VERITAS Software Corporation, the data availability companySM, today announced that it has committed up to $100 million dollars to invest in development-stage companies that provide strategic opportunities to the storage market. These technology investments will complement VERITAS Software`s own research and development efforts, provide access to new technologies and emerging markets, and create leverage through value-add support for VERITAS Software`s products and services.
"One of the goals for our strategic investment fund is to identify and support technologies and market approaches that are strategic to VERITAS Software," said Peter Levine, executive vice president, worldwide strategic operations, VERITAS Software. "Through these investments, we will be able to establish relationships with development-stage companies and gain insight into new technologies and alternative business models. This new fund also provides a bridge between technology licensing and outright acquisition, which will manage the risks associated with entry or investment into a new market."
A team of professionals within VERITAS Software`s business development organization has been dedicated to finding and investing in portfolio companies, and ensuring that a strategic relationship with VERITAS Software is put in place. Additionally, the funded companies will have access to VERITAS Software`s technology development and marketing alliances, and executive and operational expertise.
"A successful venture fund can augment a company`s internal R&D spending, giving it access to developments beyond its core business," said Steve Duplessie, founder, Enterprise Storage Group. "VERITAS Software`s venture fund is a natural extension of its expertise and will allow it the latitude of deeper investment into the data availability arena."
"This new strategic funding initiative is consistent with our emergence as the leading company in the data availability software market," said Mark Leslie, chairman of the board and CEO, VERITAS Software. "Our plan is to expand this funding program in the future as VERITAS Software continues its rapid growth and market penetration."
VERITAS Software has established a streamlined investment review process that will allow it to operate at the pace of a lead investor. To date, VERITAS Software has made two venture capital investments and many others are under consideration (see related announcement dated today*). Subsequent announcements will be made whenever VERITAS Software makes future investments.
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