Greylock Leads New Funding Round For Innovative Composite Application Technology
San Mateo, CA, Feb. 16, 2004 - Above All Software, an innovator of point-and-click software for the rapid assembly of composite applications, announced today it has closed venture financing of $11.15 million with Greylock, one of the country's most renowned and respected venture capital firms, leading the second round of funding. The additional funding, which was a significant up round, is further demonstration that Above All Software is providing companies with a new way to deliver integrated solutions that previously could not be cost-justified with traditional technologies. Previous investors JP Morgan Partners, Granite Ventures, Adobe and SipplMacdonald Ventures have all reinvested in this second round, as well. In conjunction with the funding announcement, Above All Software will also expand its team with the addition of Aneel Bhusri, from Greylock, to its board of directors. Above All Software intends to use the additional funding to expand sales and marketing.
Bhusri joins Above All Software with years of experience at PeopleSoft, where he is currently a board member and served as vice chairman until 2002 after several years as the company's senior vice president in charge of product strategy, business development and marketing. "Companies today are watching their bottom line closer than ever, and are looking for solutions that help them streamline and optimize their existing technology," said Bhusri, General Partner for Greylock. "Above All has created a solution that accesses, integrates, and simplifies the 40 years of technology investments companies have made in a way that hasn't been possible before. Above All is redefining how companies use technology to rapidly respond to new opportunities."
Above All Software's suite of products allows IT and business analysts to easily assemble new applications from existing software applications. These composite applications combine functionality from multiple existing application "silos" and power business tasks that span across multiple business functions. The result is that users can complete their business tasks without having to navigate numerous applications, enter the same data multiple times or wait on personnel from other functional areas to provide needed information or coordination.
Above All Software is working with customers in a variety of industries such as health care, government, and telecommunications. The diverse requirements of these companies validate the broad relevance and flexibility of the Above All suite of products.
"We are delighted that Above All has attracted support from Greylock while also securing continued commitment from our current investors," said Roger Sippl, president and CEO of Above All Software. "We are building a wonderful software company that is creating an innovative new class of application integration solutions. The appointment of Aneel is a great addition for me, personally, because I very much enjoyed working with him on the Vantive board in the 90's," said Sippl.
About Above All Software
Above All Software is pioneering point-and-click software that enables the rapid assembly of composite applications that are based on existing information resources such as enterprise applications, legacy systems and database procedures. With no programming and no changes to existing systems, both business and technical users can assemble solutions that integrate critical business functions like sales, finance and manufacturing. Above All Software was founded by Roger Sippl who also founded Informix and Visigenic Software and co-founded The Vantive Corporation. Above All Software is based in San Mateo, California and backed by a leading group of investors that include Greylock, JPMorgan Partners, Granite Ventures, Adobe and SipplMacdonald Ventures.
Above All Software
650.341.4600 ext. 105