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TARGET PARTNERS AND EARLYBIRD INVEST IN INTERNETWORK AG
INDUSTRY VETERAN JOINS AS CEO
Venture capital firms Target Partners and Earlybird today announced an investment in interNetwork AG, a pioneer in software for user centric performance testing and monitoring of telecom networks. At the same time, interNetwork announced it has named Jeff Lindauer as CEO.
MUNICH/WIESBADEN/SAN FRANCISCO – November 05, 2003
Venture Capital firms Target Partners, Munich, and Earlybird, with offices in Hamburg, Munich and Palo Alto, have invested € 3 million (US$ 3.5 million) in San Francisco and Wiesbaden-based interNetwork AG. Both firms were first-round investors in interNetwork AG. Founded in 1999, interNetwork AG develops load testing and performance measurement software for network equipment manufacturers (NEMs) and telecommunication providers. Their flagship product smartTest™ provides the traffic generation, test automation, test granularity and reporting capabilities necessary for quality assurance in the carrier environment.
“interNetwork has significantly expanded its customer and technology footprint since the beginning of this year, “ says Dr. Berthold von Freyberg, Co-Founder and Partner of Target Partners. He also sees the appointment of CEO Jeff Lindauer as a key step in the company’s development: “Jeff’s extensive industry background and ability to grow companies and form strategic business partnerships will be a valuable asset for interNetwork as they advance to the next level of technical and financial evolution.”
INDUSTRY VETERAN JEFF LINDAUER JOINS INTERNETWORK AS CEO
Lindauer joins interNetwork with over 15 years of executive management experience in telecommunications and software. Prior to joining interNetwork, Lindauer served as President and CEO of Spontaneous Technology, Inc. Before joining Spontaneous, Mr. Lindauer served as President and CEO of SkyTel. Prior to SkyTel, Mr. Lindauer held various executive leadership positions at MCI.
“My motivation for joining interNetwork is simple,“ says Lindauer. “Mastering the availability and performance of networks is critical to carriers. The smartTest technology, the fruit of many years of collaboration with one of world’s largest carriers, has shown considerable traction in the market. I am excited to take interNetwork to the next level of company growth.”
Jeff Lindauer replaces Scott Cullinane who joined interNetwork as Interim CEO in January 2003 , previously having served as Entrepreneur-in-Residence for Earlybird. “We are very pleased to see that Scott’s contributions have successfully demonstrated our value-add strategy . As a result of his involvement we were able to attract a high calibre CEO such as Jeff Lindauer,” says Dr. Hendrik Brandis, Co-Founder and Partner of Earlybird.
interNetwork is located in San Francisco, CA, and in Wiesbaden, Germany. Lindauer will be based in San Francisco.
Egon Zehnder, Palo Alto, CA, advised the company in the CEO search. P+P Pöllath + Partner, Hale and Dorr and SJ Berwin, all with offices in Munich, provided legal advice.
ABOUT INTERNETWORK AG
interNetwork provides software-based User-Centric load testing solutions to help businesses test their access network components in both pre- and post-deployed environments. The company was founded in 1999 with the goal of providing automation, efficiency, and visibility for network devices in the test lab environment. interNetwork's core product, smartTest™, combines the power of real-user traffic with wide protocol coverage across Layers 2-7 to effectively test device/application weaknesses and proactively tune network devices for massive production deployments. interNetwork's software solutions are distinguished by their ease of setup, standards compliance and high scalability, allowing customers to leverage existing hardware and cost-effectively test emerging technology. Please visit www.inw.com for more information or contact:
Jeff Lindauer
interNetwork, Inc.
110 Sutter Street, Suite 1000, San Francisco, CA 94104, USA
Tel.: +1–415-354 4900
Fax: +1-415-296 7525
jeff@inw.com
ABOUT TARGET PARTNERS
Munich based Target Partners is an experienced venture capital firm focused on early-stage IT and telecommunication investments. The Target Partners team has many years of experience in operating management and as entrepreneurs and venture capitalists, having developed and marketed products and services, built organizations, closed funding rounds and taken companies public in Germany and the United States. Target Partners has € 112 million under management, intended for investment in young start-ups, chiefly during their first or second rounds of funding. Investors include DZ BANK and other institutional investors from Europe and the U.S. Target Partners maintains an extensive network of contacts in the IT and venture capital industries in Europe and the United States. For more information, visit Target Partners at www.targetpartners.de or contact:
Dr. Berthold von Freyberg
Target Partners
Kardinal-Faulhaber-Str. 10, 80333 Munich, Germany
Tel.: +49-89-207049-0
Fax: +49-89-207049-99
berthold@targetpartners.de
ABOUT EARLYBIRD
Earlybird is an international venture capital fund with approximately $300 million under management and an investment focus on information technology, telecommunications and healthcare. With offices in Europe (Hamburg, Munich) and the US (Palo Alto), Earlybird is well positioned to take advantage of international opportunities and to assist its portfolio companies in gaining access to the international market place and financial resources. Earlybird's investment professionals have extensive finance and start-up operating experience, providing pro-active support to their portfolio companies. In addition, an experienced network of industry specialists serve on the Earlybird advisory board, assisting Earlybird and its portfolio companies by providing strategic advice and operational support. For more information, visit Earlybird at www.earlybird.com or contact:
Daniela von Wedel
Earlybird Venture Capital
Van-der-Smissen-Str. 3, 22767 Hamburg, Germany
Tel.: +49-40-4329 41-0
Fax: +49-40-4329 41-29
vonwedel@earlybird.com
www.inw.com
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