Success Stories

Network Engines

• Ascent was referred to Network Engines by Mark Galvin, then CEO of RAScom and currently a member of Ascent’s Venture Partner Program.
• Network Engines became the leading provider of web server appliances, culminating in IPO in July 2000.
• Network Engines’ Founder, Larry Genovesi, is a member of Ascent’s Venture Partner Program and CEO of AVP IV portfolio company, Terascala.

Ascent was initially introduced to Network Engines by Mark Galvin, then CEO of RAScom, an AVP II portfolio company. At the time, Network Engines was a partner of RASCom and Larry Genovesi, Network Engines’ Founder & CEO, was considering raising venture capital. Ascent was impressed by the Company’s progress and strategy for identifying major server opportunities that were not being addressed by the incumbent server vendors. Ascent became the sole institutional investor in the Company’s first round of financing. During 1998, Network Engines developed a business plan to focus on the emerging internet infrastructure market. The Company developed the WebEngine, which was the first system developed specifically for the web server market. This product achieved rapid success, and Network Engines completed an IPO in July 2000 with a market capitalization exceeding $1 Billion. Subsequently, Network Engines has transitioned into a developer of appliance servers for software companies that deliver solutions in appliance form. The Company has been particularly successful in the information security market and was the appliance partner for Network Intelligence, an AVP III portfolio company.

Larry Genovesi has become a key entrepreneur in Ascent’s network. He currently serves as a member of Ascent’s Venture Partner Program. Additionally, Ascent provided the initial institutional capital for Larry’s new venture, Terascala, a developer of high performance, scalable server clusters.

 

Copyright 2007 Ascent Venture Partners.