Seattle, Washington (PRWEB) November 25, 2008
DotNetNuke Corporation, trusted creator and steward of the most successful open source web application framework for the Microsoft technology platform, today announced that it has secured Series A financing from top tier Silicon Valley venture firms, August Capital and Sierra Ventures. The new funds will be used to accelerate product development and expand marketing, sales and support infrastructure to meet the growing enterprise demand for DotNetNuke® products and services.
The financing follows a period of impressive growth for DotNetNuke Corporation, whose core DotNetNuke product offering has achieved unparalleled professional acceptance in small, medium and enterprise Microsoft environments. Downloaded more than 5.6 million times to date, DotNetNuke's level of adoption exceeds that of any web application framework on any platform. DotNetNuke Corporation has driven innovation in the open source arena through continued development of the DotNetNuke product, a consistent and balanced approach to community ideals and commercialization, and the forging of key relationships with respected companies including Microsoft Corporation.
"We have seen that open source software is changing the face of the established business applications industry. It is clear to us that DotNetNuke has the right team, the right product and the market momentum to become a dominant company." says Vivek Mehra, General Partner at August Capital, who joins the Company's Board of Directors, "We are excited to work with them as they take the next step on their journey."
"This initial funding comes at a key juncture for DotNetNuke Corporation, as the use of DotNetNuke continues to accelerate and we must scale to meet the needs of our rapidly growing community and ecosystem," said Shaun Walker, Chief Architect of DotNetNuke Corporation and original creator of DotNetNuke. "With an impressive track record of growing early stage companies into market leaders, August Capital and Sierra Ventures represent valuable partners and resources for DotNetNuke Corporation. We look forward to working closely with these firms to build on our past success and strengthen our position in the Microsoft ecosystem."
"We believe DotNetNuke® is leading the next generation of interactive web development - effectively breaking open a whole new model for web application deployments. The team has effectively combined commercially critical licensing and support structure with an extensive open source community to make a market changing technology platform," said Tim Guleri, Managing Director, Sierra Ventures. "This is an ideal early stage investment opportunity for Sierra, and well suited to our background and focus on disruptive technology that has broad market appeal - we are excited about this investment."
About DotNetNuke Corporation
Our mission is to create opportunities and spread entrepreneurship to the world by providing a superior open source web application framework which cultivates a passionate developer community as well as a prosperous commercial ecosystem. DotNetNuke® is an open source web application framework ideal for creating, deploying and managing interactive web, intranet and extranet sites. With a rapidly growing community of over 630,000 registered users, a legion of dedicated professional developers, and an active commercial ecosystem, DotNetNuke® continues to strengthen its leadership position on the Microsoft platform. For more information, please visit: http://www.dotnetnuke.com
About August Capital
Founded in 1995, August Capital has funded an extraordinary group of entrepreneurs who have built significant, long-term value across the full range of information technologies. These companies represent an aggregate market capitalization of well over $250 billion, generate in excess of $75 billion in annual revenue around the world. This success is a testament to the entrepreneurs themselves, as well as the fundamental technologies they have created. August Capital has $1.3 billion under management, and has invested in more than 75 companies including Atheros, Cobalt Networks, Iridigm, Mismosa Systems, Postini, Seagate, Shopping.com, SixApart and Silicon Image. Recent investments range from $500,000 to $130 million in information technology businesses from semiconductors to ecommerce. The firm's partners have previously invested in a number of ground breaking technology companies, including Actel, Adaptec, Compaq, Grand Junction, Intuit, Linear Technology, Microsoft, MMC Networks, Skype, Sun Microsystems, Sybase, Symantec, and Visio. August Capital is located in Menlo Park, California. For more information, please visit: http://www.augustcap.com .
About Sierra Ventures
Sierra Ventures has managed nine venture capital partnerships and currently has more than $1.5 billion of capital under management. Some of the firm's investments include 360Commerce (acquired by Oracle), Active Software (acquired by WebMethods), AmeriGroup (AGP), Centex (acquired by WorldCom), AuthenTec Inc. (AUTH), ConvergeNet (acquired by Dell), FatBrain (acquired by Barnes & Noble), Frontbridge (acquired by Microsoft), Healtheon (merged with WebMD), Interact Commerce (acquired by Sage), Intuit (INTU), Micromuse (acquired by IBM), OnAssignment (ASGN), OnLink (acquired by Siebel), Quinta (acquired by Seagate), StrataCom (acquired by Cisco), Sourcefire (FIRE), Sychip (acquired by Murata Corporation), Teradata (acquired by NCR).
DotNetNuke® and DNN® are registered trademarks of DotNetNuke Corporation.