Cority acquired by Thoma Bravo
May 2019
BlueJeans entered to an agreement to be acquired by Verizon, where BlueJeans will become part of the $30B Verizon Business team.
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.
June 2020
Microsoft acquires CyberX to accelerate and secure customers’ IoT deployments.
April 2020
BlueJeans entered to an agreement to be acquired by Verizon, where BlueJeans will become part of the $30B Verizon Business team.
January 2020
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.
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.
September 2019
Shopify announces that it has reached an agreement to acquire 6 River Systems Inc., a leading supplier of collaborative warehouse fulfillment solutions.
August 2019
Health Catalyst (Nasdaq: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, celebrates its initial public offering.
May 2019
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).
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.
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.
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.
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.
May 2018
Google announces that it has entered into an agreement to acquire Israel-based Velostrata, a leader in enterprise cloud migration technology.
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.
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.
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.
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.
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.
July 2017
July 2017
Capsugel, a world leader in advanced oral dosage delivery technologies with a leading position in hard capsules, is acquired by Lonza.
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.
April 2017
RetailMeNot, a leading savings destination connecting consumers with retailers, restaurants and brands, both online and in-store is acquired by Harland Clarke.
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.
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.
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.
December 2016
Leading fashion accessories brand Kendra Scott Design is recapitalized by Berkshire Partners.
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.
October 2016
iRhythm (Nasdaq: IRTC), a leading digital health care company redefining the way cardiac arrhythmias are clinically diagnosed, celebrates its initial public offering.
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.
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.
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.
March 2016
Clarus Commerce, a pioneer of pre-paid shipping and the cashback movement, is acquired by Trivergance to further scale the platform.
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.
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.
December 2015
Pertino, a pioneer in cloud-based networking for enterprises, is acquired by Cradlepoint, a leader in software-defined 4G LTE network solutions.
December 2015
Misfit Wearables, an inventor and manufacturer of premium wearable computing products, is acquired by Fossil Group for $260 million.
September 2015
Software-defined video processing solutions leader Elemental Technologies is acquired by Amazon Web Services for $296 million.
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.
August 2015
Big data discovery leader 1010data is acquired by Advance for $500 million.
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).
April 2015
Apigee® (Nasdaq: APIC), developer of an intelligent API platform for digital business, celebrates its initial public offering.
March 2015
Uber acquires deCarta, the leading independent location-based services (LBS) platform company.
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.
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).
2015
true[X] media, a leading video advertising company specializing in consumer engagement and on-demand marketing campaigns, is acquired by 21st Century Fox.
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.
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.
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.
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.
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.
July 2014
Hadoop-based adaptive analytical platform company Hadapt is acquired by Teradata.
June 2014
MobileIron (Nasdaq: MOBL), the leader in mobile enterprise security, celebrates its initial public offering.
June 2014
High definition satellite imagery company Skybox Imaging is acquired by Google for $500 million.
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.
April 2014
Leading technology provider to the global travel and tourism industry Sabre Corporation (Nasdaq: SABR), celebrates its initial public offering.
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.
March 2014
Music intelligence platform company The Echo Nest is acquired by Spotify.
February 2014
Personalized entertainment discovery solutions company Veveo is acquired by Rovi.
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).
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.
October 2013
Fraud detection leader 41st Parameter is sold to Experian for $324 million.
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.
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.
June 2013
Israel-based storage management software company ScaleIO is acquired by EMC.
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.
January 2013
Norwest strengthens its leadership team with the promotions of Jeff Crowe and Matthew Howard to managing partner roles.
November 2012
Travel search engine company KAYAK is acquired by Priceline for $1.8 billion.
June 2012
Highly integrated power management solutions company Summit Microelectronics is acquired by Qualcomm.
June 2011
Online advertising company Admeld is acquired by Google for $400 million.
2011
Norwest celebrates its 50th anniversary.
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.
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.
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).
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.
November 2009
Norwest begins investing out of its largest fund to date, Norwest Venture Partners XI (NVP XI), a $1.2 billion fund.
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.
November 2009
Norwest portfolio company LifeSize Communications is sold to Logitech for $405 million. In 2016 LifeSize spins off from the company.
September 2008
Qumranet, an enterprise software company offering a virtual infrastructure platform, is acquired by Red Hat.
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.
March 2008
Norwest adds a second Indian subsidiary in Bengaluru, led by Mohan Kumar.
September 2008
Norwest expands further, establishing an advisory subsidiary in Herzliya, Israel, led by Dror Nahumi.
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.
April 2006
The firm raises Norwest Venture Partners X (NVP X), a $650 million fund.
2005
Norwest notches big exits with Arbortext, Authentica, Corio, Open-Silicon, ShoreTel, Sidestep, Skystream, Veraz Networks and Website Pros.
January 2005
Local area networking (“WLAN”) systems provider Airespace is acquired by Cisco Systems for $450 million in stock.
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.
February 2004
Promod Haque ranks #1 on the 2004 Forbes Midas List as a top dealmaker.
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.
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.
April 2003
Winphoria Networks, a mobile data networking company, is sold to Motorola for $179 million.
November 2002
Norwest’s Matthew Howard makes a significant investment in Airespace, a wireless local area networking (WLAN) systems pioneer.
2001
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
Israel-based Accord Networks, a voice and video company, goes public and is later sold to Polycom for $339 million.
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
2000
2000
Norwest raises an additional $300 million fund, Norwest Venture Partners VIII (NVP VIII), just two years after its previous fund launched.
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
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.
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.
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
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
Norwest moves its headquarters to downtown Palo Alto, CA – where it remains today.
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.
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
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.
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
The firm launches Norwest Equity Partners V, LP, a $300 million fund.
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.
1993
Norwest continues its successful software streak, with investments in, and later exits from, Documentum, Vantive, and Xylan Coporation.
1992
George Still opens Norwest’s Silicon Valley office – on Sand Hill Road in Menlo Park, CA.
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.
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
The firm launches Norwest Equity Partners IV, LP, a $200 million fund.
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
NVC’s East Coast presence takes shape with investments in Bright Horizons, GelTex Pharmaceuticals, Raptor Systems and VideoServer.
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
The firm transitions to the name Norwest Venture Capital (NVC).
1982
NGF raises its second fund, Northwest Venture Partners, a $60 million offering that included a $10 million contribution from Northwest Bancorporation.
1976
NGF helps start Network Systems Corp., which pioneered data transmission products that formed the backbone of the first high-speed computer networks.
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
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
NGF raises another $1.3 million, giving the fledgling firm a total of $2.5 million of capital.
1961
NGF makes its first investment: EMC Corporation, a Minnesota-based publishing company.
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.