Fresh off the initial public offering of on-demand software company NetSuite – which according to investment bankers experienced the best file to offer performance of any technology IPO since the Internet boom – StarVest General Partner Deborah Farrington was just named a top venture capitalist on Forbes magazine’s annual “Midas 100.” Farrington was also the highest-ranking woman on the list.
The Forbes Midas 100 surveys the top technology deal makers in the world to learn how they harness their unique energy, market and investment savvy to evolve portfolio companies from initial investment to world-class performers.
StarVest, a venture capital firm based in New York City that is building the next generation of expansion-stage companies in the technology enabled business services sector, has shown visionary leadership investing in the Software-as-a-Service (SaaS) market. The firm, who since 1999 has invested in eight SaaS companies, was the first VC to see the market potential of NetSuite and invested in the company in 2000, bucking the decisions of leading Silicon Valley and Boston-area firms not to invest.
StarVest maintains a laser focus on five key areas including Software-as-a-Service, Internet Marketing Services, e-Commerce Services, Data and Content Services and Identity and Security Management. And StarVest’s strategy of investing in the most promising companies irrespective of geography (the firm has active investments that span Cleveland to Austin, Texas, Scottsdale, Ariz. and Los Angeles) has been noted by Forbes and other major publications as a key differentiator for the firm.
On Dec. 20, 2007, NetSuite’s IPO resulted in its selling 7.1 million shares at a price of $26.00 per share, valuing the company at $1.55 billion - a valuation second only to Google for venture-backed technology IPOs since the end of 2001. At the offering price, StarVest held shares valued at $70 million.
This performance catapulted StarVest to the national stage and resulted in plaudits from national business media such as Forbes, who recognized Deborah for the key role she played in helping NetSuite to its successful public offering.
Deborah continues to work closely with NetSuite by serving on its Board, as she has since 2000. She predicts future expansion for the SaaS sector, and growth of 26 percent per year over the next five years to $10.9 billion in sales.
“This important acknowledgement from Forbes caps a truly momentous period for us as a firm, and it’s further recognition of the potential we saw very early on in NetSuite, when others in the VC community opted not to invest,” commented Farrington. “I look forward to working with NetSuite while helping to build the next generation of market-leading companies in the technology enabled business services sector.”
About StarVest Partners
StarVest Partners is a disciplined venture capital firm that is funding and building next-generation businesses. The firm’s value-added partnership maintains a core focus on five key emerging technology and services sectors: Software-as-a- Service (SaaS), Internet Marketing Services, eCommerce Services, Data and Content Services and Identity and Security Management. StarVest combines a sophisticated investment background with the experience to foresee opportunities for both its portfolio companies and funding partners. More information about StarVest is available at the company’s Web site: www.starvestpartners.com