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NEWS RELEASE
Wily Technology Raises Additional $15M in Funding
Newest Round of Financing To Enable Accelerated Growth
Brisbane, CA — February 3, 2003 — Wily Technology, the leader in Enterprise Java Application Management, today announced it has received $15 million in a Series C funding, bringing the total amount of capital raised to $35 million. Focus Ventures led the round with previous investors Greylock and Accel Partners.
"Wily's ability to continue generating significant investor interest in a difficult market is a testament to the strength of the company's business proposition, its proven success in the marketplace and the ability of the entire Wily team," said Mark Sachleben, vice president of finance and operations at Wily Technology. "This is an up round, just as each of our previous rounds has been, and we expect it to carry us through to a successful IPO."
The newest round of funding follows a year of record growth for Wily in which sales for 2002 nearly tripled compared with sales for 2001. Demand for Wily's enterprise Java™ application management solutions continues to accelerate as more Fortune 1000 companies make it their solution of choice for optimizing the performance of their mission-critical, Java applications. Built on Wily's patented agent technology, these solutions deliver unparalleled visibility to quickly pinpoint performance problems within minutes or hours that previously would have taken weeks or even months to find. Corporations that purchased or extended licenses with Wily in 2002 include Discover Financial Services Company, Duke Energy, Fidelity, Geico, Pacific Gas & Electric, RJ Reynolds Tobacco Company, Sprint PCS, Time Magazine, and Wells Fargo.
"Focus Ventures invests in the leading technology companies that have a proven ability to execute on their vision and have clear traction with their customers," said George Bischof, General Partner at Focus Ventures. "Wily Technology has continued to demonstrate market leadership through its ability to deliver Java management solutions that meet the needs of businesses worldwide. This round of financing will give Wily the flexibility to accelerate their growth and enable them to take advantage of any future opportunities presented by its success."
About Wily Technology Inc.
Based in Brisbane, CA, Wily Technology, Inc. has become the leader in performance management software for Enterprise Java Applications by helping its customers keep their applications running at peak performance. Wily’s comprehensive solution gives customers visibility into their new generation Java applications, integrates into existing IT systems management processes, and when combined with Wily professional services and best-practices, helps enterprise IT personnel become world-class managers of Java applications. Wily has established strategic partnerships with industry leaders such as BEA Systems, Hewlett-Packard, IBM Corporation and Sun Microsystems, Inc. Wily's patented Introscope® software monitors large-scale Java applications - isolating bottlenecks and minimizing downtime - in real-time production environments. Learn more about Wily and Introscope at wilytech.com or call 1.888.GET.WILY.
About Focus Ventures
Focus Ventures is the leading expansion stage venture capital firm that invests in emerging market leaders in the software, semiconductor and communications industries. Focus Ventures currently manages $570 million, having closed its first fund in October 1997 and Focus Ventures II in December 1999. Focus Ventures offers its portfolio companies access to high quality partners in Asia and an extensive network of resources focused specifically on driving top line revenue growth through customer introductions and by establishing distribution channels, joint ventures and licensing arrangements. Since the firm's inception, Focus Ventures has invested in 68 companies and has had 20 IPOs and seven acquisitions by public companies. A select number of portfolio companies that have gone public include: Active Software, Agile Software, Alteon WebSystems, BroadBase Software, Chordiant Software, Commerce One, Copper Mountain Networks, Corio, CoSine Communications, Interwoven, Loudcloud, Niku, Pixelworks, and Verisity. For more information on Focus Ventures, visit www.focusventures.com or call 650.325.7400. |
