SEBL--Everdream Raises Over $50M With Hewlett-Packard Company, NEXTLINK Communications, Siebel Systems and Others
NEThave NV Leads Round of New Key Strategic and Financial Partners, Including HP, NEXTLINK Communications, Netopia, Siebel Systems, Inc., Citizen's Capital, and Baird Financial Corporation, Bringing Cumulative Investment to Nearly $70M
FREMONT, Calif., Sept. 19 /PRNewswire/ -- Everdream(TM) Corporation, a provider of outsourced information technology (IT) services to small and medium offices, today announced the completion of the company's third round of financing. This financing, led by NEThave NV, totals over $50 million in new equity and equipment financing. NEThave is a leading European-based venture capital firm investing in growth and later stage digital economy companies. The company also announced that Hewlett-Packard Company (NYSE: HWP - news), a leading global provider of computing and imaging solutions and services, NEXTLINK Communications (Nasdaq: NXLK - news), one of the world's fastest growing providers of broadband communication services, Siebel Systems, Inc. (Nasdaq: SEBL - news), the world's leading provider of eBusiness application software, and Netopia (Nasdaq: NTPA - news), a leading provider of innovative Internet infrastructure products to small and medium size businesses, are also forming strategic partnerships and investing in Everdream. In addition to these new strategic partners, Aureus Private Equity AG, Baird Financial Corporation, Citizen's Capital, Rembrandt Ventures, and the Wasatch Venture Fund have joined the round. Returning investors include Draper Fisher Jurvetson, Canaan Partners, Portage Ventures, Ricoh Silicon Valley, Imperial Bank, and others.
Everdream pioneered the concept of subscription computing for outsourced IT services. The company provides smaller and growing offices with IT services such as a 24/7 solution center, secure online backup, virus protection, instant bug fixes, help, diagnosis and repair, self-healing capabilities, unlimited nationwide Internet access including Web-based email -- all included with Everdream desktops, laptops, servers, and small office networks.
``We believe subscription computing will become part of a completely outsourced, cost-effective, IT solution to business, worldwide,'' said Duncan Campbell, general manager of HP's Business PC Services and Support. ``We have concluded that Everdream, coupled with HP's award-winning products, has the team, technology, and business model with the right formula to satisfy the IT needs of small offices worldwide.''
``The size and participation in this round of financing reflects the depth and commitment of the alliances required to deliver revolutionary IT solutions to smaller and growing offices,'' said Everdream CEO Gary Griffiths. ``With HP's extensive infrastructure and brand strength, we'll be able to tackle the building backlog of demand. Siebel's legendary business applications software is the core technology behind our unparalleled customer service guarantee, while our partnerships with NEXTLINK and Netopia insure the availability of connectivity, bandwidth, and a host of Web-based services to our customers. We're delighted to have the opportunity to leverage the power of our new partners in expanding Everdream's growing customer base both domestically and internationally.''
The proceeds from this round of financing will be used to fund the company's marketing launch in the U.S., as well as to start the plans for expansion in international markets. According to Pieter Bolhuis, NEThave partner and newly elected member of Everdream's board of directors, and Al Bhatt, NEThave's U.S. investment partner, ``The NEThave team invests in only those companies that have a high likelihood of success in the European market. As the demonstrated market leader in subscription-based, value-added computing services for SMEs, Everdream represents an ideal fit within our growing portfolio of companies. We look forward to working closely with Everdream in executing its international strategy.''
``The Everdream management team has demonstrated a unique talent for producing big results on limited budgets,'' said Steve Jurvetson, managing director at Draper Fisher Jurvetson and Everdream board member. ``With this cadre of respected and experienced strategic partners, and a war chest of over $50M, we're expecting nothing less than an Everdream-led revolution in small office information technology.''
About Everdream
Everdream Corporation provides outsourced information technology (IT) expertise, products and services that enable small and medium offices to focus on their core competencies. For an affordable and predictable monthly fee, subscribers can quickly and easily gain access to large enterprise-class IT expertise, services and products that can increase productivity, reduce expenses and allow them to leverage the Internet. Everdream's multiple pending patents enable a world-class 24/7 solution center delivering an unprecedented service guarantee, and embedded services including secure online backup; virus protection; bug fixes; virtual hands-on assistance software; self-healing capabilities; unlimited nationwide Internet access including a Web-based email account; Web design and hosting; high-speed DSL connectivity; new HP PCs, laptops and servers, and more. Headquartered in California's Silicon Valley, Everdream is privately held with venture backing from prominent technology investors including Canaan Partners, Draper Fisher Jurvetson, NEThave, Portage Ventures and Ricoh Silicon Valley, as well as receiving equity funding and strategic support from established industry leaders including Hewlett-Packard Company, Netopia, NEXTLINK and Siebel Systems, Inc. Everdream was recently awarded the ``Best Channel Strategy Award'' by the Gartner Group and is committed to value-added partnering. For more information, visit Everdream's Web site at www.everdream.com, or call 888-307-7299.
NOTE: ``Everdream'' is a trademark of Everdream Corporation. All other trademarks or product names are the property of their respective owners and are hereby recognized as such. |
