|
|
|
Krishna "Kittu" Kolluri
President & CEO
Neoteris, Inc.
The Background
As pioneers of ubiquitous secure access to corporate information, Neoteris allowed corporations access to their data from any location via the Internet. Realizing that this was a timely opportunity, Krishna “Kittu” Kolluri accepted the position of President and CEO and quickly began looking for a B-round venture partner. One that would embrace both their vision of omnipresent access and the sheer speed at which Neoteris needed to move.
Why We Invested
Kittu was pleased when Series A investors The Barksdale Group suggested meeting with NEA General Partner Scott Sandell. Kittu had a great experience while at Healtheon (another NEA portfolio company).
It was a natural fit. Everyone knew and respected one another. Not only was the initial meeting scheduled quickly, but Scott recalls that after twenty minutes and only one question, he was convinced that NEA should invest in the company.
The Result
When good business ideas are backed by bright entrepreneurs and the right VC, the steps to success sometimes feel more like an express elevator. NEA did indeed move very quickly. Kittu presented on a Wednesday. By the following Monday, there was a signed term sheet. Scott quickly completed the reference checks as well as the technology due diligence and NEA led the $15 million Series B round.
The speed behind Neoteris’ funding was echoed in their outcome. Neoteris was soon acquired by NetScreen. Three months later, Juniper Networks announced its intention to acquire NetScreen for approximately $4 billion. One of the largest technology acquisitions in years, it represented the second liquidity event for this investment in only four months.
Truly, a very fast return on investment for all involved.
Why It Worked
“This company never missed a beat,” said Scott. “They anticipated almost every issue that ultimately faced them, hired ahead of their needs with outstanding people and were able to deliver unparalleled execution against their plan. I’d love to work with Kittu again.”
Kittu points out that NEA was a fine match for Neoteris in part because they had experience investing in other security companies. This was especially helpful as Neoteris developed relationships with enterprises and partners – NEA provided people access the way Neoteris offered data access.
“Scott has picked up from NEA Founder Dick Kramlich,” compliments Kittu. “Like all of NEA, he believes in investing in the people. Scott realizes that the company’s CEO and management team are there to run the company. He counsels – he’s very passionate about our company -- but does not try to do our jobs for us. Scott gives us our space and asks how he can help.”
|
 |
|
|
|
|
