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Digital Partners and Encompass Ventures Combine Operations; Two of the Pacific Northwest's Most Successful Venture Capital Firms Join Forces.

Business Editors

BELLEVUE, Wash.--(BUSINESS WIRE)--April 2, 2002

Digital Partners and Encompass Ventures, two of the Pacific Northwest's most successful venture capitals firms, today announced that effectively immediately they are merging their operations.

Combined, this investment team has the distinction of achieving more initial public offerings (IPO's) than any other Pacific Northwest-based Information Technology venture capital firm. The two firms have $100 million under management, and over the past five years have completed 50 investments -- five of the portfolio companies were acquired for positive returns and 16 accomplished IPO's. Scot Land and Wayne Wager, managing partners with Encompass Ventures and Bill Tenneson, managing partner at Digital Partners will lead a newly created management company, which will raise and manage future venture funds.

Both firms are actively managing venture capital limited partnerships which will remain separate legal entities. The two organizations will join operations in Encompass Ventures' offices in Bellevue, Wash. in early April 2002. "By joining forces we are creating a venture capital firm that has critical mass and can operate more efficiently," noted Bill Tenneson, managing partner of Digital Partners.

The firms have a history of sharing deal flow, collaborating on due diligence and co-investing. The co-investments to date include LizardTech Inc., Loudeye Technologies, Inc. (NASDAQ/NM:LOUD) and Ontain Corporation.

"Our consolidation is really about combining a great group of investment professionals who enjoy strong regional reputations, work well together and share identical investment strategies," said Wayne Wager, managing partner of Encompass Ventures.

The two firms' portfolio companies will be able to leverage the extensive international business development network that Encompass has developed. The goal for Encompass' unique international expertise is the efficient distribution of products and services, international market intelligence and enhanced market access for their portfolio companies. "We look forward to continuing our history of creating significant international market opportunities for Digital Partners' portfolio companies," said Scot Land, Encompass Ventures' managing partner.

"The international business development capabilities that Encompass has developed are a tremendous benefit for early-stage IT companies. We look forward to engaging in the international business development network and providing enhanced value-add for our portfolio companies," added Tenneson.

About Digital Partners

Digital Partners III is a $36 million venture capital focused on seed and early stage technology companies located in the Pacific Northwest. Digital Partners traditional, "hands-on" investment style keeps the firm in steady contact with its portfolio companies. The firm currently has $36 million under management and targets investments of $1 to 3 million over a company's development stage. Digital Partners practice areas include business software and business communication products, Internet and Intranet infrastructure, telecommunications and wireless, software, healthcare and bioinformatics ventures. The firm's core focus is wireless connectivity and data delivery, enterprise software and Internet infrastructure. For more information, please refer to the Digital Partners web site at www.digitalpartnersvc.com.

About Encompass Ventures

Encompass Ventures Management Company, based in Bellevue, Wash., invests in early stage information technology companies that are located on the West Coast. The firm has specific interest in companies developing enterprise applications, solutions for digital infrastructure and telecommunications including the use of wireless and broadband technologies, next generation computing, and innovative medical information technologies. Currently Encompass Ventures has $64 million under management with investments primarily from Japanese information technology companies and financial institutions. Encompass Ventures provides business development support for portfolio companies interested in business expansion into Asian and European markets. For more information, please refer to the Encompass Ventures web site at www.encompassventures.com.
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Publication:Business Wire
Date:Apr 2, 2002
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