Software Solutions From Symantec; Greylock Partners Joins Investment
SAN FRANCISCO --(Business Wire)-- Vector Capital, a leading private equity firm specializing in spinouts, buyouts and recapitalizations of established technology businesses, today announced the completion of its acquisition of Symantec's Application Performance Management (APM) business. The APM business now operates as a new, stand-alone company called Precise Software Solutions, Inc.
"We are pleased to have completed the spinout of Precise, establishing it as a focused, independent company poised to take advantage of the enormous opportunity in the APM market," said Rob Amen, principal at Vector Capital. "We look forward to working in partnership with the Precise team to realize the full potential of this business and build the leading independent provider of APM solutions."
Chris Nicholson, a partner at Vector Capital, will be joining Rob on the Board of Directors of the new company.
Precise Software Solutions is also pleased to announce the appointment of its new CEO, Mark Kremer, who brings a distinguished background in technology management and entrepreneurship to the company. "Today marks the beginning of an exciting new era for Precise, its customers and its employees," said Mark. "Returning the company to its roots as an independent, stand-alone company, we have an unprecedented opportunity to invest in our customers, our products and our team."
Prior to Precise, Mark was a partner at the venture capital firm, Benchmark Capital. Additionally, Mark has more than 15 years of experience as a successful Silicon Valley executive and entrepreneur. Prior to joining Benchmark, Mark served as CEO of Broadbase Software Inc., a leading provider of e-business applications. Mark founded Broadbase in November 1995, recruited an outstanding executive team and led the company to a successful IPO. In the nine years prior to founding Broadbase Software, Mark held several executive positions in high-profile Silicon Valley companies, including Oracle and Verity.
Joining Vector in the investment is Greylock Partners, a leading venture capital firm with offices in Silicon Valley, Boston and Israel. Erez Ofer, a partner with Greylock Israel, will be joining the Board of Directors. "We are excited to be part of this investment," said Erez. "We believe we have identified in Precise a unique combination of technological capability with a wide customer base in an important and growing market."
Prior to Greylock, Erez served as an executive vice president in charge of technology strategy for EMC Corporation, as well as an executive vice president of open software, a business that grew from one product line to a multi-hundred million dollar level and established EMC's entry into the software market.
The spinout of Precise from Symantec Corporation continues Vector's strong tradition of successfully investing in non-core divisions of the world's largest technology companies. Vector's spinouts of LANDesk Software, from Intel Corporation, and Savi Technology, from Raytheon Company, among others, illustrate the tremendous growth potential that can be unlocked from such divisional spinouts of larger corporations. As focused and well-funded standalone companies, both LANDesk and Savi were able to achieve unprecedented growth, deliver innovative solutions to customers and create future opportunities for employees.
About Vector Capital
Vector Capital is a leading private equity firm specializing in spinouts, buyouts and recapitalizations of established technology businesses. Vector identifies and pursues these complex investments in both the private and public markets. Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of these businesses and enhance their value for employees, customers and shareholders. Among Vector's notable investments are LANDesk Software, Savi Technology, SafeNet, Corel Corporation (Nasdaq: CREL), Printronix, Register.com, Tripos, WinZip and Watchguard Technologies. For more information, visit www.vectorcapital.com.
About Greylock Partners
Founded in 1965, Greylock Partners is one of the world's leading venture capital firms. Over the past 41 years, Greylock has funded and helped build several hundred successful companies. The Greylock approach uniquely puts the entrepreneur first, with Greylock working as an "invited guest" in a highly supportive yet consultative way to help entrepreneurs build market-leading companies. Companies Greylock has funded include Ascend Communications, Continental Cable, Data Domain, Decru, DoubleClick, Internet Security Systems, Legato, Millennium Pharmaceuticals, Openwave, Red Hat, RightNow, Tellabs, Trilogy and Wily Technology. For more information, please visit www.greylock.com.
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