[FoRK] Keiretsu News
geege4 at bellsouth.net
Sun Oct 17 21:33:24 PDT 2004
File under "Execs Who've Paid Their Dues"
October 11, 2004
Investors at Keiretsu Forum see light at the end of tech tunnel
Angel investors who hung on during the dark days of the downturn are reaping
Well-known angel investor Bob Bozeman of Angel Investors LP told those
attending Keiretsu Forum's Sept. 30 meeting in San Ramon that one of his
fund's investments in Google that turned $200,000 into a stake worth $60
million. And given Google's performance on Wall Street this month, one
can probably tack on a million or two to that figure.
"Search is still rich. You'll see a lot of wealth created," Bozeman
While not on the order of Google, Keiretsu sold one of its portfolio
companies, Stream Theory of Santa Clara, for $25 million in stock to
Tadpole Technology of the United Kingdom.
The payoff is sweet but didn't come without pain along way. The company
survived its darkest days by paring staff and reducing executive pay to
minimum wage -- and much of that pay, required by law, was deferred,
said John Dilts, who serves on the company's board of directors and is
managing director of Keiretsu's Westlake chapter in Southern California.
The sale of the company, which has created a new way to deliver software
over broadband, includes a nice kicker because selling shareholders will
receive additional payments based on revenue earned from major customer
Softbank in Japan for a limited time.
Is it any wonder that the first meeting of Keiretsu's Silicon Valley
chapter occurring later this month in Mountain View is already sold out?
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