Timeline | Norwest Venture Partners

2020

Microsoft acquires CyberX

June 2020

Microsoft acquires CyberX to accelerate and secure customers’ IoT deployments.

Verizon acquires BlueJeans

April 2020

BlueJeans entered to an agreement to be acquired by Verizon, where BlueJeans will become part of the $30B Verizon Business team.

Visa to Acquire Plaid

January 2020

Visa announces that it has entered into an agreement to acquire Plaid, a network that makes it easy for people to securely connect their financial accounts to the apps they use to manage their financial lives.

2019

F5 Acquires Shape Security

December 2019

F5 Networks announces that it has entered into an agreement to acquire Shape Security. A leader in fraud and abuse prevention, Shape adds protection from automated attacks, botnets, and targeted fraud to F5’s world-class portfolio of application services, protecting customers’ digital experiences.

Fund XV: $2 Billion

November 2019

Norwest announces Norwest Venture Partners XV, a $2 billion fund and our largest to date, bringing the firm to $9.5B in capital under management.

Shopify to Acquire 6 River Systems

September 2019

Shopify announces that it has reached an agreement to acquire 6 River Systems Inc., a leading supplier of collaborative warehouse fulfillment solutions.

Health Catalyst IPO

August 2019

Health Catalyst (Nasdaq: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, celebrates its initial public offering.

Cority acquired by Thoma Bravo

May 2019

Mist Systems Acquired

April 2019

Juniper Networks, an industry leader in automated, scalable and secure networks, announces that the company has entered into a definitive agreement to acquire Mist Systems, a pioneer in cloud-managed wireless networks powered by Artificial Intelligence (AI).

Silk Road Medical IPO

April 2019

Silk Road Medical (Nasdaq: SILK), a company focused on reducing the risk of stroke and its devastating impact, celebrates its initial public offering.

TRUSTID acquired by Neustar

January 2019

TRUSTID, the leading provider of caller authentication and fraud prevention systems for contact centers, is acquired by Neustar, a trusted, neutral provider of real-time information services.

2018

Glint Joins LinkedIn

October 2018

LinkedIn has acquired Glint, a leader in employee engagement that helps people in organizations do their best work, develop their skills, and improve business results. Learn more.

Workday Acquires Adaptive Insights for $1.55B

June 2018

Workday, Inc. a leader in enterprise cloud applications for finance and human resources, signs a definitive agreement to acquire Adaptive Insights, a leading cloud-based platform for modernizing business planning, for approximately $1.55 billion.

Google to Acquire Velostrata

May 2018

Google announces that it has entered into an agreement to acquire Israel-based Velostrata, a leader in enterprise cloud migration technology.

Fund XIV: $1.5 Billion

February 2018

Norwest announces Norwest Venture Partners XIV, a $1.5 billion fund and our largest to date, bringing the firm to $7.5B in capital under management. The firm also announces the promotions of Jon Kossow to Managing Partner, and Lisa Wu to Partner.

Avere Acquired by Microsoft

January 2018

Microsoft signs an agreement to acquire Avere Systems, a leading provider of high-performance NFS and SMB file-based storage for Linux and Windows clients running in cloud, hybrid and on-premise environments.

2017

PCA Skin Acquired by Colgate-Palmolive

December 2017

The Colgate-Palmolive Company announces that it has agreed to purchase PCA Skin, a leader in medical-grade in-office and take-home skin care products.

Rainmaker LRO Assets Acquired by RealPage

December 2017

RealPage, Inc., a leading global provider of software and data analytics to the real estate industry, announces the closing of its acquisition of the assets related to the Lease Rent Options (LRO) business from The Rainmaker Group.

iCardiac Acquired by ERT

December 2017

ERT, a global data and technology company that minimizes uncertainty and risk in clinical trials, announces it has acquired iCardiac Technologies, a leading provider of centralized cardiac safety and respiratory solutions that accelerate clinical research.

Fireglass Acquired by Symantec

July 2017

Symantec acquires Israel-based Fireglass, the leading agentless isolation solution that eliminates ransomware, malware and phishing threats in real-time.

Capsugel Acquired by Lonza

July 2017

Capsugel, a world leader in advanced oral dosage delivery technologies with a leading position in hard capsules, is acquired by Lonza.

ShotSpotter IPO

June 2017

ShotSpotter (Nasdaq:SSTI), a company that uses sensors and software to detect gunfire for law enforcement and security services, celebrates its initial public offering.

RetailMeNot Acquired by Harland Clarke

April 2017

RetailMeNot, a leading savings destination connecting consumers with retailers, restaurants and brands, both online and in-store is acquired by Harland Clarke.

Turn Acquired by Amobee

April 2017

Amobee, a subsidiary of Singtel, announces its acquisition of Turn, a leading provider of a global technology platform for marketers and agencies. The acquisition allows Amobee to offer marketers an independent, end-to-end advertising and data management platform across all channels, formats and devices.

Seculert Acquired by Radware

January 2017

Radware, a leading provider of cyber security and application delivery solutions announces that it has acquired Seculert, a SaaS cloud-based provider of protection against enterprise network breach and data exfiltration.

Exablox Acquired by StorageCraft

January 2017

StorageCraft announces that it will acquire Exablox, provider of a cloud-managed, scale-out, object-based storage solution. The acquisition allows StorageCraft to address customers’ expanding data volumes and stringent uptime requirements.

2016

Kendra Scott Design Recapitalized

December 2016

Leading fashion accessories brand Kendra Scott Design is recapitalized by Berkshire Partners.

Crossover Health Acquired by Gurnet Point Capital

December 2016

Crossover Health, a next-generation provider of employee healthcare that develops on-site and near-site health centers, announces its acquisition by Gurnet Point Capital. The partnership fuels the expansion of Crossover’s interactive, technology-enabled platform.

iRhythm IPO

October 2016

iRhythm (Nasdaq: IRTC), a leading digital health care company redefining the way cardiac arrhythmias are clinically diagnosed, celebrates its initial public offering.

Jet Acquired by Walmart

September 2016

Wal-Mart Stores, Inc. and Jet.com, Inc. announce they have entered into a definitive agreement for Walmart to acquire Jet for approximately $3 billion in cash. The deal positions Walmart for expanded e-commerce growth and customer reach.

Apigee Acquired by Google

September 2016

Apigee, a provider of API management, enters into a definitive agreement to be acquired by Google. By adding Apigee’s solutions to Google cloud, Google customers will accelerate the transition toward cloud, mobile and digital interaction with customers and partners via APIs.

Palerra Acquired by Oracle

September 2016

Oracle signs an agreement to acquire Palerra, extending Oracle Identity Cloud Service with an innovative Cloud Access Security Broker (CASB). Together, Oracle and Palerra help accelerate cloud adoption securely by providing comprehensive identity and security cloud services.

Clarus Commerce Acquired by Trivergance

March 2016

Clarus Commerce, a pioneer of pre-paid shipping and the cashback movement, is acquired by Trivergance to further scale the platform.

Ravello Systems Acquired by Oracle

March 2016

Cloud infrastructure-as-a-Service (IaaS) company Ravello Systems is acquired by Oracle, joining in Oracle’s IaaS mission to allow customers to run any type of workload in the cloud.

Fund XIII: $1.2 Billion

January 2016

Norwest announces Norwest Venture Partners XIII, LP, its third consecutive $1.2B fund. Bringing the firm’s total capital to approximately $6 billion, the latest fund will allow Norwest to continue its pursuit of next generation early- to late-stage venture and growth equity investments across a wide range of sectors and geographies.

2015

Pertino Acquired by Cradlepoint

December 2015

Pertino, a pioneer in cloud-based networking for enterprises, is acquired by Cradlepoint, a leader in software-defined 4G LTE network solutions.

Misfit Wearables Acquired by Fossil

December 2015

Misfit Wearables, an inventor and manufacturer of premium wearable computing products, is acquired by Fossil Group for $260 million.

Elemental Technologies Acquired by AWS

September 2015

Software-defined video processing solutions leader Elemental Technologies is acquired by Amazon Web Services for $296 million.

The Retail Equation Acquired by Appriss

August 2015

The Retail Equation, a leader in predictive analytics for retail businesses, is acquired by Appriss to strengthen its efforts in fighting fraud and mitigating risk.

1010data Acquired by Advance

August 2015

Big data discovery leader 1010data is acquired by Advance for $500 million.

ConteXtream Acquired by HP

May 2015

HP acquires software-defined networking startup ConteXtream.

Cyan Acquired by Ciena

May 2015

Cyan Inc. (NYSE: CYNI), a leading provider of SDN, NFV, and packet-optical solutions for network operators, is acquired by Ciena (NYSE: CIEN).

Apigee IPO

April 2015

Apigee® (Nasdaq: APIC), developer of an intelligent API platform for digital business, celebrates its initial public offering.

deCarta Acquired by Uber

March 2015

Uber acquires deCarta, the leading independent location-based services (LBS) platform company.

SolarEdge IPO

March 2015

SolarEdge Technologies, Inc. (“SolarEdge”) (Nasdaq: SEDG), a global leader in PV inverters, power optimizers, and module-level monitoring services, celebrates its initial public offering.

Adchina Acquired by Alibaba

January 2015

AdChina, China’s largest independent digital advertising technology platform whose services and products are used by hundreds of digital marketing agencies, advertisers and companies, is acquired by Alibaba Group Holding Ltd. (NYSE: BABA).

true[X]media Acquired by 21st Century Fox

2015

true[X] media, a leading video advertising company specializing in consumer engagement and on-demand marketing campaigns, is acquired by 21st Century Fox.

2014

A Big Year

December 2014

Norwest celebrates a landmark year with 11 notable liquidity events, the launch of our $1.2B fund, a new San Francisco office, and 23 companies joining the Norwest community.

Lending Club IPO

December 2014

Perseverance pays off. Norwest’s seed investment in Lending Club (NYSE: LC), the world’s largest online marketplace connecting borrowers and investors, translates to one of the top IPOs of 2014.

New SF Office

October 2014

Norwest announces the opening of its new office in San Francisco’s South of Market District.

Watch a drone video featuring the office.

Snowman IPO

August 2014

Snowman Logistics Limited, an integrated temperature-controlled logistics service provider in India, goes public on the Bombay Stock Exchange and the National Stock Exchange of India.

Intersect ENT IPO

July 2014

Intersect ENT, Inc. (Nasdaq:XENT), a commercial drug-device company committed to improving the quality of life for patients with ear, nose and throat conditions, celebrates its initial public offering.

Hadapt Acquired by Teradata

July 2014

Hadoop-based adaptive analytical platform company Hadapt is acquired by Teradata.

MobileIron IPO

June 2014

MobileIron (Nasdaq: MOBL), the leader in mobile enterprise security, celebrates its initial public offering.

Skybox Imaging Acquired by Google

June 2014

High definition satellite imagery company Skybox Imaging is acquired by Google for $500 million.

Fund XII: $1.2 Billion

May 2014

Norwest announces Norwest Venture Partners XII, LP, a $1.2B fund targeting early to late-stage venture and growth equity investments, bringing the firm’s total capital and commitments to approximately $5 billion.

Sabre Corporation's IPO

April 2014

Leading technology provider to the global travel and tourism industry Sabre Corporation (Nasdaq: SABR), celebrates its initial public offering.

Midas List Hall of Fame

March 2014

Forbes names Promod Haque a “hall of fame investor” and Norwest is ranked #6 as a firm with the most exits over $200M in 2013.

Basis Acquired by Intel

March 2014

Wearable device technologies company Basis is acquired by Intel.

The Echo Nest Acquired by Spotify

March 2014

Music intelligence platform company The Echo Nest is acquired by Spotify.

Veveo Acquired by Rovi

February 2014

Personalized entertainment discovery solutions company Veveo is acquired by Rovi.

Passif, Morta Security & Shriram City Union Finance

January 2014

Apple acquires low-power wireless semiconductor company Passif, Palo Alto Networks acquires cybersecurity company Morta Security, and Norwest executes the partial sale of shares of India financial services company Shriram City Union Finance Ltd (NSE: SCUF).

2013

Virtela Acquired by NTT

October 2013

Leading global managed and cloud-based network services company Virtela is acquired by NTT Communications for $525 million. Virtela was founded and incubated by Vab Goel, general partner, who also served as founding CEO and chairman. Promod Haque is a founding investor, having provided the initial funding to the company.

41st Parameter Acquired by Experian

October 2013

Fraud detection leader 41st Parameter is sold to Experian for $324 million.

FireEye IPO

September 2013

Cyber security leader FireEye (Nasdaq: FEYE) celebrates one of the most successful initial public offerings in 2013, with Norwest as an early-stage investor.

RetailMeNot IPO

July 2013

Norwest is the lead investor in the world’s largest digital coupon destination, RetailMeNot (Nasdaq: SALE), which has a successful initial public offering.

ScaleIO Acquired

June 2013

Israel-based storage management software company ScaleIO is acquired by EMC.

Cyan IPO

May 2013

Cyan, a global supplier of software-defined networking (SDN) solutions, opens for trading on the New York Stock Exchange (NYSE) under the ticker symbol “CYNI” after its initial public offering.

New Managing Partners

January 2013

Norwest strengthens its leadership team with the promotions of Jeff Crowe and Matthew Howard to managing partner roles.

2012

An $1.8B Acquisition

November 2012

Travel search engine company KAYAK is acquired by Priceline for $1.8 billion.

Clairmail Acquired

June 2012

Mobile banking solutions company Clairmail is acquired by Monitise.

Summit Micro Acquired

June 2012

Highly integrated power management solutions company Summit Microelectronics is acquired by Qualcomm.

2011

Admeld Goes to Google

June 2011

Online advertising company Admeld is acquired by Google for $400 million.

The Big 5-0

2011

Norwest celebrates its 50th anniversary.

2010

Gaming Companies in Play

November 2010

Mobile game publisher ngmoco Inc. is acquired by DeNA in November for approximately $400 million, and Playdom Inc., a leader in the online social gaming space, is acquired by The Walt Disney Company in August for approximately $764 million, a combined transaction value in excess of $1 billion.

Two Acquisitions

May 2010

Omneon, a leading provider of scalable media server and active storage systems, is acquired by Harmonic at a deal valued at approximately $306 million, while Jigsaw, a leading provider of business information and data services, is acquired by Salesforce.com for $142 million.

An Acquisition and an IPO

April 2010

Cast Iron Systems, a SaaS/cloud integration company is acquired by IBM, and Persistent Systems has a successful public offering on the Bombay Stock Exchange and National Stock Exchange of India (Norwest’s first direct investment in India).

Healthcare Team

2010

Norwest revives its healthcare practice with an emphasis on growth equity and late- stage venture investments. Norwest hires two partners to spearhead this practice—Dr. Ryan Harris and Casper de Clercq.

2009

Fund XI: $1.2 Billion

November 2009

Norwest begins investing out of its largest fund to date, Norwest Venture Partners XI (NVP XI), a $1.2 billion fund.

Growth Equity Team

2009

Norwest brings on Jon Kossow to focus more aggressively on growth equity opportunities. Jon was named a managing partner in 2018. He and General Partner Sonya Brown head up the growth equity practice at Norwest.

LifeSize Sold to Logitech

November 2009

Norwest portfolio company LifeSize Communications is sold to Logitech for $405 million. In 2016 LifeSize spins off from the company.

2008

Qumranet Acquired

September 2008

Qumranet, an enterprise software company offering a virtual infrastructure platform, is acquired by Red Hat.

Rackspace IPO

August 2008

Norwest benefits from Rackspace’s successful initial public offering as the largest venture investor in the company. Rackspace is one of the largest and only technology IPOs occurring this year.

Second India Location

March 2008

Norwest adds a second Indian subsidiary in Bengaluru, led by Mohan Kumar.

New Israel Office

September 2008

Norwest expands further, establishing an advisory subsidiary in Herzliya, Israel, led by Dror Nahumi.

2006

To diversify and invest across...

2006

To diversify and invest across multiple stages and sectors in India, Norwest establishes a day-to-day presence in the country via its NVP India advisory subsidiary in Mumbai, led by Niren Shah and Sohil Chand.

Fund X: $650 Million

April 2006

The firm raises Norwest Venture Partners X (NVP X), a $650 million fund.

2005

Big Exits

2005

Norwest notches big exits with Arbortext, Authentica, Corio, Open-Silicon, ShoreTel, Sidestep, Skystream, Veraz Networks and Website Pros.

Airespace Acquired by Cisco

January 2005

Local area networking (“WLAN”) systems provider Airespace is acquired by Cisco Systems for $450 million in stock.

First Investment in India

December 2005

Norwest makes its first investment in India, a growth equity investment in Persistent Systems, a leading offshore product development company based in Pune. The company would later go public on the Bombay Stock Exchange and the National Stock Exchange of India.

2004

#1 on the Midas List

February 2004

Promod Haque ranks #1 on the 2004 Forbes Midas List as a top dealmaker.

Spinnaker Networks

February 2004

Norwest portfolio company Spinnaker Networks, a Pittsburgh-based seller of network-attached storage servers, is acquired by Network Appliance Inc. for $300 million.

2003

LifeSize Communications

May 2003

Norwest’s Vab Goel incubates Austin-based KMV Technologies, later called LifeSize Communications, a pioneer in videoconferencing technology. LifeSize is acquired by Logitech in 2009 and spins off from them in 2016.

Winphoria Networks Acquired

April 2003

Winphoria Networks, a mobile data networking company, is sold to Motorola for $179 million.

2002

Airespace

November 2002

Norwest’s Matthew Howard makes a significant investment in Airespace, a wireless local area networking (WLAN) systems pioneer.

2001

Emergence of SaaS Sector

2001

SaaS emerges as a formidable infrastructure sector with Norwest’s investments in Cast Iron Systems and AmberPoint. Both companies are ultimately acquired by tech giants IBM and Oracle, respectively.

Fund IX: $411 Million

2001

Norwest’s consistent returns over the previous decade helps the firm launch its largest fund to date in 2001—Norwest Venture Partners IX (NVP IX), a $411 million fund.

2000

Accord Networks

2000

Israel-based Accord Networks, a voice and video company, goes public and is later sold to Polycom for $339 million.

QED

2000

Norwest’s investment in Quantum Effect Devices (QED), an embedded microprocessor company, results in a successful IPO. Norwest eventually realizes $122 million on its investment of $5.2 million in QED, a multiple of 23.5.c

Virtela

2000

Virtela, a virtual private network company, is funded and co-founded by General Partner Vab Goel.

Fund VIII: $300 Million

2000

Norwest raises an additional $300 million fund, Norwest Venture Partners VIII (NVP VIII), just two years after its previous fund launched.

2000Broadband Access Systems

September 2000

Norwest makes a $7.2 million investment in Broadband Access Systems, a provider of highly integrated switching, broadband access and telephony systems for cable companies and carriers. A year later, ADC Telecommunications acquires Broadband for $2.2 billion.

1998

Siara Systems

1998

Norwest invests $3.5 million in Siara Systems. Kleiner Perkins and Norwest later agree to merge Siara Systems with Redback Networks, a $4.3 billion transaction that in 1999 created one of the most powerful suppliers in the communications industry. Norwest’s investment in Siara Systems resulted in a 104 times return for the firm.

Cerent

1998

Norwest backs Michael Hatfield, co-founder and early CEO of optical equipment maker Cerent, investing $11.8 million. Just 16 months later, Cisco Systems acquires Cerent for $7.2 billion in what was believed to be the highest price ever paid for a closely held technology company. Cerent delivers returns of nearly $1.5 billion to Norwest, representing a multiple of 125.0 times the firm’s initial investment.

Fund VII: $325 Million

1998

Norwest raises a brand-new $325 million fund just one year later—Norwest Venture Partners VII (NVP VII), after a series of significant venture exits. Promod Haque transitions into a managing general partner role and joins George Still in leading and expanding the firm.

1997

New Name, New $300 Million Fund

1997

Norwest Venture Capital becomes Norwest Venture Partners (NVP), with George Still as managing general partner, launching Norwest Venture Partners VI (NVP VI), a $300 million fund.

1996

Downtown Palo Alto

1996

Norwest moves its headquarters to downtown Palo Alto, CA – where it remains today.

Telecomm Wins

1996

The convergence of voice and data puts telecommunications at center stage with key NVC investments and exits. Brooks Fiber Properties goes public in 1996, and is acquired by MCI WorldCom in 1998 for $3.4 billion. Polycom results in a successful IPO in 1996. Brocade goes public in May of 1999, creating more than $313.5 million in returns for Norwest, a multiple of 46.0 times its original investment.

Extreme Networks

1996

Promod Haque leads a seminal investment in Extreme Networks. Extreme, an enterprise networking solutions provider, was exceptionally successful, and with the help of a white-hot IPO market, delivered returns to NVC of more than $700 million, representing a multiple of 95.0 times its initial investment.

1995

Verio

1995

George Still and Norwest associate Darin Brannan develop the initial business plan for web hosting company Verio, which was incubated in the firm’s West Coast office in 1996. At Verio’s IPO in May 1998 at a $1.2 billion valuation, Verio had acquired 46 ISPs and was ultimately sold in 1999 to NTT DoComo for $5.5 billion cash.

Big Wins

1995

Promod Haque makes his mark on such investments as Tivoli Systems (public in 1995; acquired by IBM in 1996) and Forte Software (public in 1996; acquired by Sun Microsystems in 1999), generating returns of 32.0 and 23.0 times the firm’s initial investment, respectively.

1994

Fund V: $300 Million

1994

The firm launches Norwest Equity Partners V, LP, a $300 million fund.

1993

TSA

1993

Norwest completes a leveraged buyout of Transaction Systems Architects (TSA, now ACI Worldwide), an electronic payment systems company. TSA goes public in 1995. Norwest would eventually realize $132 million on an investment of $8.6 million, a multiple of 15.4.

Software Streak

1993

Norwest continues its successful software streak, with investments in, and later exits from, Documentum, Vantive, and Xylan Coporation.

1992

Move to Sand Hill Road

1992

George Still opens Norwest’s Silicon Valley office – on Sand Hill Road in Menlo Park, CA.

PeopleSoft Goes Public

1992

PeopleSoft, one of the world’s first client/server software companies, goes public. George Still led Norwest’s investment in PeopleSoft in 1989, and Norwest was the sole venture investor. The investment helped drive the firm’s software strategy for years to come. PeopleSoft was acquired by Oracle in 2005.

Mobile Communications

1992

NVC is instrumental in the development and consolidation of the emerging specialized mobile radio (SMR) communications business through investments in Atlantic Cellular, OneComm, and Transit Communications.

1989

Fund IV: $200 Million

1989

The firm launches Norwest Equity Partners IV, LP, a $200 million fund.

George Still and Promod Haque Join the Firm

1989

George Still joins the firm and works out of its Bellevue, Washington office. Promod Haque also joins NVC as a consultant in the firm’s Minneapolis office to assist with due diligence on technology investments. NVC hires Haque on a full-time basis in 1990.

1986

Eastern Expansion

1986

NVC’s East Coast presence takes shape with investments in Bright Horizons, GelTex Pharmaceuticals, Raptor Systems and VideoServer.

Consumer Investments

1986

With the technology sector suffering from a downturn in the mid-1980s, NVC turns to opportunities in the consumer sector with investments in athletic footwear company Avia and children’s clothing company Gymboree.

1984

A New Name

1984

The firm transitions to the name Norwest Venture Capital (NVC).

1982

Fund II: $60 Million

1982

NGF raises its second fund, Northwest Venture Partners, a $60 million offering that included a $10 million contribution from Northwest Bancorporation.

1976

Network Systems Corporation

1976

NGF helps start Network Systems Corp., which pioneered data transmission products that formed the backbone of the first high-speed computer networks.

1974

Cray Research

1974

Cray Research, a pioneer in supercomputing, is added to the NGF portfolio.

1965

Early Investment: National Computer Systems

1965

NGF makes an early investment in National Computer Systems, an optical reader company that is today the leading scorer of standardized tests (as part of Pearson).

1963

A Cool Investment

1963

NGF invests $500,000 in an ice cream company: International Dairy Queen (IDQ). IDQ became a successful publicly traded company that would eventually allow NGF to sell its stake for an estimated $3.5 million.

1962

$2.5 Million in Capital

1962

NGF raises another $1.3 million, giving the fledgling firm a total of $2.5 million of capital.

1961

The First Investment

1961

NGF makes its first investment: EMC Corporation, a Minnesota-based publishing company.

NGF is Founded

1961

Northwest Growth Fund is founded in Minneapolis, Minnesota. NGF completes its first capital raise, a private placement of 100,000 shares at $10 a share, with a $200,000 contribution from Northwest Bancorporation.