Battery Ventures Promotes Chelsea Stoner to Partner

WALTHAM, MA, and MENLO PARK, CA, and HERZILYA, ISRAEL--(Marketwire - Jun 27, 2012) - Battery Ventures, a multi-stage investment firm focused on technology and innovation worldwide, today announced that Chelsea Stoner has been promoted to Partner. Based in the firm's Menlo Park office, Chelsea has been at Battery for six years as a key member of the firm's Software, Digital Media and Late Stage practices, and a major contributor to growing the firm's presence in SaaS and healthcare technology investing. Battery also announced today a $20M investment in Avalara, the leading provider of sales tax automation in the cloud, which Chelsea led. This represents the firm's 20^th SaaS deal overall.

Chelsea joined Battery in 2006 as a Senior Associate and was promoted to Principal before making Partner. She focuses on growth equity and buyout investments. Chelsea's portfolio includes both public and private, high profile, category leaders including:

• Cloud based sales tax automation provider Avalara (see accompanying press release Battery Ventures Invests $20 Million in SaaS Leader Avalara);
• Integrated, HME, billing and business management software provider Brightree;
• Data Innovations, maker of quality assurance SaaS for the clinical laboratory;
• Marketing automation giant Marketo;
• Guidewire, (NYSE: GWRE), provider of core system software to the global, Property/Casualty insurance industry;
• Groupon (NASDAQ: GRPN), known for daily deals on the best stuff to do, eat, see and buy in 48 countries around the world;
• Software and software-enabled services provider to the rental housing industry, RealPage (NASDAQ: RP).

"Chelsea's impact on our business since day one has been invaluable," said Dave Cormack, Brightree President and CEO. "She effectively functions as our in-house corp dev team, helping us grow by making accretive acquisitions. She is a smart, hard-working, true team player who combines great strategic vision with an ability to drill into the details of any situation. We know she'll be a big part of Battery's continued success, and we look forward to working with her in this new phase of her career."

In her most recent investment at Battery, Chelsea led a $20M financing into Avalara, the market leader and visionary in SaaS sales tax automation for businesses of all sizes. The Avalara deal was funded with capital from Battery IX, a $750 million fund that the firm is still actively investing. Battery IX follows the same investment strategy Battery has employed for almost 30 years, investing in businesses from seed stage to growth equity and buyouts across a variety of technology markets.

"Having personally worked with Chelsea since she joined Battery, without a doubt I can say we are lucky to have her on board and promoting her to Partner is extremely well deserved," said Dave Tabors, Battery General Partner. "As her track record proves, Chelsea can be counted on to turf up compelling companies and turn them into big opportunities for the firm. We look forward to more continued success together."

For a complete bio visit: http://www.battery.com/people/stoner.html.

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 seed, 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 (IPO), Angie's List (IPO), Anobit (acquired by Apple), Bazaarvoice (IPO), Bladelogic (acquired by BMC), ExactTarget (IPO), Groupon (IPO), Guidewire Software (IPO), ITA Software (acquired by Google), MetroPCS (IPO), Netezza (acquired by IBM), Skullcandy (IPO), XtremIO (acquired by EMC) and VSS Monitoring (acquired by Danaher). Its current portfolio includes emerging and high growth technology companies such as: Brightree, Coupa Software, Delphix, Gogobot, HotelTonight, Kontagent, Marketo, Opscode, SingleHop, Sprinklr, Viddy, Wayfair and Zerto.

From offices in Boston, Silicon Valley and Israel, Battery manages nearly $4B in committed capital, including its current fund of $750M. For more information, visit www.battery.com. Follow Battery on Twitter.