Cority acquired by Thoma Bravo
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.
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 announces that it has reached an agreement to acquire 6 River Systems Inc., a leading supplier of collaborative warehouse fulfillment solutions.
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.
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.
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.
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.
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.
Pertino, a pioneer in cloud-based networking for enterprises, is acquired by Cradlepoint, a leader in software-defined 4G LTE network solutions.
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.
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.
true[X] media, a leading video advertising company specializing in consumer engagement and on-demand marketing campaigns, is acquired by 21st Century Fox.
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.
Norwest announces the opening of its new office in San Francisco’s South of Market District.
Watch a drone video featuring the office.
Hadoop-based adaptive analytical platform company Hadapt is acquired by Teradata.
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.
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.
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.
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.
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.
Travel search engine company KAYAK is acquired by Priceline for $1.8 billion.
Mobile banking solutions company Clairmail is acquired by Monitise.
Highly integrated power management solutions company Summit Microelectronics is acquired by Qualcomm.
Online advertising company Admeld is acquired by Google for $400 million.
Norwest celebrates its 50th anniversary.
Norwest begins investing out of its largest fund to date, Norwest Venture Partners XI (NVP XI), a $1.2 billion fund.
Qumranet, an enterprise software company offering a virtual infrastructure platform, is acquired by Red Hat.
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.
Norwest notches big exits with Arbortext, Authentica, Corio, Open-Silicon, ShoreTel, Sidestep, Skystream, Veraz Networks and Website Pros.
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.
Promod Haque ranks #1 on the 2004 Forbes Midas List as a top dealmaker.
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 Matthew Howard makes a significant investment in Airespace, a wireless local area networking (WLAN) systems pioneer.
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.
Israel-based Accord Networks, a voice and video company, goes public and is later sold to Polycom for $339 million.
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
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 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.
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.
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.
Norwest moves its headquarters to downtown Palo Alto, CA – where it remains today.
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.
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.
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.
The firm launches Norwest Equity Partners V, LP, a $300 million fund.
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.
Norwest continues its successful software streak, with investments in, and later exits from, Documentum, Vantive, and Xylan Coporation.
George Still opens Norwest’s Silicon Valley office – on Sand Hill Road in Menlo Park, CA.
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.
The firm launches Norwest Equity Partners IV, LP, a $200 million fund.
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.
NVC’s East Coast presence takes shape with investments in Bright Horizons, GelTex Pharmaceuticals, Raptor Systems and VideoServer.
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.
The firm transitions to the name Norwest Venture Capital (NVC).
NGF raises its second fund, Northwest Venture Partners, a $60 million offering that included a $10 million contribution from Northwest Bancorporation.
NGF helps start Network Systems Corp., which pioneered data transmission products that formed the backbone of the first high-speed computer networks.
Cray Research, a pioneer in supercomputing, is added to the NGF portfolio.
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).
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.
NGF raises another $1.3 million, giving the fledgling firm a total of $2.5 million of capital.
NGF makes its first investment: EMC Corporation, a Minnesota-based publishing company.
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.
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