DotNetNuke Corp. Lands $8 Million Series B Funding
UV Partners Joins August Capital and Sierra Ventures in Helping Leading Web Content Management Platform Company Meet Growing Demand
SAN MATEO, CA--(Marketwire - February 9, 2010) - DotNetNuke
Corp. (http://www.dotnetnuke.com), the company behind the most widely
adopted Web Content Management Platform for Microsoft® .NET, today
announced it has secured an $8 million Series B financing led by new
investor UV Partners with
participation from existing investors August Capital and Sierra Ventures. The new funds
will be used to accelerate product development and expand marketing and
sales.
The financing follows a banner year for DotNetNuke Corp., which recently announced it had signed 500 paying
customers and 50 certified commercial partners following its commercial
launch in February of 2009.
News Highlights
-- DotNetNuke Corp. secured an $8 million Series B financing lead by new
investor UV Partners. Existing investors August Capital and Sierra Ventures
also participated in the round, which is meant to accelerate product
development and expand marketing and sales.
-- Demand for a flexible, cost-effective Web Content Management Platform
for Microsoft .NET resulted in the signing of nearly 500 customers since
DotNetNuke Corp. released its first commercial product in February 2009.
-- DotNetNuke Corp. signed nearly 50 paying Fusion Partners, which deliver customers
ranging from startups to Fortune 100 companies, with implementation
services for business-critical web sites and web applications.
-- The DotNetNuke Corp. online marketplace, Snowcovered.com, completed
nearly 40,000 transactions of third-party software extensions to almost
15,000 customers in 2009.
-- Other 2009 milestones included:
- AcquiringSnowcovered, the premier online market for
over 6,000 DotNetNuke modules, skins, services and related products offered
by nearly 800 third-party vendors.
- Making several product enhancements to
the Professional, Elite and Elite Premier Editions, most recently
integrating Telerik RadControls for ASP.NET AJAX.
- Moving distribution of the open source version of DotNetNuke, the
Community Edition, to CodePlex,
Microsoft's premier open source project hosting web site. In addition, Shaun Walker, DotNetNuke's co-founder and
chief architect, joined the CodePlex
Foundation interim Board of Directors.
- Receiving the asp.netPRO Magazine
2009 Readers' Choice Award as a leading Content Management System.
Quotes
Chris Cooper, UV Partners
"Web content management solutions continue to grow in importance and the
adoption of open source as a viable alternative to proprietary solutions
continues to increase. We have been impressed by the execution of the
DotNetNuke Corp. team and its ability to capitalize on the opportunity. The
company is rapidly becoming a significant player in the content management
space and its position as a Microsoft .NET solution gives it a unique
position in the competitive landscape."
Navin Nagiah, President and CEO at
DotNetNuke Corp.
"DotNukeNuke had phenomenal market traction during our first year. We
signed nearly 500 customers for our subscription products and closed nearly
40,000 transactions to 15,000 customers on Snowcovered.com, our online
marketplace for third party add-ons. While we did not need capital given
our revenue traction, we liked the partnership and the terms so we decided
to close a new round. We welcome and look forward to working with UV
Partners."
Resources
-- According to the Gartner Magic Quadrant
for Web Content Management:
- "WCM represents one of the fastest-growing areas of ECM and now accounts
for more than 25 percent of the ECM software market."
- "WCM goes beyond the literal management of Web content and offers tools
that allow a company to manage and make money from its Web presence,
especially in areas such as building a customer-centric Web strategy,
marketing, e-commerce and the media."
- Gartner also acknowledges "increased popularity and traction for
open-source offerings."
-- According to IDC's Worldwide Content Management Software and 2008
Vendor Shares:
- "Growth in the content management market continues to be driven by
several of the key priorities for enterprise software spend, including the
need to ensure regulatory compliance and reduce risk, the need to boost
information worker productivity and improve the cost-effectiveness of
document-intensive business processes, and the desire to leverage the Web
to build brand, strengthen customer relationships, and grow revenue."
-- DotNetNuke has several channels to engage in conversations: tweet us
@dnncorp, post a comment on our blogs,
join our LinkedIn Group, or become a fan on Facebook.
About DotNetNuke Corp.
DotNetNuke Corp. is the steward of the
DotNetNuke open source project, the most
widely adopted Web Content Management Platform for building web sites and
web applications on Microsoft .NET. Organizations use DotNetNuke to quickly
develop and deploy interactive and dynamic web sites, intranets, extranets
and web applications. The DotNetNuke platform is available in a free Community and subscription-based Professional, Elite and Elite Premier Editions. DotNetNuke Corp.
also operates Snowcovered.com where
users purchase third party software modules and skins. Founded in 2006 and
funded by Sierra Ventures and August Capital, DotNetNuke Corp. is
headquartered in San Mateo, Calif. For additional information, visit
www.dotnetnuke.com.
About UV Partners
UV Partners, established in 1986, is a leading early stage venture capital
investment group based in Salt Lake City, Utah. UV Partners helps
entrepreneurs develop early-stage concepts into tomorrow's industry-leading
technology companies. The partners possess diverse but highly complementary
industry and investment backgrounds. They share a hands-on approach and
work collaboratively on each portfolio company over the life of an
investment thereby providing each company with a broad range of resources,
experience, and knowledge.
About August Capital
Founded in 1995, August Capital has funded an extraordinary group of
entrepreneurs who have built significant, long-term value across the full
range of information technologies. These companies represent an aggregate
market capitalization of well over $250 billion, generate in excess of $75
billion in annual revenue around the world. This success is a testament to
the entrepreneurs themselves, as well as the fundamental technologies they
have created. August Capital has $1.3 billion under management, and has
invested in more than 75 companies including Atheros, Cobalt Networks,
Iridigm, Mimosa Systems, Postini, Seagate, Shopping.com, SixApart and
Silicon Image. Recent investments range from $500,000 to $130 million in
information technology businesses from semiconductors to ecommerce. The
firm's partners have previously invested in a number of ground breaking
technology companies, including Actel, Adaptec, Compaq, Grand Junction,
Intuit, Linear Technology, Microsoft, MMC Networks, Skype, Sun
Microsystems, Sybase, Symantec, and Visio. August Capital is located in
Menlo Park, California. For more information, please visit:
www.augustcap.com.
About Sierra Ventures
Sierra Ventures has managed nine venture capital partnerships and currently
has more than $1.5 billion of capital under management. Some of the firm's
investments include 360Commerce (acquired by Oracle), Active Software
(acquired by WebMethods), AmeriGroup (AGP), Centex (acquired by WorldCom),
AuthenTec Inc. (AUTH), ConvergeNet (acquired by Dell), FatBrain (acquired
by Barnes & Noble), Frontbridge (acquired by Microsoft), Healtheon (merged
with WebMD), Interact Commerce (acquired by Sage), Intuit (INTU), Micromuse
(acquired by IBM), OnAssignment (ASGN), OnLink (acquired by Siebel), Quinta
(acquired by Seagate), StrataCom (acquired by Cisco), Sourcefire (FIRE),
Sychip (acquired by Murata Corporation), Teradata (acquired by NCR).
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