Battery Ventures Adds India-Focused Partner to Investment Team

Business Wire, May 22, 2008

Gautam Patel Joins Firm from iGate

WALTHAM, Mass. & MENLO PARK, Calif. -- Battery Ventures, a venture capital and private equity firm focused on investing in innovation worldwide, today announced the addition of Gautam Patel to its investment team. Joining as Partner, Patel will focus on investments in India, supporting Battery's strategic goal of building out its global investment platform. Patel joins Battery with nearly 15 years of combined venture capital, private equity and operational experience, most recently serving as head of Europe at IT services/BPO company iGate.

Patel joins the firm's India investment team, including Ramneek Gupta and Mark Sherman. Battery has been investing in India since late 2004, concentrating on the Financial Services, Media, and Technology Sectors; it is currently investing BV VIII, a $750M fund. Patel will initially be based in the firm's Silicon Valley office, preceding his and colleague Gupta's move to Mumbai in the second half of the year.

"This is an exciting step in our plans to build out our India practice," said Mark Sherman, Battery Ventures General Partner. "Gautam began in the Indian private equity market in 1997 when it was just getting off the ground, and a lot has happened since then. He shares our vision and passion for investing in the country, and has the essential blend of work experience in India, the US and Europe, which will help our portfolio companies scale globally. India is a major hub of entrepreneurial activity and innovation and represents an important geography in our global investment strategy."

"In addition to the country's surging economy, we believe there are significant demographic, income patterns and lifestyle shifts that are creating opportunity for entrepreneurs and investors alike," said Patel. "We expect an enormous amount of value to be created in the coming years, and it's great to join a firm that is willing to diligently search for the best companies in the most compelling sectors."

Battery's current portfolio of direct investments in Indian-based companies includes:

* Tech Process: A leading provider of transaction and payment processing services across a variety of industries in India. Based in Mumbai.

* Tejas Networks: Developer and marketer of leading-edge optical networking products for worldwide customers. Based in Bangalore.

* Travelguru: A pioneering travel solutions company that offers travelers the opportunity to plan and purchase their hotel travel instantly, in a transparent, hassle-free, quick and smart way. Based in Mumbai.

* High Mark: India's newest credit bureau, based on a new-generation technology platform. Based in Mumbai.

In addition, as business has globalized and moved offshore, Battery has invested in numerous U.S.-based companies with major operations in India, including BladeLogic (acquired by BMC Software), Consona, Mformation, Movius, Netezza (NYSE Arca: NZ), Veraz Networks (NASDAQ: VRAZ) and Witness Systems.

About Gautam Patel

Prior to Battery, Gautam was the Head of Europe and a member of the leadership team at iGATE, a Nasdaq listed Technology/BPO/Infrastructure services firm. Previously, he was the head of Middle East at MphasiS, also a publicly listed Technology/BPO firm. In addition to day-to-day P&L responsibilities, Gautam completed the acquisition of an SAP company for the firm. Prior to MphasiS, Gautam founded 3Genesis, a venture-backed Indian wireless telco services firm with clients in the US and Europe. He joined the Private Equity/VC industry in India in 1997, as it was just getting started, working in Mumbai for Indocean Chase Capital Partners and eVentures (where he incubated and spun out 3Genesis). Gautam began his career in finance in the U.S., working in New York and Chicago for investment banks Lazard Freres and Smith Barney. In these positions, he worked on a variety of cross-border transactions, including sell-side mandates, restructurings, share buybacks, and secondary market offerings. Gautam graduated from the University of Texas at Austin's management and technology program.

About Battery Ventures

Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company's life, from start-up and expansion financing, to growth equity and buyouts.

Battery has supported many breakthrough companies around the world, including: Airespace (acquired by Cisco), Akamai Technologies (NASDAQ: AKAM), BladeLogic (acquired by BMC Software), Cbeyond (NASDAQ: CBEY), LIFFE (acquired by Euronext), Neoteris (acquired by Netscreen), and Omniture (NASDAQ: OMTR). Its current portfolio includes emerging firms such as Bazaarvoice, Netezza (NYSE Arca: NZ), Spot Runner, Tejas Networks, TradeKing, and Travelguru as well as more established companies such as ITA Software, Cortera and MetroPCS (NYSE: PCS).

From offices in Boston, Silicon Valley and Israel, Battery manages nearly $3B in committed capital. For more information, visit www.battery.com.