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Longworth Ventures Raises $37.6M - cbl
By citybizlist Staff
WALTHAM, Mass. -- Waltham, Mass.-based Longworth Venture Partners has raised $37.6 million for new venture financing, according to an SEC filing.
Longworth Venture Partners II-A, L.P. attracted a pool of 15 investors with limited partnership interests. Approximately $3 million or 8 percent of the proceeds is allocated for management fees.
Named in the filing were Longworth partners Paul Margolis, Jim Savage, John Lawrence, and Nilanjana Bhowmik.
Founded in 1999, the firm invests in technology companies. Its portfolio includes e-mail marketing software provider Constant Contact Inc. (Nasdaq: CTCT), digital picture frame maker Frame Media Inc., fault-tolerance software maker Marathon Technologies Inc., health care IT developer Sermo Inc., crowdsourcing software-test provider uTest Inc. and virtualization software maker VKernel Corp.
SEC filing: http://tinyurl.com/2bz7hab
Bios of principals from the Longworth Venture Partners Web site
Paul Margolis
Paul Margolis brings more than 25 years of entrepreneurial and investor experience to Longworth. In 1980, Paul co-founded enterprise resource planning (ERP) software leader Marcam Corporation, which grew under his 15-year leadership to over $200 million in revenues and more than 1,200 employees. As CEO, he led Marcam's successful IPO in 1990. As Chairman, he led the spinout of Marcam Solutions and Mapics, Inc. into two public companies in 1997, achieving a market capitalization of more than $380 million. Paul helped found the Open Applications Group, an enterprise software industry association, and was its first Chairman.
In recognition of his pioneering work in the software industry, he received Inc. Magazine's "Entrepreneur of the Year" award in 1992. Leveraging his two-plus decades of technology industry knowledge, Paul represents Longworth on the boards of Marathon Technologies, MCA Solutions, Rivermine Software and Sermo. He is also the Chairman of the Board of Big Brothers Big Sisters of Massachusetts Bay. He earned his MBA from Harvard Business School and his BA from Brown University.
Jim Savage
Before co-founding Longworth, Jim Savage spent 20 years launching and building early stage, venture-backed, internet & digital media companies. As CEO of PlanetAll, Inc., a pioneering social networking service, Jim directed the company from its first round of venture funding through to a successful acquisition by Amazon.com.
Previously, Jim was a founding executive at ZDNet, a leading web media company, which enjoyed a successful IPO and was later acquired by CNET. Before ZDNet, Jim was an Executive Vice President at Thomson (formerly Prentice Hall), where he managed the online services of the tax publishing division. Jim started his career managing digital media initiatives at McGraw-Hill.
Jim's investments include Constant Contact (NASDAQ: CTCT), Thinking Screen Media, Grab Networks, Softricity (acquired by Microsoft) and Scrapblog. In addition, he serves on the boards of the Massachusetts Innovation & Technology Exchange (MITX) and Boston's Museum of Science.
Jim graduated from Harvard University.
John Lawrence
John Lawrence has more than fifteen years of experience in finance, accounting, investor relations and operations. As Partner and Chief Financial Officer for Longworth, John is responsible for the Firm's financial, legal and operational functions including limited partner relations and term sheet/closing document structuring and negotiation. John is also active with many of Longworth's portfolio companies with finance and operational related initiatives including capital raising structures and negotiations and internal infrastructural development.
Before joining Longworth in 2001, John served as the CFO and member of the Board of Directors of Quail Piping Products, Inc., a venture-backed manufacturer of fiber-optic conduit products. John helped to form Quail in 1999 after raising over $20 million in equity and debt financing to orchestrate a management-led buyout of the company from its then publicly traded parent company. Prior to Quail, John was the Assistant Vice President of Finance of Asahi/America, Inc., a NASDAQ-listed manufacturer and distributor of fluid flow systems. At Asahi, John led all finance, M&A, SEC, and IR activities. John began his career at Arthur Andersen LLP holding various senior audit positions in the Enterprise and Technology Group.
John is a member of the Private Equity CFO Association, the VCBC, and the Financial Executives Networking Group. A Certified Public Accountant, John earned his MBA from Suffolk University and his BA degree in accounting from Assumption College.
Nilanjana Bhowmik
Nilanjana joined Longworth in 2003 and focuses on infrastructure, software and mobile investments. She currently serves on the boards of Cellufun, Viewfinity and VKernel. Her other investments and prior portfolio involvements include Scanbuy, Marathon Technologies, Tizor (acquired by Netezza), Softricity (acquired by Microsoft) and Thor Technologies (acquired by Oracle).
Prior to joining Longworth, Nilanjana was a Vice President, Mergers & Acquisitions, at Broadview (now Jefferies), an investment banking firm where she led buy and sell side transactions for several hi-tech companies in software, services and digital media. Nilanjana began her career at Object Design Inc., an object-oriented database and B2B software vendor. At Object Design, she held several positions through the company's fast growth from a venture backed, Inc. #1 Private Company in 1994 to a successful IPO in 1996 and beyond, including running the professional services organization for the Americas, in which role she was in charge of delivering a third of the company's annual revenues.
She received a Bachelor in Engineering in Computer Science from the Indian Institute of Technology, Roorkee, an MS in Computer Science from the University of South Carolina, and an MBA from INSEAD. She is a charter member and serves on the board of the Boston chapter of The Indus Entrepreneurs (TiE).
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Longworth, Masthead Portfolio Co. Completes 9th Offering in a Year - cbl
Longworth Venture Partners Puts $720K on Mobile Gaming Company- cbl
Posted June 28, 2010