Transitive Raises $11.5M Series C, Names Carl Everett To Its Board

Transitive Raises $11.5M Series C, Names Carl Everett To Its Board

Los Gatos, California.

September 21, 2004

By Marine Cole

Transitive Corp., a provider of software that enables transportability of applications across multiple processor and operating systems, said it has secured $11.5 million in a Series C round of financing.

New investor Accel Partners led the round, while existing investors Pond Venture Partners and Crescendo Ventures also participated in the round, which Bob Wiederhold, president and chief executive of Transitive, called a "significant up round."

Proceeds of the round will be used to grow the company's sales and marketing.

"We expect not to need anymore financing and to be cash flow positive in the first half of next year," said Wiederhold.

Transitive's software technology allows other application software that has been compiled for one processor and one operating system to run on another processor and operating system without any source code. The company recently announced its QuickTransit product line and expects to announce customers by the end of the year.

Transitive currently has six customers, all computer manufacturers. "Computer [original equipment manufacturers] will integrate QuickTransit with their computer platform," Wiederhold said.

The company also plans to sell to software vendors and to information technology service companies.

Transitive has raised $24.5 million to date, including a $10 million Series B round of financing that closed in March 2003 from Crescendo Ventures and Pond Venture Partners. The company is also backed by Manchester Technology Fund.

Founded in 2000, the Los Gatos, Calif.-based company currently has 70 employees. It also has a research and development office in Manchester, England.

Wiederhold said that Transitive doesn't have any direct competitors. "Some companies have developed technology similar to this internally," he said.

As a result of the round, Carl Everett, a partner with Accel Partners, will join the board of Transitive. He is currently a board member of FormFactor Inc. In his career, he served as senior vice president of Dell Computer Corp.'s Personal Systems Group. He also worked for 20 years with Intel Corp.

Peter Wagner, managing partner at Accel Partners, will join the board as an observer.

http://www.transitive.com