Norwest Milestones

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

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.

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.

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.

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.

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

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

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

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.

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.

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.

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

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, 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.

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

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.

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.

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

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

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.

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

HP acquires software-defined networking startup ConteXtream.

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

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

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

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

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.

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

Watch a drone video featuring the office.

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, 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.

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

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

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

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.

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

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.

Wearable device technologies company Basis is acquired by Intel.

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

Personalized entertainment discovery solutions company Veveo is acquired by Rovi.

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).

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

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

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

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

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.

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

Mobile banking solutions company Clairmail is acquired by Monitise.

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

Norwest celebrates its 50th anniversary.

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.

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).

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.

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.

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

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.

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

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

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

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

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.

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

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

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.

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

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

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.