WebAction Announces Investment by Summit Partners
Industry Luminaries Frank Caufield, Regis McKenna, and Peter Chung join WebAction’s Board of Directors
PALO ALTO, CA–WebAction, Inc., the Real-Time Big Data Server company, today announced that it has closed an $11 million Series B financing led by Summit Partners, a leading global growth equity firm. The new capital will allow WebAction to expand research and development, and increase investments in sales, marketing, and other business development activities.
WebAction Real-Time Big Data Server is an end-to-end platform that enables the next generation of real-time, data driven applications by acquiring, processing, and delivering structured and unstructured data. The platform allows data to be filtered, processed, enriched, and correlated while it is still in motion. WebAction users can act on diverse data in massive volumes and maximize the value of big data within their enterprises.
“We are delighted to have Summit Partners join the team as their experience and success with rapidly growing companies makes them the ideal partner for WebAction,” said Ali Kutay, Chairman and CEO of WebAction. “Given our prior joint successes with Summit Partners,” he added, “we are well positioned to deliver industry-leading solutions to the enterprise market.”
Ali Kutay was President & CEO of a former Summit Partners portfolio company, GoldenGate Software, that was acquired by Oracle in 2009. In addition, he served on the Board of Ogone, a Summit Partners portfolio company that was acquired by Ingenico in March 2013.
Peter Chung, a Managing Director of Summit Partners who has joined the WebAction Board of Directors, said, “It is a rare privilege to have the opportunity to back Ali Kutay and the WebAction team in another transformative company. We know from our history together at GoldenGate Software that this team can combine product vision and deep technical expertise to deliver uniquely valuable mission-critical solutions to their customers. We look forward to partnering with the WebAction team in support of the company’s long-term growth strategy.”
In addition to Summit Partners, WebAction added Kleiner Perkins Caufield & Byers cofounder Frank Caufield and Silicon Valley marketing guru Regis McKenna as investors and members to its board of directors.
WebAction, Inc. is the Real-Time Big Data Server provider whose technology acquires, processes, and delivers structured and unstructured data across the IT infrastructure with minimum latency and overhead. Founded in 2012 by data management veterans, WebAction is headquartered in Palo Alto, CA. For additional information, visit www.webaction.luxcer.com.
About Summit Partners
Founded in 1984, Summit is a growth equity firm that has raised nearly $15 billion in capital, and provides equity and credit for growth, recapitalizations, and management buyouts. Summit has invested in more than 365 companies globally in technology, healthcare and other growth industries. These companies have completed 130 public offerings, and more than 135 have been acquired through strategic mergers and sales. Notable investments in the software sector include: Clearwater Analytics, Delphix, GoldenGate Software, Hyperion Software, McAfee, Postini, ProClarity, RightNow Technologies, Solutionreach, Unica and Wildfire Interactive. Summit Partners maintains offices in Boston, Menlo Park, London and Mumbai. For additional information, visit www.summitpartners.com.
WebAction® is a registered trademark of WebAction, Inc. All other trademarks mentioned in this release are the property of their respective owners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.