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Announcement : XML Appliance Leader Sarvega Attracts $10 Million In Series B Funding

2003-06-11 14:04:57
XML Appliance Leader Sarvega Attracts $10 Million In Series B Funding

Chicago, IL - June 11, 2003 - SarvegaT, Inc., the leading provider of
intelligent XML appliances, today announced that it has attracted $10
million of Series B funding to help the company expand its sales and
marketing activities and further its market leadership. The Series B
financing brings the total capital raised to date to over $20 million and
introduces new investor InterWest Partners to existing investors Bessemer
Venture Partners, ComVentures, and KB Partners, who also participated in
this round.

The company also announced the appointment of Steve Bowsher, general partner
with InterWest Partners, and David Cowan, general partner with Bessemer
Venture Partners, to the Sarvega board of directors.

Sarvega will use the additional funds to continue its sales and marketing
thrust to strengthen the market leadership position of its intelligent XML
appliances. Sarvega's XPET appliances have saved millions of dollars while
delivering order-of-magnitude performance improvements at such Global 1000
organizations as 3Com and Fujitsu as well as healthcare organizations such
as Chicago's Mt. Sinai Hospital Systems.

XPE appliances deliver these impressive financial and architectural benefits
due to the industry-first approach of transparently decoupling complex XML
processing tasks from the application infrastructure and offloading them to
the network infrastructure. The XPE family of XML processing appliances is
built on Sarvega's patent-pending core technology, XML EventStreamT
Operating System (XESOST). XESOS, which addresses all facets of XML
processing from XSL transformation to XML/Web services security, is the most
flexible and comprehensive core technology platform in the market.

"Since pioneering this market, Sarvega has maintained a leadership position
through continuous technology developments as well as securing an impressive
list of Global 1000 customers. InterWest's investment conveys our strong
belief that Sarvega's products solve problems that deliver an immediate
return on investment for customers," said Steve Bowsher, general partner at
InterWest Partners.

"XML enables web services and application integration - and Sarvega enables
XML," said David Cowan, general partner of Bessemer Venture Partners.
"Sarvega has the team and technology to lead the market for XML network
infrastructure."

"We are very pleased that Sarvega's strong market growth and customer
traction are being validated by prestigious venture firms with histories of
investing in highly successful companies," said Sunil Gaitonde, co-founder,
president and CEO of Sarvega. "We will use this funding to strengthen our
momentum in the marketplace, expanding our sales and marketing activities as
well as research and development."

About InterWest Partners
InterWest Partners (www.interwest.com), founded in 1979, is a leading
diversified venture capital firm focused on building long-term relationships
with entrepreneurs and portfolio companies. With $1.6B capital under
management, and a current investment fund of $750 million, InterWest's
experienced partners bring together deep domain knowledge in Information
Technology and Life Sciences. InterWest takes a long term, collaborative
approach to venture funding, providing early stage and ongoing enlightened
capital, management coaching and access to a broad network of resources.
InterWest Partners has consistently helped grow the most influential
companies in Information Technology and Life Sciences. Examples of the
firm's investments in Information Technology include: CIENA, Copper Mountain
Networks, Lightera (acquired by CIENA), SiTera (acquired by Vitesse),
Silicon Graphics, Stratacom (acquired by Cisco) and Xilinx. InterWest
Partners has offices in Menlo Park, California and Dallas, Texas.

About Bessemer Venture Partners
Bessemer Venture Partners operates the nation's oldest continuing venture
capital portfolio, which contains the companies whose innovations change the
world. BVP's partners are industry leaders with, in total, more than a
century's experience in building technology companies, within a tradition of
hands-on, active venture investing that has continued since 1911. Many
leading innovators, including Staples, Parametric, James River Paper, Ciena,
Isis, Sirocco, Sports Authority, and Verisign, selected BVP as their
early-stage venture partner. BVP has offices near the nation's top
technology markets- California, Massachusetts and New York-and can be
reached at www.bvp.com.

About KB Partners
KB Partners (www.kbpartners.com) is a Chicago-based venture capital firm
established in 1996 to make investments in early-stage technology companies
in the Midwestern U.S. KB's objective is to help build dominant new
enterprises by partnering with talented entrepreneurs and experienced
managers. KB Partners manages two venture funds totaling more than $95
million. The firm's investors include high net-worth individuals, investment
companies, and institutions with which KB has established relationships.

About ComVentures
ComVentures, based in Palo Alto, California, is a venture capital firm
managing over $1.2 billion in capital. ComVentures invests exclusively in
early-stage communications and Internet companies focusing on three specific
communications sectors: network infrastructure, software and services. For
more information, please visit www.comventures.com.


About Sarvega

Sarvega, Inc. (www.sarvega.com) is the leader in intelligent XML appliances,
information-aware products that provide Global 1000 enterprises with the
smart, fast, and secure infrastructures that are required for XML-based
applications such as Web services. Sarvega has been widely recognized by the
technology and business community for its innovative technology and strong
management team: They were the only Midwest recipients of CMP Media's COMET
Award, a national award that recognizes top communications companies, and a
finalist for PC Magazine's Tech Excellence Awards and four categories for
XML Journal's Reader's Choice Awards. Sarvega was also named 2002 Startup of
the Year by siliconindia magazine. The company was one of i-Street Magazine'
s Top 50 Emerging Tech Companies in Chicago for 2001 and 2002, and
co-founder, president and CEO Sunil Gaitonde, was named one of i-Street's
Top 100 people of Chicago's high tech economy. In addition, Sarvega received
the Illinois Annual Technology Conference's STRIVE award.

For more information please visit www.sarvega.com


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