Accel Partners Adds COO and Three New Partners; Raises New $1.6 Billion Fund.

Business Editors and High-Tech Writers

PALO ALTO, Calif.--(BUSINESS WIRE)--June 12, 2000

Accel Partners, a leading venture capital firm dedicated to helping outstanding entrepreneurs build world-class technology companies, today announced the deepening of its strong talent base with the addition of four new partners: Alan Austin, who will also serve as chief operating officer (COO), a new role at Accel; Jim Goetz and Bill Lanfri, both of whom join the communications practice; and Kevin Comolli, who will lead Accel's European business initiative.

Accel also announced today that the company has raised $1.6 billion for its Accel Fund VIII. The fund will be dedicated to continuing Accel's investment in and development of successful start-ups in the Internet and Communications markets.

New Chief Operating Officer

To support Accel's growing impact on the Internet economy, the firm has appointed Alan Austin as COO, responsible for managing the daily administration and execution of the firm's operational activities. Over the last five years, Austin was COO and managing partner at Wilson, Sonsini, Goodrich & Rosati (WSGR). Austin is a published author and acknowledged thought leader in the legal community. (Editors please note: Expanded biographical information on Alan Austin and all other new Accel partners appears at the end of this announcement.)

"We're very excited to have Alan on board," said Jim Breyer, Accel's managing general partner. "His background and experience will allow us to continue intensifying our efforts to help entrepreneurs build world-class technology companies."

Communications Practice

Accel expands its communications practice with the appointment of two networking and communications experts as partners. Jim Goetz has joined as partner, offering senior management and entrepreneurial experience to emerging companies in Accel's communications practice. Goetz will focus on networking, telecommunications and communications services.

Also joining Accel as partner is Bill Lanfri. With nearly 20 years of management and operational experience, Lanfri brings substantial knowledge in the development of successful start-ups in the networking marketplace.

"From Accel's inception, we have demonstrated our leadership in identifying emerging markets and technologies in the communications space," said Peter Wagner, general partner and leader of Accel's Communications Practice. "Jim and Bill join an already strong team whose market vision has helped create highly valued Internet infrastructure companies."

European Initiative

Laying the foundation for its expansion into the burgeoning European venture capital market, Accel has hired Kevin Comolli as partner. Comolli brings 18 years of international start-up, management and investment experience, and will lead the firm's European initiative.

"Kevin's extensive experience in developing Pan-European businesses and structuring Pan-European transactions brings a new dimension to our management team," said Jim Swartz, Accel founding partner who will help drive the European initiative. "We're looking forward to leveraging his international expertise as we develop our European business and start working with more European technology companies."

About Accel Partners

Founded in 1983, Accel Partners has a history of excellence and innovation in the venture capital business. The firm is dedicated to partnering with outstanding management teams to build world-class Internet and communications companies. With over $3 billion under management, Accel Partners has a long legacy of helping entrepreneurs build highly successful companies. Accel portfolio companies have completed IPOs that have created well over $100 billion in market capitalization. For more information, visit the Accel Partners web site at www.accel.com.

Accel Publicly Traded Portfolio Companies Include:

Actuate (ACTU); Advanced Radio Telecom (ART); Agile Software (AGIL); AMCC (AMCC); Arrowpoint (ARPT); AXENT (AXNT); Broadbase Software (BBSW); Continuus (CNSW); Corsair Communications (CAIR); Foundry (FDRY); FVC.COM (FVCX); HearMe (HEAR); iBeam Broadcasting (IBEM); Interwoven (IWOV); Lightspan (LSPN); Netopia (NTPA); Network Equipment Technologies (NWK); Northpoint (NPNT); PictureTel (PCTL); Polycom (PLCM); Portal (PRSF); Quokka Sports (QKKA); RealNetworks (RNWK); RedBack (RBAK); Remedy Corporation (RMDY); Santa Cruz Operation (SCOC); Synopsys (SNPS); Unify (UNFY); Veritas (VRTS); VIASOFT (VIAS); Walker (WALK); and WebLink Wireless (WLNK).

Accel Partners:

Communications

Jim Flach - partner

Jim Goetz - partner

Bill Lanfri - partner

Peter Wagner - general partner

Europe

Kevin Comolli - partner

Joe Schoendorf - partner

Jim Swartz - general partner, founder

Internet

Jim Breyer - managing general partner

Bud Colligan - partner

Peter Fenton - principal

Bruce Golden - partner

Mitch Kapor - partner

Teri McFadden - recruiting partner

Arthur Patterson - general partner, founder

Theresia Gouw Ranzetta - partner

(Biographies Follow)

Biography of Alan Austin, Chief Operating Officer and Partner,

Accel Partners

Chief Operating Officer and Partner Alan Austin is responsible for managing the daily administration and execution of the firm's operational activities.

Prior to joining Accel, Austin served for five years as managing partner and chief operating officer at Wilson, Sonsini, Goodrich & Rosati (WSGR), where he joined as partner in 1987. While at WSGR, Austin represented issuers and underwriters for public offerings of securities, facilitated venture capital financings and other private placements of securities and mergers and acquisitions.

Austin has been practicing law for 26 years. Before joining WSGR, he spent 12 years at Orrick, Herrington & Sutcliffe, where he served as chairman of the Corporate Department. Earlier, Austin was a law clerk to Justice William O. Douglas of the United States Supreme Court from 1974-1975.

Austin is a member of the Corporate and Securities Law Advisory Committee for the Practicing Law Institute. He also serves as chairman of the Board of Trustees for Castilleja School, is on the Board of Trustees at the Church of the Pioneers Foundation and served for five years on the Board of Visitors at Stanford Law School.

In 1970, Austin received his bachelor of arts degree in Social Relations with magna cum laude honors from Harvard University. He later received his juris doctorate degree in 1974 from Stanford Law School, where he served as senior note editor of the Stanford Law Review and was elected to the Order of the Coif.

To spearhead the COO search, Accel retained Mel D. Connet, co-founder of Connet & Company -- a new breed search firm focused on quickly fulfilling the leadership needs of New Economy companies.

Biography of Kevin Comolli, Partner, Accel Partners

Comolli joins Accel Partners from Doughty Hanson & Co., a leading European private equity firm with over $3 billion under management, where he was a London-based partner since 1996. During his tenure, he was responsible for the origination, execution, monitoring and realization of Pan-European transactions. Comolli has held board positions at companies in the UK, Germany, France, Italy and The Netherlands. Additionally, Comolli was the founder of Doughty Hanson's technology fund initiative.

Before joining Doughty Hanson & Co., Comolli was executive director at Goldman Sachs International, where he was responsible for the solicitation and execution of a full range of investment banking services including mergers and acquisitions, private equity investing and equity and debt financing.

Earlier in his career, Comolli worked for Fanuc Robotics, a world leader in industrial robotics, machine tool controllers and factory automation. Over his 12-year career, he held various board, general management, sales and marketing and engineering positions including managing director, Germany, managing director, Italy and vice president, Europe.

In 1982, Comolli graduated with highest distinction from Northwestern University with a bachelor of science degree in mechanical engineering and mathematics. Later, he received his master's in business administration from Harvard Business School through a full corporate scholarship from Fanuc Robotics.

Biography of Jim Goetz, Partner, Accel Partners

Partner Jim Goetz's senior management and entrepreneurial experience strengthens Accel's expertise in communications and networking.

Prior to joining Accel, Goetz was vice president and general manager of the VitalSoft division at Lucent Technologies. During his tenure, VitalSoft became the market leader in network and application performance management software deploying over 25 million agents. In October 1998, through an acquisition, Jim joined International Network Services (INS) as vice president and general manager of its product division. INS in turn was acquired by Lucent in late 1999.

In 1996, Goetz co-founded VitalSigns Software and served as vice president and chief operating officer. At VitalSigns he assembled and led the team that pioneered end-user performance management with Net.Medic and later developed the application and network performance market with VitalSuite. During his tenure, VitalSigns became the market leader in network and application performance management software with over 25 million agents deployed.

Earlier in his career, Goetz served as vice president of network management for Bay Networks, where he managed the company's Network Management business segment. During his years at Bay Networks, business segment revenues increased from $80 million to $396 million and Optivity's market share grew to a dominant 51% (IDC) while the company's embedded RMON market share grew to 43% (IDC). Prior to Bay Networks and SynOptics, he held various product and marketing positions with AT&T, AT&T Bell Labs and Digital Equipment.

Goetz graduated from the University of Cincinnati with a bachelor of science degree in electrical and computer engineering and received a master's degree in electrical engineering from Stanford University.

Biography of Bill Lanfri, Partner, Accel Partners

Lanfri joins Accel with almost 20 years of networking experience. In addition to his strong executive management background, he has more recently been involved in building successful networking companies.

Before joining Accel, he served as interim chief executive officer at Avanex Corporation (NASDAQ:AVNX), a leading developer and manufacturer of photonic processors for the communications industry. From 1996 through 1998 he was founding investor and key organizational development and market strategy advisor to RedBack Networks (NASDAQ:RBAK). Lanfri has also served as a member of the Board of Directors for VitalSigns Software, a Lucent Technologies subsidiary, and Network Alchemy, a network security company recently acquired by Nokia Corporation.

Lanfri was a key member of the initial management team of intelligent hub leader SynOptics Communications, from which he retired in 1994 after holding several executive and management positions in marketing, business development and product management. Earlier in his career, he held similar positions at Xerox Corporation Office Systems Division and LAN pioneer Corvus Systems.

Lanfri is a graduate of the University of California Berkeley with a bachelor's degree in economics and later received a master's degree in business administration from Santa Clara University.