Virage Closes $20 Million Financing Round Led by Reuters and Weston Presidio Capital
Investors see Virage products and application services as critical infrastructure for the broadband economy STREAMING MEDIA WEST CONFERENCE, SAN JOSE, California —December 7, 1999—Virage Inc., the recognized leader in interactive video search products and application services, announced today that it recently closed a strategic financing round totaling approximately $20 million, anchored by Reuters and Weston Presidio Capital. With this investment, Reuters and Weston Presidio join AltaVista, Adobe Ventures (a partnership with Hambrecht & Quist), Media Technology Ventures, NeoCarta Ventures, Sutter Hill Ventures and Trinity Ventures as primary investors in Virage.
"As the world leader in the production and distribution of video and news content, Reuters invests in companies that give us the competitive edge and provide solid financial returns," said John Taysom, managing director, Reuters Greenhouse. "Virage products and application services are proving to be critical infrastructure for the broadband economy, providing the way to transform video into compelling Internet content. We are looking forward to working closely with Virage as they help drive the convergence of television and the Internet.""From an investment perspective, Virage meets all of our stringent investment criteria," said Philip Halperin, general partner, Weston Presidio Capital. "First, they are the clear industry leader with many very satisfied customers. Second, the market they serve is enormous and growing rapidly. And third, they have a world-class management team. In a nutshell, Virage is doing for video on the Internet what Inktomi and Yahoo have done for text. We are excited to be their partner as they create the infrastructure for the next generation of Internet content.""This recent investment in Virage is confirmation that the financial community and strategic partners like Reuters share our view regarding the large potential of this market," said Paul Lego, CEO of Virage. "Recent broadband initiatives have demonstrated that the convergence of traditional media and the Internet is well underway. And given the market size and penetration of television alone, the market for rich broadband content could easily dwarf today's text and graphics-based Internet market.""The investment by Reuters and Weston Presidio underscores the strategic role that Virage plays in the industry shift to broadband, helping companies migrate their traditional media to the on-demand model of the Web," continued Lego. "Virage is uniquely positioned to allow content owners to quickly take advantage of the power of the new medium by providing the software and services that link video directly to advertising, community-building and e-commerce initiatives." About Virage, Inc.
Virage is the leading provider of products and application services that transform video into searchable and interactive Internet content. Virage's VideoLogger™ and AudioLogger™ software set the standard for real-time indexing and distribution of video across the Internet or corporate intranets. Virage Interactive™ services provide content owners with the complete infrastructure for seamlessly integrating Internet-compliant video into their web sites. Virage has been named the market winner by industry analyst group Frost & Sullivan. Virage customers include ABC, AltaVista, Associated Press, BBC, CBS, CNET, CNN, Compaq, C-SPAN, FBI, Fox Sports, General Electric, General Motors, Harvard Business School, iVillage.com, Lockheed Martin, Lucent, NASA, NBCi/SNAP.com, New York Stock Exchange, NTT, ON24, Reuters, Swiss Radio-TV and Telecinco. Headquartered in San Mateo, CA, Virage was incorporated in 1994 to provide organizations with advanced methods for accessing and leveraging media assets.
About Reuters Group PLC Reuters (NASDAQ: RTRSY) supplies the global financial markets and the news media with the widest range of information and news products including real-time financial data, collective investment data, numerical, textual, historical and graphical databases plus news, graphics, news video, and news pictures. It reaches over 519,000 users in 57,720 locations and extensively uses internet technologies for wider distribution of information and news. Reuters designs and installs enterprise-wide information management and risk management systems for the financial markets as well as providing equity and foreign exchange transaction systems. Reuters provides news and information to over 225 Internet sites reaching an estimated 12 million viewers monthly. Reuters is the world's largest news and television agency with 1,946 journalists, photographers and camera operators in 183 bureaus serving 157 countries. News is published in 23 languages. Instinet, an international electronic agency stockbroker, is an independently managed subsidiary of Reuters. The Group employed 16,898 staff in 212 cities in 95 countries at June 30, 1999.
About Weston Presidio Capital Weston Presidio Capital is an investment partnership which invests equity capital into second-stage and later-stage, privately-held growth companies. With approximately $1.0 billion under management, Weston Presidio's strategy is to originate investment opportunities in a diverse set of industries and companies operated by management teams with proven records of success. The firm's recent information technology and telecommunications investments include Airspan Communications, Dolphin Telecommunications, FPiX, Goodhome.com, Geneology.com, Mapquest.com, Medscape, Picture Works Technology, Quidnunc Group, RedEnvelope, Tavolo, and Vitria Technology.
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