Lehman Brothers Venture Partners Leads $12.1 Million Investment In Composite Software
Joins Existing Investors in Funding of Enterprise Information Integration (EII) Company
San Mateo, Calif. - November 10, 2003 - Composite Software, a leading provider of Enterprise Information Integration (EII) solutions, announced today that Lehman Brothers Venture Partners is leading a $12.1 million Series B round of venture funding in Composite Software. This round brings Composite’s total amount of funding to $17.35 million. The company also announced that Composite’s previous investors, Palomar Ventures, Apax Partners, Clearstone Venture Partners and Dot Edu Ventures also participated in the current round of financing.
Composite’s customers are using the recently launched Composite Information Server to create Composite Views TM of critical business information drawn from multiple systems. The company has several revenue-producing customers, including Lifetime Fitness and other market leading companies across several vertical industry segments.
As a result of the investment, Tom Banahan, managing director and Head of Lehman Brothers’ Venture Capital business, will join Composite Software’s board of directors. “Composite Software represents an attractive company for Lehman’s investment portfolio,” said Mr. Banahan. “It has the right combination of superior technology, an experienced management team with a track record of success, and products that meet a real market need.”
“Lehman Brothers Venture Partners’ stature and influence is a tremendous asset to Composite Software,” said Jim Green, CEO of Composite Software. “My relationship with Lehman has been a long and successful one. When I was at the helm of Active Software, Lehman was a value-added, committed investor that contributed to the company’s achievements, including its initial public offering and subsequent sale to webMethods for $1.5 billion. At Composite, we anticipate that the growth projected in the EII market, together with our product and technology leadership, will lead Composite to very quickly become an influential and prosperous company.”
The money from this latest round will be used to expand the company’s worldwide sales and marketing efforts, and to fund additional research and development.
Last month, Composite Software announced the Composite Information Server, the first EII product that allows corporate users to access all enterprise data as if it exists in a single location. The product creates an information infrastructure layer that, for the first time, allows corporate IT to deliver custom views of information from disparate sources to executives, employees, customers and partners.
Pricing and Availability
The Composite Information Server is now available directly from Composite Software. Pricing typically starts under $100,000 for an initial project.
About Composite Software
Composite Software is the acknowledged leader in Enterprise Information Integration (EII) solutions, which provide real-time views of critical business information across multiple systems. The company’s flagship Composite Information Server enables access to distributed enterprise data as if it existed in a single location. Founded in 2002 and headquartered in San Mateo, CA, Composite Software is funded by Palomar Ventures, Apax Partners, Lehman Brothers Venture Partners, Clearstone Venture Partners and Dot Edu Ventures. For more information, please visit the company’s web site at http://www.compositesw.com.
About Lehman Brothers
Lehman Brothers, an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high-net-worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private equity, and private client services. The Firm is headquartered in New York, London, and Tokyo and operates in a network of offices around the world. Lehman Brothers Venture Partners, established in 1995, targets mid- to later-stage venture capital investments in companies capable of turning innovative technology solutions into successful businesses. For further information about Lehman Brothers’ services, products, and recruitment opportunities, please visit its Web site at http://www.lehman.com.