Today is one of those wonderful bittersweet moments in venture. When a team you’ve worked with for many years and is firing on all cylinders gets acquired in a fantastic exit. This is the case with the announcement of EMC buying Aveksa this morning.
Aveksa builds enterprise identity and access governance software. What does that mean? Well, in lay terms, their software ensure that the right people have access to the right data and applications at the right time. It’s a core security function and one that is quite technically complex to solve. And in today’s world where anyone can spin up an application with an email address and password, it’s one that’s coming under increased scrutiny.
We’ve known Deepak Taneja, the founder and CTO of Aveksa for many years. My prior firm had backed Deepak’s last company, Netegrity, where he was CTO and VP Engineering. Netegrity pioneered the web-based SSO market and built into a $100MM+ business before being acquired by CA. We were of course delighted to partner again with Deepak when he founded Aveksa. As part of that, Barry Bycoff – the former CEO of Netegrity – also joined Aveksa’s board as Chairman and we partnered with CRV to co-lead Aveksa’s Series A.
Along the way, we were joined by FT Ventures (Liron Gitig in particular) and were quite fortunate to find Vick Vaishnavi, who joined as CEO of Aveksa in late 2010. He’s an incredibly accomplished individual, having been VP of Marketing with Bladelogic from its early days through going public and eventually at BMC when it was acquired for $800 million. He brought together a veteran team and drove the business to 100% year over year growth.
This is a great outcome for us as shareholders and for the employees of Aveksa. I’d like to thank the entire team, most of whom are with us today from founding and some who are not, and the Board & co-investors I’ve worked with over the years. It’s been a thrilling ride that I’ve been privileged to be a part of and building Aveksa proved that creating complex software for the enterprise can still be sexy. I hope to work with you all again in the future!