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Contact: Kerry McGagin
KMA Communications
310.258.9801
kerry@kmacommunications.com
Voyager Capital Accelerates Investment Activity in Second Quarter of 2004
SEATTLE, WA- September 10, 2004 - Voyager Capital, a leading Pacific Northwest information technology venture firm, accelerated its investment activity in the second quarter of 2004, reflecting an improved investment environment. Voyager made three new early stage investments, participated in six follow-on financings and successfully sold a portfolio company, Kadiri, to Workstream, Inc. (NASDAQ: WSTM). Voyager's new investments include San-Francisco-based Tideline Capital, a managed services company that provides outsourced vendor finance programs to the software industry; Seattle-based Network Clarity, a network configuration management company; and Austin-based Zebra Imaging, the leading provider of holographic imaging for industrial and government applications. Follow-on investments were made in Fidesic, Kadiri, Melodeo, Qsent, SeeCommerce and Tropos Networks.
Voyager incubated Tideline Capital to address a need it saw for software companies to provide financing to their customers. Accounting regulations discourage software companies from providing the financing themselves. After extensive market research, Tideline was formed to fill the void. "Voyager brings a wealth of knowledge and relationships in the software sector that has been invaluable and lends credibility to our value proposition as a start up. By sharing their team, network and experience, they have helped turn our shared vision into a reality," stated Eric Wright, Tideline Capital's co-founder and CEO.
Network Clarity was started in early 2002 by serial entrepreneurs Tony Naughtin, Chris Wheeler and Mark Madsen. Previously, the three had teamed at Internap Network Services Corporation (AMEX: IIP), a provider of high-performance managed internet connectivity solutions, which was founded by Naughtin and Wheeler and went public in 1999. Network Clarity's CEO, Tony Naughtin said, "I have known the Voyager team for years and worked with Tony Audino on one of Voyager's portfolio company boards. I trust them and know the value they can bring to help build an early-stage company."
Robin Curle, CEO of Zebra Imaging, added, "Voyager knows digital media and holography better than any venture firm I have encountered. Frankly, we made room for them in this round because of this as well as their services to help CEOs grow their companies and collaborate with other CEO's."
With the three new investments, Voyager has invested in a total of 18 companies in Fund II. "We're excited about all three companies," said Tony Audino, Managing Director with the firm. "Eric, Tony and Robin are experienced executives who have the ability to build their respective companies into market leaders."
About Voyager Capital
Voyager Capital is the Pacific Northwest's leading information technology venture capital firm, providing entrepreneurs with the resources, experience, and connections to build successful companies. Voyager invests primarily in early stage business software and services, mobility, digital media and infrastructure companies. Voyager's investment team brings experience from a variety of senior management, business development, and venture capital roles. Voyager's advisory board members and investors provide important contacts for startups, and are among the most successful information technology executives and investors in Seattle and Silicon Valley. With $265M under management, Voyager's investments include, aQuantive (NASDAQ: AQNT), CapitalStream, GoAhead, Kryptiq, Melodeo, Qsent, Tropos Networks, and Verari Systems. Voyager Capital is headquartered in Seattle with an office on Sand Hill road in Menlo Park, CA. For more info, visit Voyager's web site at www.voyagercapital.com or telephone (206) 438-1800.
