Storage requirements for all kinds of users continue to grow at a phenomenal rate, even in a challenging economic climate like we are experiencing today
Vienna, VA (PRWEB) November 17, 2008
Valhalla Partners (http://www.valhallapartners.com) announced today the close of the acquisition of its portfolio company LeftHand Networks (http://www.lefthandnetworks.com) by HP. Consistent with the terms of the definitive agreement dated September 30, 2008, HP paid $360M for the storage solutions leader.
"All of us at Valhalla are proud of our affiliation with CEO Bill Chambers and the entire team at LeftHand Networks," said Gene Riechers, General Partner of Valhalla Partners and a LeftHand Networks board member. "They built a great company that delivers real value to their customers. LeftHand's pioneering work in both iSCSI SAN technology and virtualized storage solutions created a leadership position for the company."
Valhalla Partners was the second-largest shareholder in LeftHand Networks and had worked with management across many facets of the business during the period of the Company's explosive growth.
Storage is an important part of Valhalla's overall investment strategy.
"Storage requirements for all kinds of users continue to grow at a phenomenal rate, even in a challenging economic climate like we are experiencing today," said Charles Curran, General Partner at Valhalla Partners. "Our success with companies like LeftHand comes from combining a fundamental technology breakthrough with knowing where we are in the broad progress of the market."
Valhalla Partners also recently completed two other sales of successful portfolio companies, RealOps Inc, sold to BMC Software in July 2007, and ServiceBench, sold to N.E.W. in January 2008.
About Valhalla Partners
Valhalla Partners is a trusted partner and advisor to technology entrepreneurs in their quest to build world-class companies. Based in Vienna, Virginia, the firm's management team has made more than 120 investments over the past twenty years and produced almost $1 billion of investment proceeds. Valhalla prefers investments where the mission of the company is to innovate, challenge and fundamentally change the dynamics of new and existing markets. Investments by Valhalla's team include Advertising.com, BDMetrics, CareerBuilder.com, Clarify, EnterpriseDB, Epicor, Exchange Solutions, JumpTap, LeftHand Networks, Mobius, NextLink, Nirvanix, Progress Software, Proxicom, RealOps, Register.com, Riverbed Technologies, SafeNet, SEPATON, ServiceBench, Trilogy, and webMethods. Valhalla Partners brings the full power and network of its experienced team to every investment it makes, helping companies grow faster and smarter regardless of size or maturity. For more information, go to http://www.valhallapartners.com.
About LeftHand Networks
Founded in 1999, LeftHand Networks pioneered IP-based storage area networks (SANs). SANs built using LeftHand Networks' SAN/iQ® software are uniquely able to distribute and protect data across a cluster of industry-standard storage servers. The company's patented architecture increases data availability, allows users to start small and grow the SAN seamlessly, and simplifies management. The LeftHand SAN is ideal for storage and server consolidation, multi-site SANs and disaster recovery. LeftHand SANs are available in the United States, Canada and throughout Europe. For more information, go to LeftHand Networks at http://www.lefthandnetworks.com.
For more information, press only:
Dan Gordon, 703-448-1400, dan @ valhallapartners.com