Kleiner Perkins Caufield & Byers Java Fund Invests in Wallop SoftwareWallop Receives $5M in Funding, and Wins Air Hockey Table as Part of Deal
JAVAONE, SAN FRANCISCO, CA, April 2, 1997 � Wallop Software, Inc., provider of the industry's first Web application assembly environment, today announced that it has received a second round of venture capital funding totaling $5 million from the prestigious Kleiner Perkins Caufield & Byers (KPCB) Java Fund and Integral Capital Partners. This follows Wallop's first round of venture capital funding from Sequoia Capital in June, 1996. With this announcement, Wallop Software becomes the first company jointly funded by the number one and number two ranked venture capital firms, as recently published by Upside Magazine. Wallop Software has been recognized for delivering a new breed of software that enables development teams to assemble and maintain highly reliable Web-based business applications.
In an extension to the deal, Wallop also won an air hockey table after Rob Bolt, chief executive officer and Bill Daniel, president of Wallop faced off against two Kleiner Perkins partners, Ted Schlein and Doug Mackenzie, in a foosball championship.
"We're committed to financing leading-edge technology companies that bring demonstrable value to their customers," said Doug Mackenzie, general partner at Kleiner Perkins Caufield & Byers and Wallop board member. "Wallop is seizing the great opportunity provided by the rapidly growing Web application development market with unique technology and a seasoned management team. We are looking forward to a long and prosperous partnership with them."
"A recent report from Forrester Research indicates that 95 of large companies have built or intend to build Intranet applications, which suggests there is a huge business opportunities for development tools such as Wallop Build-IT," said Roger McNamee, general partner of Integral Capital Partners. "Integral's investment in Wallop reflects our conviction that Wallop Build-IT will emerge as the tool of choice for assembling Intranet applications."
"Having obtained financing from two of the foremost high tech venture capital firms is a powerful endorsement of Wallop's vision, technology, and management team," said Rob Bolt. "With this latest round of funding from the KPCB Java Fund, Wallop has a stronger ability than ever to provide collaborative Web application development solutions to businesses that want to build reliable Intranets."
As Web sites grow in complexity and value to today's businesses, they are also becoming increasingly difficult to manage and maintain. As a provider of software to help manage this chaos, Wallop is well-positioned to take a leadership role in this rapidly growing market with the Wallop Build-IT product family which provides a wide variety of unique benefits to developers, such as:
KPCB Java Fund
The KPCB Java Fund, acknowledged for funding such start-ups as Active Software, Calico Technology, Marimba, and Netiva, was created in August of 1996 to encourage and invest in new ventures using Java technology to develop tools and applications. Acting as co-minority investors and limited partners in the fund are corporate partners, such as Cisco Systems, Comcast, Compaq, IBM, Itochu, Netscape, Oracle, Sun Microsystems, TCI Technology Ventures, and US West Interactive Services. These corporate partners are investors in the fund managed by the Kleiner Perkins Caufield & Byers partners.
Integral Capital Partners
Integral Capital Partners is a family of investment partnerships launched in 1991 by portfolio managers Roger McNamee and John Powell, in collaboration with Kleiner Perkins Caufield & Byers and Morgan Stanley & Co. The Integral partnerships invest in expansion stage private companies and growth stage public companies in both the information and life sciences. Integral has a long history of venture investments in the enterprise applications software and development tools categories, as well as in companies involved with data networking, wireless communications and semiconductors. The partnerships have made private investments in such enterprise software companies as Documentum, Platinum Software, Visio, MapInfo, Approach (Lotus/IBM), Calico, DAZEL, Think Systems, Informatica, Brio Technology and AlphaBlox.
Wallop Software, Inc.
Wallop Software, Inc. is an emerging leader in Intranet application development whose mission is to provide products and services specifically designed to meet the specialized needs of corporate developers building Intranet applications. The Wallop Build-IT family of products � Wallop Build-IT for the Enterprise and Wallop Build-IT for Business Users � is a revolutionary Web application assembly environment that enables development teams to collaboratively assemble, deploy, and maintain highly reliable Web-based business applications. Founded in 1995, Wallop Software is headquartered at 1155 Triton Drive, Foster City, CA 94404. Wallop's home page is located at: http://www.wallop.com/default.htm.
Wallop is a trademark of Wallop Software, Inc. All other company and product names may be trademarks of the respective companies with which they are associated and are hereby recognized as such.