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 Encover Receives $6M in Funding From Sigma Partners Pete Solvik, former CIO of Cisco and Mark Pine, former CEO of OnDisplay Join the BOD Mountain View, CA, November 20, 2002 - Encover, Inc., an emerging supplier of Service Lifecycle Management software, today announced that it received $6 Million in financing from the venture capital firm Sigma Partners. Pete Solvik and Mark Pine, Managing Directors at Sigma Partners have joined the board of Encover in conjunction with the investment. Imlay Investments and several prominent Silicon Valley executives, all seed investors in Encover, participated in the round.Encover is the first software provider to deliver a solution focused on generating incremental Service and Support revenue for manufacturers, software providers and their channel partners. The company was founded based on the experience of Encover's CEO, Sridhar Krishnan, while building the Service Contract Center at Cisco Systems. Having extensive knowledge of the complexities associated with multi-tier distribution channels and how that model impacts the generation of service revenue, Encover's solution immediately attracted the attention of Pete Solvik. "Increasing install base service contract revenue should be on every CEO's priority list, especially with the pressures to increase top line revenue in tough economic climates. Encover's solution is the only application on the market today specifically designed to increase service and support revenue. They have succeeded in developing a new technology that truly fills a large void in today's world of product-centric CRM and ERP applications," said Pete Solvik, Managing Director, Sigma Partners. "Encover is positioned to define and lead the emerging Service Lifecycle Management market." This first round of investment funding by Sigma Partners will enable Encover to expand sales, marketing, & professional services operations and solidify its leadership position in the emerging Service Lifecycle Management market. "We're extremely honored to have Sigma Partners as our lead investor," said Sridhar Krishnan, president and CEO, Encover, Inc. "Sigma is very experienced in building successful enterprise software companies and I am delighted to have their experience and leadership added to our Board. The most important aspect of our financing by Sigma Partners is that they understand the magnitude of the problem. The companies we have been working with are telling us that they are losing up to half of their service revenue because of manual and antiquated processes. Sigma recognizes the value we represent to these companies and the importance of service-oriented solutions, particularly in today's economy." Encover and Sigma Partners are not alone in recognizing the problems plaguing the service business. A November, 2002 Gartner Group Research Note estimates that through 2005, businesses will lose 30 percent of service revenue because the underlying applications and technologies for field service will not effectively support the corporate business model. Encover's software provides manufacturers and their channel partners with the ability to:
About Sigma Partners Sigma Partners, a high technology venture capital firm with over a billion dollars under management, helps entrepreneurs transform ideas into substantial, profitable businesses. Sigma's partners have experience as successful CEOs, entrepreneurs and technologists. With this deep operating and technical insight we help build teams and strategies that produce sustainable value and successful outcomes. We were early investors in companies such as Cascade, Vignette, Vermeer, Atria, Storage Networks, Internet Security Systems, Octane, and Tradex. Peter Solvik, joined Sigma in 2002 with over 20 years of experience at leading high technology companies. Solvik was at Cisco from 1993 to 2002 and served as CIO from 1994 to 2001. While at Cisco, Pete was named to the CIO 100 4 times by CIO Magazine, and was chosen as one of "the 25 most powerful executives in Networking" and one of "50 People Who Make a Difference in Enterprise Networking" by Network World. He has been frequently quoted in prominent national publications and has been keynote speaker at over 50 industry conferences on information technology and eBusiness. Mark Pine, managing director, joined Sigma in 2000. He has 24 years of experience in the high technology industry and brings to Sigma extensive management experience combined with a strong technical background. Prior to joining Sigma, Mark was CEO and co-founder of OnDisplay, a leading e-Business Application Platform Company. OnDisplay grew extremely rapidly and was one of the top 10 best performing IPO's in 1999. In 2000, Vignette Corporation acquired OnDisplay for $1.8 billion. Previously, Mark was Senior Vice President of the Server and Connectivity division of Sybase, which was the company's largest division with revenues in excess of $450 million. About Encover, Inc. Encover, Inc. provides applications that help manufacturers collaborate with their channel partners to sell more service contracts into their installed base. Encover's founders designed and built Cisco's award-winning Service Contract Center, which enabled customers to renew service contracts over the Web and provided Cisco with 65% of incremental service revenue over the first two years of operation. High-tech manufacturers that include Juniper Networks have used Encover's applications to increase renewal revenues, reduce the cost of sales and increase visibility into their installed base. For more information on Encover, visit our Web site at www.encover.com, or call us at 650-903-8700. Editors note: Encover and Encover ServSmart are trademarks of Encover, Inc. of Mountain View, California. All other products or company names mentioned are used for identification purposes only, and may be trademarks of their respective owners. Encover Media Contact: Annette Shimada Kickstart Consulting press@encover.com back © Copyright 2000-2008 Encover Inc. All Rights Reserved. |
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