Sitecore to Partner With Experienced Technology Investor to Build on Leading Market Position
TCV Invited to Join Sitecore's Group of Shareholders; The Silicon Valley-Based Private Equity Firm Will Contribute Its Rich Industry Insight and Financial Strength
SAN FRANCISCO, CA and COPENHAGEN, DENMARK, Dec 05, 2011 (MARKETWIRE via COMTEX) SAN FRANCISCO, CA and COPENHAGEN, DENMARK, Dec 05, 2011 (MARKETWIRE via COMTEX) -- Global technology investor Technology Crossover Ventures (TCV) of Palo Alto, California, has been invited to join Sitecore's group of shareholders. TCV, which is taking a large minority investment in Sitecore, will contribute its extensive software technology experience, rich business expertise, and strong global network.
"We look forward to a close, inspirational and goal-oriented collaboration with a strong business partner that knows the software technology industry, understands Sitecore's strategy, and shares our vision. By leveraging TCV's industry insight and financial strength, we intend to reinforce our position as the market leader," said Michael Seifert, the CEO and one of the founders of Sitecore.
TCV eyes potential in online marketing sector
TCV is one of the largest private equity and venture capital firms focused solely on information technology companies. Since its inception in 1995, TCV has gained global recognition as an active, long-term investor that stays involved with portfolio companies through their initial public offerings and beyond. To date, 50 of TCV's world-class portfolio companies have become publicly listed. Among them are some of the most widely recognized Internet businesses today, including Expedia, Facebook and Groupon.
"We've followed the online marketing sector for several years, and Sitecore stands out as an innovator in bringing advanced technology and in-depth expertise to this growing market. We're excited to work with Sitecore's proven management team and contribute to this next phase of the company's development," said David Yuan, TCV General Partner.
Adding valuable expertise to the Board
The existing group of shareholders of Sitecore Corporation consists mainly of the six founders who established the company in 2001 and who all still play an active role in the company.
In conjunction with TCV's investment, David Yuan, TCV General Partner, will join the current Sitecore board of directors. Also joining the board will be Bob Burke, former CEO of Art Technology Group (ATG). There will be no changes to the Executive Board or to the Management Team in connection with the transaction.
"We've generated very strong growth and have built a leading market position. We have exciting plans for where we want to go from here, and the existing shareholders consider it a natural next step in Sitecore's evolution to invite internationally recognized investors to join the group of owners," Michael Seifert said.
Cascadia Capital served as the financial advisors to Sitecore.
Bob Burke has over 35 years of experience in the technology space with both private and public companies, and is focused on investment opportunities in the software and Internet sectors. Bob was most recently the CEO of ATG and led this company's rejuvenation to become the leading e-commerce software provider.
David Yuan focuses on the software, Internet, and information services markets as a General Partner at TCV. He also serves on the boards of several companies in the IT industry. Prior to joining TCV in 2005, he was an investment professional with JPMorgan Partners, a global private equity firm.
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of growth capital to technology companies, providing funds to later-stage private and public companies. With USD 7.7bn in capital under management, TCV has invested in over 150 technology companies leading to 50 initial public offerings and more than 40 strategic sales or mergers. Representative investments include Altiris, C|NET, eHarmony, Expedia, Facebook, Fandango, Groupon, HomeAway, Netflix, RealNetworks, Redback Networks, RiskMetrics Group, Solect Technology, TechTarget, and Zillow. TCV is headquartered in Palo Alto, California, with offices in New York. www.tcv.com.
Sitecore is one of the world's leading providers of website content management and online marketing software. Sitecore covers more than 50 countries worldwide through its own companies and more than 700 certified partners, and almost 4,500 certified developers use Sitecore software. Customers include large corporations as well as governments and organizations that use innovative technology to interact with customers, citizens and members. www.sitecore.net.