Forbes: Apache startup rings up VC dollars
Dec 16, 1999, 06:38 (1 Talkback[s])
(Other stories by Om Malik)
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"Lincoln, Nebr.-based Covalent provides support services and
commercial software modules that can be added onto open source
software running on Apache Web servers. It is the leading provider
of Apache Web server e-commerce solutions. The company is expected
to announce on Dec. 16 that is has received $5 million in first
round funding from venture capitalists led by H&Q Venture
Associates and their affiliated funds Adobe Ventures and TI
"We received the call from the venture capitalists shortly after
the Forbes.com story and they offered us a fast track to the next
level," said Randy Terbush, in a telephone interview with
Forbes.com. As part of the deal, the five-year-old company will
move its headquarters to San Francisco."
"We plan to significantly expand our software offerings and put
more resources to work to make Covalent a major support and
services provider for Apache Web-server software," added Terbush.
He pointed out that the company would be looking to significantly
increase its support of the Apache open source movement."