Website Pros Increases Series A Funding Round to $17 Million from Insight Venture Partners and Norwest Venture Partners
JACKSONVILLE, FL - April 13, 2004 - Website Pros, Inc., the leading provider of website technology, services, and internet solutions for small businesses, today announced the completion of an additional $7M round of Series A equity financing from Insight Venture Partners and Norwest Venture Partners, venture capital firms based in New York and Palo Alto, Calif., respectively. Website Pros closed the first tranche of $10M of Series A funding from Insight in December 2003. The latest round will be used to support the company's rapid growth and emergent customer markets. Specifically, Website Pros will use the funds to expand its sales force, enhance marketing and product development efforts, and fund selective acquisitions.
"The number of small and medium-sized businesses are growing exponentially and continue to be the backbone of the American economy," said David Brown, president and CEO of Website Pros. "They are focused on establishing and expanding their internet presence and we are committed to enabling this processproviding Web and internet services at any stage of their lifecycle."
Founded in 1999, Website Pros is currently one of the largest independent companies in its industry. Developing more than 200 websites per day and selling over 5,000 website software and services subscription packages per month, Website Pros offers small and medium-sized businesses website design and hosting services, e-commerce capabilities, site promotion and advertising, and site management and reporting capabilitiesvia Do-It-For-Me (DIFM) and Do-It-Yourself (DIY) products and services. Website Pros is the provider of NetObjects Fusion website design software and is preparing to launch Version 8.0 of this technology in the coming weeks. Website Pros' services are also offered to customers of partners such as Discover Network, IBM, Network Solutions, and VeriSign.
"With our second large investment in Website Pros, we clearly have confidence in the company's ability to execute and support its expanding business," said Deven Parekh, managing director at Insight Venture Partners. "In addition to its rapidly growing business and positive cash flow, Website Pros has remained a leader in its industry for years and continues to deliver optimal products and services to its loyal and growing customer base. We continue to expect great things from them, and are pleased to have a hand in their track toward the preeminent position in the market."
About Website Pros, Inc.
Website Pros, Inc. is a leading provider of website building tools, services, and internet solutions. The company offers a comprehensive suite of website design, customer support, and technology platforms tailored to the needs of small and medium-sized businesses. Additionally, Website Pros partners with enterprise companies to help them build stronger, more profitable relationships with their business customers. Based in Jacksonville, Florida, Website Pros, Inc. is privately held and is funded by Insight Venture Partners, Norwest Venture Partners, and Crosspoint Venture Partners. Website Pros can be reached by calling 1-800-GET-SITE. More information is available at www.websitepros.com.
About Insight Ventures
Insight Venture Partners, with approximately $1 billion in funds under management, is the leading venture capital firm specializing in enterprise software companies. Insight invests in entrepreneurial companies developing technology-based solutions for the corporate enterprise. Headquartered in New York, Insight has taken a global approach to e-commerce investing in a market where speed, domain expertise, and the ability to execute are the foundations of success. More information on Insight is available at www.insightpartners.com.
About Norwest Venture Partners
For more than 40 years, Norwest Venture Partners (NVP) has actively partnered with entrepreneurs to build large businesses. NVP focuses on early stage investments in enterprise software and communications technologies. The firm currently manages more than $1.8 billion in venture capital out of its office in Palo Alto, California. NVP has funded over 350 companies since inception including such market leaders as Actel Corporation, Brocade Communications, Cerent (acquired by Cisco Systems), Documentum, Extreme Networks, Forte Software (acquired by Sun Microsystems), PeopleSoft, and Tivoli Systems (acquired by IBM). Recent NVP transactions include Resonext Communications (acquired by RF Micro Devices), Spinnaker Networks (acquired by Network Appliance), and Winphoria Networks (acquired by Motorola).