Battery News
FOR IMMEDIATE RELEASE
Battery Ventures Promotes Three to General Partner
Neeraj Agrawal, Michael Brown and Sunil Dhaliwal Appointed General Partner;
Firm Closes Eighth Fund at $750 Million
WALTHAM, MA and MENLO PARK, CA; July 9, 2007 – Battery Ventures, a venture capital and private equity firm focused on investing in technology and innovation worldwide, today announced three promotions to General Partner in its Waltham office. Neeraj Agrawal, Michael Brown and Sunil Dhaliwal have all been promoted from Partner to General Partner in conjunction with the firm’s close of BV VIII, a $750 million fund. For more detailed information on BV VIII, please refer to today’s related press release: Battery Closes Fund VIII at $750 Million.
“Neeraj, Michael and Sunil have worked very hard for our LPs and their portfolio companies, and we’re pleased to have them formally join the firm’s leadership,” said General Partner Tom Crotty. “They have all been with Battery for a long time, eight or nine years since joining as associates. Their advancement reflects our strategy of growing the General Partner ranks from within. Through good times and tough times, they have consistently brought value to their portfolio companies and contributed to Battery’s overall success. They represent the next generation of leadership and we expect to see more great things in the years and funds to come.”
The BV VIII General Partners are: Neeraj Agrawal, Michael Brown, Tom Crotty, Sunil Dhaliwal, Rick Frisbie, Morgan Jones, Ken Lawler, Roger Lee, Mark Sherman, Dave Tabors and Scott Tobin.
About Neeraj Agrawal
Neeraj joined Battery in 2000 and invests in enterprise software, technology-enabled services and internet companies. His investments include: A Place for Mom, BladeLogic (IPO pending), Consona (take-private, formerly Made2Manage), LifeMed Media and Omniture (NASDAQ: OMTR). Neeraj also serves on the board of Applimation and is actively involved with portfolio company ITA Software. For a complete bio visit: http://www.battery.com/people/agrawal.html.
“Neeraj was instrumental in helping us quickly get BladeLogic off the ground from an ‘entrepreneur-in-residence’ idea to a viable business,” said Dev Ittycheria, BladeLogic co-founder, president and CEO. “We would not be in the strong position we are today had it not been for his early help and ongoing support at all stages of our growth.”
About Michael Brown
Since joining Battery Ventures in 1998, Michael has made or managed multiple investments in the areas of financial services, enterprise software and technology-enabled business services. He currently serves on the board of Fingerhut Direct Marketing, MRU Holdings (NASDAQ: UNCL), and TradeKing. In addition, he has been actively involved with Battery's investments in ChemConnect, The London International Financial Futures and Options Exchange (LIFFE) (acquired by Euronext), and OutlookSoft Corporation (acquired by SAP). For a complete bio visit: http://www.battery.com/people/brown.html.
"Experienced, active investors are essential to the ongoing success of companies like TradeKing that are in hyper-growth mode," said Donato Montanaro, president and CEO of online discount broker, TradeKing, a Battery portfolio company. "From the start, Michael has been a trusted advisor and a true proponent of our value proposition. Most importantly, he's been a 'hands-on' participant in driving our emergence as the online discount broker to watch."
About Sunil Dhaliwal
Sunil joined Battery in 1998 and focuses on investments in IT infrastructure and financial services. Sunil is currently a board member at Fintura, MRU Holdings (NASDAQ: UNCL), Neocleus (observer) and Netezza Corporation. He previously served as a director or board observer at CipherTrust, Inc. (acquired by Secure Computing), Storigen Systems (acquired by EMC), @stake (acquired by Symantec) and Storability Software (acquired by StorageTek). Sunil has also been involved with other Battery investments including Cbeyond (NASDAQ: CBEY) and Akara (acquired by Ciena). For a complete bio visit: http://www.battery.com/people/dhaliwal.html.
“Sunil is one of the main reasons we chose to work with Battery,” said Andrew Mathieson, founder and CEO of Battery portfolio company Fintura Corporation. “I appreciate the diligence he applied in getting to understand our business and his knowledge of our market space. He brings a level of enthusiasm and a willingness to help in any way he can. The combination of Sunil’s expertise with the resources of Battery are what made the firm stand out. We enjoy working with him and are looking forward to doing great things together.”
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company’s life, from start-up and expansion financing, to growth equity and buyouts.
Battery has supported many breakthrough companies around the world, including: Airespace (acquired by Cisco), Akamai Technologies (NASDAQ: AKAM), Cbeyond (NASDAQ: CBEY), LIFFE (acquired by Euronext), and Neoteris (acquired by Netscreen). Its current portfolio includes emerging firms such as Advent Solar, BladeLogic, Lion Cells, Netezza, Spot Runner, and Tejas Networks, as well as more established companies such as ITA Software, Consona Corporation, MetroPCS (NYSE: PCS) and Nova Analytics.
From offices in Boston, Silicon Valley and Israel, Battery manages nearly $3 billion in committed capital, including its current fund of $750 million. For more information, visit www.battery.com.
Contacts:
Karen Bommart or Angela Doucette
Battery Ventures
Ph: 781-478-6600
kbommart@battery.com
adoucette@battery.com
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