Pulse2 Technology and Social Media News » SAP Ventures

Box.net Raises $81 Million With Valuation That Is Over $600 Million

Amit Chowdhry — Tue, 11 Oct 2011 16:37:25 +0000

Cloud storage company Box.net has raised $81 million in Series D funding from Salesforce.com, SAP Ventures, Bessemer Venture Partners, New Enterprise Associates, Andreessen Horowitz, and Draper Fisher Jurvetson. Box.net has now raised a total of $162 million. This puts Box.net’s valuation at over $600 million.

Box.net has 7 million users and stores about 300 million documents. Box.net was founded in 2005 by Aaron Levie and Dylan Smith from their dorm rooms in 2005. Box.net currently provides cloud storage to 77% of the Fortune 500. About 100,000 businesses are using Box.net’s services and 250,000 new users are joining every month.

Box.net has even received several acquisition offers that was roughly worth about $500 million. The company eventually plans on going public.

[TechCrunch]

Ping Identity Raises $21 Million for Secure Cloud Sign-Ins

Riley Kennysmith — Tue, 21 Jun 2011 17:42:50 +0000

Ping Identity has gained investors Triangle Peak Partners and Silicon Valley Bank, raising $21 million for their secure sign-in platforms. According to TechCrunch, the new investors join Appian Ventures, Draper Fisher Jurvetson, General Catalyst Partners, SAP Ventures and Volition Capital.

Ping Identity’s products allow users to sign in with a single cloud identity. The $21 million they have raised will be used to develop new products and boost their sales and marketing. Ping Identity currently serves more than 600 customers, providing a secure single sign-in for many cloud applications.

On Deck Raises $15 Million Series C, Led By SAP Ventures

Amit Chowdhry — Fri, 28 Jan 2011 20:15:47 +0000

On Deck is a technology platform company that connects “Mainstreet directly to capital.” The company has raised $15 million in SEries C funding. This round of funding was led by SAP Ventures. On Deck saw 3X revenue in 2010. On Deck created a platform that evaluates the financial health of Main Street businesses. On Deck delivered about $100 million in loans to thousands of Main Street small businesses. Main Street is a metonym for retail areas of a village, town, or small city.

“We started On Deck knowing that technology and electronic data would be the key ingredients to connecting Main Street to capital,” stated On Deck Founder and CEO Mitch Jacobs. “Four years later our system has been completely validated by the $100 million dollars delivered to small businesses. We’re excited to have SAP Ventures, a firm that brings a wealth of business software experience to the table, as a financial investor.”

SAP Acquires Coghead, A Cloud Computing Company

Amit Chowdhry — Fri, 20 Feb 2009 00:50:59 +0000

SAP (NYSE:SAP), the company behind one of the most popular enterprise software is getting into the cloud computing game through the acquisition of Coghead. Coghead will be shutting down their business and letting go of customers as a part of the acquisition. SAP bought out Coghead’s intellectual property and hired their engineering team. SAP doesn’t plan on reselling Coghead’s service anytime soon.

“SAP is one of the premier tech companies in the world and we’re really happy this transaction took place,” stated Paul McNamara, Coghead’s CEO. “However, the Coghead business model is not in keeping with the kinds of things that SAP wants to do.”

Coghead’s primary service was to allow customers to develop and host database applications using a simple drag & drop interface. Coghead’s service will run through April, but after that it is safe to assume that the service will no longer be around.

Since Coghead started a few years ago, they raised about $13.7 million from El Dorado Ventures, American Capital Strategies, Western Technology Investment, and SAP Ventures.