Covalent builds on product sales momentum by adding key positions to management team
New York -- January 29, 2002 -- Covalent Technologies, Inc., the leader in enterprise solutions for the Apache Web server, today announced it has secured 18 million in third-round funding. The funding round was led by Menlo Ventures, with key participation from former investors Sequoia Capital and Granite Ventures LLC (formerly H&Q Venture Associates LLC).
The new funds will be used to accelerate the company’s growth in all business areas, including development of new enterprise management products, and will specifically be used to expand sales and marketing efforts.
In addition to the funding news, the company is also announcing significant new additions to its management team. Mark Brewer joins the company as vice president of field operations, with primary responsibility for sales. Additionally, the company is announcing the promotion of Aleks Rabrenovich to vice president of finance and operations and Jim Harter to vice president of professional services. With these additions, the Covalent management team now contains industry veterans at all key positions.
“We were thrilled to invest in Covalent Technologies,” said Mark A. Siegel, general partner at Menlo Ventures. “We see obvious growth potential in their dominance of the Apache market, as well as future opportunity in their next generation products currently in development. They have two strengths that made them an attractive investment: their superior management products in a very large and important part of the Web applications stack and the strength of their management and engineering teams. “
Covalent reached significant company milestones during 2001. Most notably the company developed and launched Enterprise Ready Server, a comprehensive enterprise solution that makes Apache more manageable, more reliable and more secure.
"Sequoia Capital is pleased to make a subsequent investment in Covalent Technologies," said Douglas Leone, general partner at Sequoia Capital. "Over the past year Covalent has delivered on the promise we saw at the time of our initial investment. Through their technology and management team they have achieved great customer traction. Covalent is continuing down the path to becoming a world-class enterprise software company."
“We’ve achieved a great deal over the last year,” said John M. Jack, president and CEO of Covalent. “This additional funding from world-class investors will allow us to realize our vision of becoming the dominant software provider for IT operations groups.”
Over the past year, Covalent has achieved considerable success selling to many Fortune 1000 enterprise customers. Besides developing Enterprise Ready Server, the company also enhanced its existing enterprise Apache products, partnered with leading software and hardware providers and refined and expanded its support and professional services offerings.
Mark Brewer joins Covalent from Banter, an eCRM provider, where he was vice president of sales and business development. With over 10 years of sales and sales management experience, Mark will lead a growing Covalent sales force. Previously, Mark was responsible for sales at Andromedia and held sales management positions at Sybase/Powersoft and Revelation Technologies. He has a proven track record of success building and managing growing software sales organizations.
About Covalent Technologies, Inc.
Covalent is the leading provider of enterprise management solutions for the Web server. Founded in 1998 by Randy Terbush, one of the original eight developers of Apache, Covalent has developed a comprehensive Web server solution offering enhanced security, reliability and manageability. Funded by leading venture capital investors including Sequoia Capital, Menlo Ventures and Granite Ventures, Covalent is the only company offering a comprehensive suite of products, services and support for Apache. Companies such as Lucent Technologies, Dow Jones and others depend on Covalent for their Web Server infrastructure. More information about the company can be found at www.covalent.net.
All Covalent product names are trademarks of Covalent Technologies. All other company and product names are trademarks or registered trademarks of their respective owners.