Allows employees and partners to securely access selected enterprise applications from any Internet-enabled Web browser
Enterprise, Infrastructure & Services, Information Technology
NEA Board Members:
Krishna "Kittu" Kolluri
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.
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.”
What The Entrepreneur Says
Of all VC firms I’ve met (and I’ve been in business a long time), NEA
stands out because of the values they espouse and the respect they
demonstrate for entrepreneurs. If I were to refer a budding
entrepreneur to a venture firm, without hesitation I’d contact Scott
Sandell. It’s a pleasure working with Scott because he embodies the
culture and core values that permeate NEA. Scott has the potential of
being the next star in the venture capital industry.
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