Crosslink Launches Two Successful IPOs in Q3; VC Firm Completes Follow-on Funding for Several Existing Portfolio Companies.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Nov. 29, 2000 Crosslink Capital today released highlights of its third quarter investment strategy. During the period ended September 30, two Crosslink portfolio companies, Virage Logic (Nasdaq:VIRL VIRL Vancouver Island Regional Library VIRL Violation of Internal Revenue Laws ) and Mainspring (Nasdaq:MSPR MSPR Morehead State Public Radio (Kentucky) MSPR Mainspring Communications (stock symbol) MSPR Master of Science in Public Relations MSPR Mighty Snortin' Powder Rangers (band) ) successfully completed initial public offerings (IPOs). Virage Logic (Nasdaq:VIRL) and Mainspring (Nasdaq:MSPR) completed IPOs in a difficult market in late July. Virage Logic is the leader in semiconductor memory intellectual property used for communications system-on-a-chip applications. The Virage Logic IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. was well-received due to the company's six consecutive profitable quarters, high growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. and strong competitive position. Mainspring is a leader in eBusiness strategy consulting for companies seeking to develop a cogent internet business strategy. The company has grown rapidly and continues to execute according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. plan. For the first time since Q4 1996, Crosslink made no new investments. Instead, the venture capital firm completed follow-on investments in several existing portfolio companies including Brightmail; NonStop Solutions; techies.com and Protocare. "Given the turbulent public market conditions in the third quarter, we chose to focus our investing efforts on existing portfolio companies rather than making new private investments," says Bill Nolan, Managing Director, Crosslink Capital. "With the decline in valuations in the private market and the continued strong performance of our portfolio companies, we believe this strategy was appropriate." Currently, the San Francisco-based VC firm is evaluating investment opportunities in software, internet infrastructure and communications integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. (ICs). "We are interested in new technologies that have the potential to fundamentally change the way business is done," explains Nolan. "The companies we invest in address large markets, have sustainable business models, are market leaders and possess management teams focused on building successful businesses." About Crosslink Capital Crosslink Capital, Inc. is a leading venture capital firm that merges public and private investing. Crosslink invests in all stages of a company's growth, from product development through post-IPO expansion. The firm's private investments are focused at the point of convergence between software, services and the Internet, including Internet Infrastructure, Web Enterprise Solutions, B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business Information Exchanges and Semiconductor IP Services. Formerly the Omega Venture arm of Robertson Stephens, Crosslink Capital has established itself over the past decade as a trusted, long-term partner to its portfolio companies and investors. Founded in 1989, the firm has over $800 million under management and has made venture capital investments in more than 50 companies. Crosslink portfolio companies include Saba Software Inc. (Nasdaq:SABA), Mainspring (Nasdaq:MSPR), Virage Logic (Nasdaq:VIRL), Breakaway Solutions (Nasdaq:BWAY BWAY Breakaway Solutions (stock symbol) ) and OnDisplay (acquired by Vignette - Nasdaq:VIGN VIGN Vignette Corporation (stock abbreviation, AMEX) ). For more information, visit www.crosslinkcapital.com. |
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