Battery Ventures Names Mark Sherman as General Partner; Former Robertson Stephens Managing Director Joins West Coast Office.

Business and Technology Editors

SAN MATEO, Calif.--(BUSINESS WIRE)--May 23, 2000

Battery Ventures, a venture capital firm investing worldwide in private companies within the communications, software and Internet/eCommerce markets, announced today that Mark Sherman will be joining its San Mateo office.

The firm is expanding both its Wellesley, MA and San Mateo offices in anticipation of Battery VI, the firm's landmark $1 billion fund which, is expected close later this month. Mr. Sherman will play a significant role in the investment and management of this fund.

"Battery Ventures is making investments in the best and brightest companies in the B2B Internet, broadband communications and wireless spaces," said Ken Lawler, general partner with Battery Ventures' San Mateo office. "Mark Sherman's track record for identifying new categories and their leaders is well-known in the investment banking community, and we are delighted with his decision to join our West Coast office."

Mark Sherman comes to Battery Ventures from Robertson Stephens where he served as the Managing Director of the Internet Investment Banking group. Previously, he ran the software investment banking group. While at Robertson Stephens, Mr. Sherman led more than 100 deals in eight years, including more than 50 initial public offerings, as well as numerous mergers, acquisitions and private placement transactions. At Battery Ventures, Mr. Sherman will focus on investments in Internet technologies, including, B2B infrastructure, software / ASP, and digital media companies.

Mr. Sherman has received acclaim for his approach to identifying some of the most cutting-edge Internet technologies on the market and in development today. He was at the forefront of the client/server, multimedia and Internet infrastructure waves with his close involvement in companies such as Portal Software, Quest Software, and Software.com, all of which have appreciated by more than 500% since their respective initial public offerings.

Mr. Sherman also took BroadVision, the first Internet commerce platform company, public in 1996, with a market capitalization of approximately $140 million. Last year BroadVision's market capitalization grew by 17 times, becoming the second highest growth stock in the world. BroadVision is today worth $14 billion.

"Mark Sherman was a determining factor in our decision to work with Robertson Stephens on our IPO and Follow-On," said Pehong Chen, CEO and Founder of BroadVision. "In addition to his insight into our market space, Mark Sherman was a solid counselor and guide through the entire process. He is an asset to any company seeking venture funding."

Mr. Sherman is also credited for attracting and funding entrepreneurs with emerging technologies in the eCommerce, wireless and customer relationship management sectors, including such category leaders as Aether, BEA, HNC, NetGravity, phone.com, Prio, and Siebel Systems.

As a thought leader on the Internet economy, Mr. Sherman began writing the quarterly Software Banking Letter in 1995 and its current successor, Internet and eCommerce Applications. Through these venues he has predicted industry trends including data mining and warehousing, Internet development tools, and middleware. He also prognosticated emerging capital market trends such as the "wishbone offense" where companies look at mergers and acquisitions, IPOs and private placements at the same time. In addition, Mr. Sherman created and hosted Robertson Stephens' yearly Investing in Innovations Conference, which focused on the newest Internet technologies and cutting-edge companies as well as the Pre-IPO Conference, a forum dedicated to guiding entrepreneurs through the IPO process.

"I am very pleased to be joining Battery Ventures," said Mark Sherman. "This firm has a solid reputation for providing its entrepreneurs with expert advice and support while offering top quartile returns to its investors. I look forward to working with tomorrow's category leaders."

Prior to working at Robertson Stephens, Mr. Sherman worked in the mergers and acquisitions group at Lazard Freres & Co. and McFarland Dewey & Co. He received his Bachelor of Science from The Wharton School of the University of Pennsylvania and an MBA from Harvard Business School.

Founded in 1983, Battery Ventures is one of the leading venture capital firms in the information technology industry. Known for its successful investments in over 125 portfolio companies including Allegiance Telecom, Akamai Technologies, HNC Software, InfoSeek, Fore Systems and Qtera, Battery Ventures has an established reputation for identifying companies with significant potential and shaping strategies to grow them into market leaders. The Partnership manages six individual funds with $1.8 billion of committed capital.

For more information or to submit a business plan, visit http://www.battery.com