VC & Money

Our second annual list

of movers and shakers
in technology finance.

I
n the technology finance ecosystem, what makes a dealmaker? And who are the biggest
and best ones? With our second annual AlwaysOn Top Dealmakers list, we have tried to
map this. To do so, we asked the opinions of the best minds in the business and compiled
lots of resulting data. ¶ In the end, we came up with these mover and shakers in the
technology finance area. With this list, we offer you a snapshot of the organizations
driving today’s technology IPO and M&A activity, what’s happening in the market,
and the people making it happen.
These rankings were based on myriad sources of information—including, most
notably, the size and number of both M&As and IPOs of the past 12 months as well
as the number and size of investments managed. However, there are varying levels
of transparency along the technology finance food chain.
While diligent searching among public records yielded many insights, for some of
the less disclosure-oriented categories, we depended on editorial judgment and infor-
mation from those inside the industry. In addition, we held discussions with analysts
to identify some of the highest-profile deals of the last year with the greatest impact
on the tech sector.
This list wouldn’t have come together without help from Morgan Stanley, the 451
Group, Liquid Scenarios, and all others who provided data and viewpoints. Thank
you.
Naturally, we expect this list to generate conversation as well as some controversy.
We’re looking forward to your comments at alwayson.goingon.com and following
this year’s Venture Summit Silicon Valley in Half Moon Bay, CA, where we’ll be
honoring these movers and shakers.

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Angel
Investors Here is a snapshot of the biggest deals with the greatest impact over the last year in
the technology sector. With only a few choice technology IPOs this year, the big news
was in M&A. This year we’ve included public company M&A, as several long-standing
companies were snapped up by corporate behemoths.
Angel investors provide
fledgling companies with
seed capital, as well as
useful introductions and
advice, all in exchange for
U.S.Technology IPOs
September 2007 - August 2008
shares in the company. Our
selection criteria included Deal Size IPO
how many investments Issuer / Ticker ($MM) Date Bookrunners

this year’s angels have
made in successful start-
ups that transformed their
markets.
✱ angel investors ✱
Constant Contact CTCT $123 10/2/07 Oppenheimer & Co., Thomas Weisel Partners
3PAR PAR $108 11/15/07 Goldman Sachs, Credit Suisse
Rubicon Technology RBCN $108 11/15/07 UBS
Compellent Technologies CML $93 10/9/07 Morgan Stanley

People ArcSight ARST $62 2/13/08 Morgan Stanley

Ron Conway Intellon ITLN $51 12/13/07 Goldman Sachs
Now with: Angel Investors
Notable investments: Google, PayPal, SoundBite Communications SDBT $42 11/1/07 Cowen and Co., Thomas Weisel Partners
Ask.com
AO list company investments: 10

Marc Andreessen
Now with: Ning
Notable investments: Digg, Twitter,
CastTV, Qik
Top Technology and Media M&As
AO list company investments: 5
September 2007 - August 2008
Reid Hoffman
Now with: LinkedIn Target Acquiring Deal Size date
Notable investments: Facebook, Digg, Kon- Company Company ($MM) announced Industry
gregate, Zynga
AO list company investments: 2
Private Company M&A
Peter Thiel EqualLogic Dell 1,400 11/5/07 Enterprise
Now with: Clarium Capital Management
Notable investments: PayPal, Facebook,
MySQL AB Sun Microsystems $794 1/16/08 Software
Clickable
AO list company investments: 2
Generations Network Spectrum Eq Investors $300 10/17/07 Internet
Maven Networks Yahoo! $160 2/12/08 Internet
Mike Maples
Now with: Maples Investments Qumranet Red Hat $107 9/4/08 Software
Notable investments: Motive, Odeo, Digg
AO list company investments: 2

Lachlan Murdoch Public Company M&A

Now with: News Corp.
Activision Vivendi 9,851 12/2/07 Software
Notable investments: Spot Runner
AO list company investments: 2 BEA Systems Oracle 8,056 10/12/07 Software
William Randolph Hearst III NAVTEQ Nokia 7,954 10/1/07 Software
Now with: Hearst Corp.
Notable investments: Fora.TV, Revver Business Objects Systeme Anwendungen Produkte 6,079 10/7/07 Software
AO list company investments: 4
Alltel Verizon Wireless 5,900 6/5/08 Communications
Elon Musk
Now with: SpaceX SanDisk Samsung Electronics Co. 5,850 9/16/08 Semi
Notable investments: PayPal, Tesla Motors
AO list company investments: 3 Cognos IBM 4,964 11/12/07 Software

Joi Ito Clearwire Investor Group 3,200 5/7/08 Internet

Now with: Six Apart
Notable investments: Technorati, Last.fm,
Foundry Networks Brocade Communication Systems 2,896 7/21/08 Communications
Wikia, Kongregate
Diebold United Technologies 2,632 3/3/08 Hardware
AO list company investments: 1
3Com Investor Group 2,162 9/28/07 Communications
Dave McClure
Now with: 500 Hats CNET Networks CBS 1,808 5/15/08 Internet
Notable investments: Simply Hired, Teach-
Street, Mill River Labs

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VC & Money

Venture Capitalists
Once a company has a business plan and a product, it needs to productize the concept, hire a sales force, build a
channel, and bring those products to market. Until the company is profitable, gets acquired, or raises public equity
through an IPO, its operating capital comes from venture investors.

✱ Venture Capitalists ✱ Mayfield Fund Accel Partners Redpoint Ventures

Firms www.mayfield.com
Founded: 1969
www.accel.com
Founded: 1983
www.redpoint.com
Founded: 1999
CFO and Managing Director: James Beck Co-Founder and General Partner: James Founding Partner: Jeffrey Brody
Draper Fisher Jurvetson 2008 portfolio IPOs: 1 Swartz 2008 M&As: 4
www.dfj.com Total IPO value: $108M 2008 M&As: 3 Total M&A value: $678M
Founded: 1985 2008 M&As: 8 Total M&A value: $360M AO 2008 list companies invested in: 8
Founder and Managing Director: Tim Draper Total M&A value: $283 AO 2008 list companies invested in: 17
2008 portfolio IPOs: 2 AO 2008 list companies invested in: 10 Bessemer Venture Partners
Total IPO value: $202M Doll Capital www.bvp.com
2008 M&As: 8 Benchmark Capital Management (DCM) Founded: 1911/1975
Total M&A value: $550M www.benchmark.com www.dcmvc.com Managing Partners and COO: J. Edmund Col-
AO 2008 list companies invested in: 28 Founded: 1995 Founded: 1996 loton
General partners: Alex Balkanski, Matt Co-Founders and General Partners: David 2008 M&As: 1
Sequoia Capital Cohler, Bruce Dunlevie, Peter Fenton, Bill Chao, Dixon Doll Total M&A value: $800M
www.sequoiacap.com Gurley, Kevin Harvey, Bob Kagle, Mitch 2008 portfolio IPOs: 3 AO 2008 list companies invested in: 6
Founded: 1972 Lasky, Steve Spurlock 2008 M&As: 1
Founding Partner: Don Valentine 2008 portfolio IPOs: 1 Total M&A value: $380M U.S. Venture Partners
2008 portfolio IPOs: 2 2008 M&As: 4 AO 2008 list companies invested in: 1 www.usvp.com
Total IPO value: $187M Total M&A value: $1,700M
Founded: 1981
2008 M&As: 12 AO 2008 list companies invested in: 15 Index Ventures Founding Partner: William Bowes
Total M&A value: $517M www.indexventures.com
Kleiner Perkins 2008 M&As: 3
AO 2008 list companies invested in: 17
Founded: 1971 Total M&A value: $722M
Caufiled & Byers
Founding Partner: David Rimer AO 2008 list companies invested in: 2
Norwest Venture Partners www.kpcb.com 2008 M&As: 3
www.nvp.com Founded: 1972 Total M&A value: $1,000M Battery Ventures
Founded: 1961 2008 portfolio IPOs: 1 AO 2008 list companies invested in: 11 www.battery.com
Managing Partners: Promod Haque, George Total IPO value: $62M
Founded: 1984
Still 2008 M&As: 2 Highland Capital Partners Founder: Rick Frisbie
2008 portfolio IPOs: 1 AO 2008 list companies invested in: 17 www.hcp.com Total M&A value: $800M
Total IPO value: $187M
New Enterprise Associates Founded: 1988 AO 2008 list companies invested in: 3
2008 M&As: 6
Founders: Paul Maeder, Bob Higgins
Total M&A value: $839M www.nea.com 2008 M&As: 4 Revolution Partners
AO 2008 list companies invested in: 7 Founded: 1978 Total M&A value: $953M www.revolutionpartners.com
Managing General Partner: Peter Barris AO 2008 list companies invested in: 6
Greylock Partners 2008 portfolio IPOs: 2 Founded: 2001
Total IPO value: $155M Co-Founders and Managing Directors: Peter
www.greylock.com Charles River Ventures Falvey and David Lavallee
Founded: 1965 2008 M&As: 1
www.crv.com 2008 M&As: 10
Chairman: Henry McCance AO 2008 list companies invested in: 15
Founded: 1970 Total M&A value: $392M
2008 portfolio IPOs: 3
Menlo Ventures Partner and C-Founder: Rick Burnes AO 2008 list companies invested in: 1
Total IPO value: $339M
2008 M&As: 2
2008 M&As: 8 www.menloventures.com
Total M&A value: $170M
Total M&A value: $1,650M Madrona Venture Group
Founded: 1976 AO 2008 list companies invested in: 7
AO 2008 list companies invested in: 6 www.madrona.com
Founder and Managing Director: H. DuBose
Montgomery Founded: 1995
2008 portfolio IPOs: 1 Co-Founders and Managing Partners: Tom
Total IPO value: $108 Alberg and Paul Goodrich
2008 M&As: 7 2008 M&As: 3
AO 2008 list companies invested in: 5 Total M&A value: $625M
AO 2008 list companies invested in: 1

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 First Round Capital Mark Siegel
www.firstround.com Managing Director, Menlo Ventures
Founded: 2004 The big deal: 3PAR
Partners: Josh Kopelman, Chris Fralic,

Private Equity
Rob Hayes, Howard Morgan Fearghal O’Riordain
2008 M&As: 1 Partner, Scottish Equity Partners
Total M&A value: $36M The big deal: Diligent Technologies
AO 2008 list companies invested in: 10
David Chao
Matrix Partners Co-Founder and General Partners, Doll
www.matrixpartners.com Capital Management (DCM)
Founded: 1977 The big deal: Sling Media
Foundering General Partner: Paul Ferri Private equity, or leveraged buyout, firms take public com-
2008 M&As: 1 Danny Rimer panies private or buy their stock with the goal of turning
Total M&A value: $200M Co-Founder, Index Ventures
AO 2008 list companies invested in: 5
The big deal: MySQL
them around and selling them.
VantagePoint Venture Bob Davis
Partners Carlyle Group Stone Point Capital
General Partners, Highland Capital Part-
www.vpvp.com ners www.carlyle.com www.stonepoint.com
Founded: 1995 The big deal: Quigo Founded: 1987 Chairman: Stephen Friedman
Managing Partners: Alan Salzman and Jim Chairman: Louis Gerstner Total tech transactions 9/07 to 10/08: 1
Marver Chris Baldwin Total tech transactions 9/07 to 10/08: 2 Total $ value of those transactions: $540M
2008 M&As: 1 General Partner, Charles River Ventures Total $ value of those transactions:
AO 2008 list companies invested in: 16 $1,266.6M First Reserve Corp.
The big deal: EqualLogic
Lightspeed Venture Partners www.firstreserve.com
Jeff Brody Gores Group Founded: 1984
www.lightspeedvp.com
Founding Partner, Redpoint Ventures www.gores.com Chairman and CEO: William E. Macaulay
Founded: 1971
The big deal: Danger Founded: 1987 Total tech transactions 9/07 to 10/08: 1
General and Founding Partners: Barry Eggers,
Founder, Chairman,and CEO: Alec Gores Total $ value of those transactions: $396.5M
Rhavi Matre, Peter Nieh, Chris Schaepe Robert Goodman
2008 M&As: 2 Total tech transactions 9/07 to 10/08: 2 ✱ private equity ✱
Managing Partner, Bessemer Venture Total $ value of those transactions:

People
AO 2008 list companies invested in: 8
Partners $1,103.4M
✱ Venture Capitalists ✱
The big deal: BladeLogic
Thoma Cressey Bravo
People Tim Connors
General Partner, U.S. Venture Partners
www.thomabravo.com
Andrew Burgess
Managing Director, Carlyle Group
Founded: 1980 Notable deal: De La Rue ($706.6M)
Tim Draper The big deal: Trovix, Adify Managing Partners: Orlando Bravo, Scott
Managing Director, Draper Fisher Jurvetson Crabill, Lee M. Mitchell, Carl D. Thoma Steve Yager
Dave Tabors Total tech transactions 9/07 to 10/08: 2
General Partner, Battery Ventures Senior Managing Director, Gores Group
Sameer Gandhi Total $ value of those transactions: $269.9M
Notable deal: Sagem Communications
The big deal: BladeLogic
Partner, Accel Partners ($552.4M)
Kohlberg Kravis
The big deal: Gracenote Michael Barker Roberts & Co.
Title, company: Managing Director, Revolu- www.kkr.com
Orlando Bravo
Promod Haque tion Partners Managing Partner, Thoma Cressey Bravo
Managing Partners, Norwest Venture Founded: 1976
The big deal: Stratify Notable deal: CodeGear ($24.5M)
Partners Co-Chairmen and Co-CEOs: Henry Kravis,
The big deal: Yipes Matt McIlwain George Roberts
Total tech transactions 9/07 to 10/08: 1 Todd Fisher
Managing Director, Madrona Venture Partner and Managing Director, Kohlberg
Bill Kaiser Group Total $ value of those transactions:
Kravis Roberts & Co.
$1,919.6M
Partner, Greylock Partners The big deal: World Wide Packets, Farecast
Notable deal: Northgate Info Solutions
The big deal: Constant Contact, Cybertrust Adams Street Partners ($1,919.6M)
Josh Kopelman
Kevin Fong www.adamsstreetpartners.com
Partner, First Round Capital David Welsh
Founded: 1972
formerly Managing Director, Mayfield Partner, Adams Street Partners
Fund David R. Skok CEO: T. Bondurant French
The big deal: 3PAR General Partner, Matrix Partners Silver Lake Partners Michael Bingle
The big deal: Diligent Technologies
Kevin Harvey www.silverlake.com Managing Director, Silver Lake Partners
General Partner, Benchmark Capital Eric Ver Ploeg Founded: 1999 Notable deal: Gerson Lehrman Group
Executive Chairman and Co-Founder: Jim David- ($200M)
The big deal: MySQL Managing Director, VantagePoint Venture
Partners son
Ted Schlein The big deal: OZ Communications
Total tech transactions 9/07 to 10/08: 2 Buddy Gumina
Total $ value of those transactions: $385M Partner, Apax Partners Worldwide
Partner, Kleiner Perkins Caufield & Byers
The big deal: ArcSight Barry Eggers Notable deal: TriZetto Group ($1,364..4M)
Apax Partners Worldwide
Founder, Lightspeed Venture Partners
www.apax.com Rajiv Ghatalia
Scott Sandell The big deal: Calista
Founded: 1971 Managing Director, Warburg Pincus
General Partner, New Enterprise Associates
Co-Founder and Chairman: Ronald Cohen
The big deal: Data Domain Notable deal: Chunghwa Picture Tubes
Total tech transactions 9/07 to 10/08: 1
Total $ value of those transactions:
($250M)
$1,601.5M
Chuck Davis
Warburg Pincus CEO, Stone Point Capital
www.warburgpincus.com Notable deal: Fiserv Insurance Solutions
Founded: 1939
($205M)
Co-Presidents: Charles R. Kaye, Joseph
P.Landy Francesco Giuliani
Total tech transactions 9/07 to 10/08: 1 Director, First Reserve Corp
Total $ value of those transactions: $250M Notable deal: Gamesa ($396.5M)

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VC & Money

Investment Bankers
When the time is right to take a company public or
sell it, it works with investment banks. Investment
banks underwrite IPOs—helping prepare the prospec-
tus, setting the share price, promoting the company
to institutional investors, and once it’s public, provid-
ing analyst coverage of the stock to keep public inves-
tors up to date on financial performance. During an
M&A, they act as advisors to either party, structur-
ing the deal and providing acquisition capital. There
are three tiers of investment banks. The bulge brack-
ets are large, global financial service companies that
combine commercial banking, investment banking,
and sometimes insurance services. The middle mar-
ket and boutique banks are generally not affiliated
with commercial banks.

✱ Investment bankers ✱ Citigroup George Lee Bryce Lee

Bulge Bracket: www.citigroup.com
Founded: 1812/1998
Firms Head of Technology: Ben Druskin
2007-2008 tech IPOs: 2
Morgan Stanley Total tech IPO $ value: $143M
2007-2008 tech M&As: 19
www.morganstanley.com Total tech M&A value: $27,317
Founded: 1935
Managing Director: Michael Grimes Credit Suisse
2007-2008 tech IPOs: 6 www.credit-suisse.com
Total tech IPO $ value: $883M
Founded: 1856
2007-2008 tech M&As: 32
Managing Director: Bryce Lee
Total tech M&A value: $36,138M
2007-2008 tech IPOs: 9
Total tech IPO $ value: $1.657B
Goldman Sachs 2007-2008 tech M&As: 12
www.gs.com Total tech M&A value: $5,335M
Founded: 1869
Managing Director: George Lee Lehman Brothers
2007-2008 tech IPOs: 4 www.lehman.com
Total tech IPO $ value: $629M
Founded: 1850 (dissolved 2008)
2007-2008 tech M&As: 28
Managing Director: Paul Innouye
Total tech M&A value: $58,923M
2007-2008 tech IPOs: 2
Total tech IPO $ value: $314M
UBS Warburg 2007-2008 tech M&As: 19
www.ubs.com Total tech M&A value: $16,638M
Founded: 1747/1998
US Head of Communications Banking: John
Metz
JPMorgan
www.jpmorganchase.com
2007-2008 tech IPOs: 3
Total tech IPO $ value: $1.627B
Founded: 1799/1895
Managing Director: Mark Zanoli
2007-2008 tech M&As: 33 2007-2008 tech M&As: 11
Total tech M&A value: $20,813M Total tech M&A value: $12,212M
Merrill Lynch
www.ml.com ✱ Investment bankers ✱
Managing Director, Goldman Sachs
Of interest: Lee gained his reputation as
a tech investment banker by serving
household name clients such as eBay,
Microsoft, Expedia, Adobe, and Baidu. In
2008, he rose to number 46 from 57 on
the Forbes Midas List.
John Metz
Managing Director and U.S. Head of Commu-
nications Banking, UBS
Of interest: UBS nabbed Metz this year
from Credit Suisse to ramp up its tech-
nology M&A. While with Credit Suisse,
he led Netezza’s $124M IPO in 2007,
bringing the offering to the NYSE Arca
instead of NASDAQ.
George H. Young III
Head of Technology, Media and Telecom-
munications Investment Banking, Merrill
Lynch
Of interest: Merrill Lynch snapped up
Young from Lehman Brothers in 2007,
where he was head of the Global Com-
munications group. While at Lehman,
Young advised on AT&T’s $90B acqui-
sition of BellSouth, Verizon’s sale of its
Latin American businesses, Cingular’s
$47B merger with AT&T Wireless, SBC’s
$22B merger with AT&T, and Sprint’s
$46.5B merger with Nextel.
Tor Braham
Managing Director, Deustche Bank
Managing Director, Credit Suisse
Of interest: Sitting at number 19 on the
2008 Forbes Midas List, Lee focuses
on green tech at Credit Suisse. Nota-
ble IPOs include EnerNoc, First Solar,
and Suntech as well as Chinese Internet
companies Perfect World and Baidu.
Paul Inouye
Partner, Perella Weinberg Partners
Of interest: Inouye was formerly a man-
aging directory at Lehman Brothers,
where he was responsible for its Inter-
net practice. Inouye has advised eBay,
CNet, aQuantive, and WebMD as well as
headed Internet investments for Morgan
Stanley and Piper Jaffray.
Mark Zanoli
Managing Director, JPMorgan
Of interest: Zanoli has been working in
JPMorgan’s alternative energy group,
focusing on emerging cleantech compa-
nies since 2007.
✱ Investment bankers ✱
Full-Service:
Firms
Jefferies & Company
www.jerfferies.com
Founded: 1962
Vice Chairman: Paul Deninger

Bulge Bracket:
Founded: 1914 Tech M&As 9/07-9/08: 126
Head of Technology, Media and Telecommunica- Ben Druskin, Total tech M&A value: $38,462.3M

People
tions Investment Banking: George H. Young III Co-Head of Technology, Media and Telecom-
2007-2008 tech M&As: 17 munications, Citigroup William Blair & Co.
Total tech M&A value: $25,835M Of interest: Druskin took over the technol- www.williamblair.com
Michael Grimes ogy, media, and telecommunications Founded: 1935
Deutsche Bank Managing Director, Morgan Stanley group earlier this year and will continue President and CEO: John R Ettelson
www.db.com Of interest: Known for leading Google’s to head the technology group and work 2007-2008 tech M&As: 126
Founded: 1870 IPO, Grimes has also participated in on both mergers and financings. Druskin Total tech M&A value: $10,370M
Managing Director: Tor Braham other high-profile IPOs, such as Accen- worked with Varelas last year on the buy-
2007-2008 tech IPOs: 3 ture, Atheros, Cymer, @Home Networks, out of Affiliated Computer Services as Banc of America Securities
Total tech IPO $ value: $399M Brocade, Extreme Networks, Omniture, well as working with Accenture, EDS, corp.bankofamerica.com
2007-2008 tech M&As: 21 SanDisk, Seagate Technology, and Veri- Fujitsu, Hewlett-Packard, IBM, Infosys, Founded: 1998
Total tech M&A value: $17,061 Sign. and Wipro. Managing Director: Rex Sherry

32 | A LWAYSON | V E NT U RE S U MMI T S I L I C O N VA L L E Y 2 0 0 8
Tech M&As 9/07-9/08: 12 Adam Blackman
Total tech M&A value: $9,482.3M Managing Director, Banc of America Secu-
rities
Bear Sterns Of interest: Blackman came to Banc of
www.bearstearns.com America as co-head of business and
Founded: 1923 (dissolved 2008) technology services from Bear Stearn’s
Managing Director: Adam Blackman media group in June of this year.
Tech M&As 9/07-9/08: 3
Total tech M&A value: $662M Rex Sherry
Partner and Co-Head of West Coast Invest-
Montgomery & Co. ment Banking, America’s Growth Capital
Of interest: A former managing director at
www.monty.com
Bear Stearns, Sherry was co-head of its
Founded: 1986
West Coast Technology Banking Group.
Founder and CEO: James W. Montgomery
He currently heads AGC’s west coast
2007-2008 tech M&As: 33
efforts.
Total tech M&A value: $1,675.677M
James W. Montgomery
Raymond James & Associates
Founder and CEO, Montgomery & Co.
www.raymondjames.com
Of interest: Montgomery is currently
Founded: 1962 focused on the strategic growth and
Managing Director: Charles Uhrig direction of the firm. He also serves as
2007-2008 tech M&As: 4 CEO of Digital Coast Ventures, an affil-
Total tech M&A value: $2,776M iated investment vehicle, and was a
founder of VC firm Palomar Ventures.
Needham & Company
www.needhamco.com Charles Uhrig
Founded: 1985 Managing Director, Co-Head of Technol-
CEO and Head of Investment Banking: John J. ogy & Telecommunications Group, Raymond
Prior, Jr. James & Associates
Tech M&As 9/07-9/08: 10 Of interest: Uhrig joined Raymond James
Total tech M&A value: $862.56M & Associates in 1988 and has been
involved in numerous public and private
Sandler O’Neill and offerings and M&As. Prior to joining Ray-
Partners mond James, Uhrig worked as a CPA with
www.sandleroneill.com
Price Waterhouse in Miami.
Founded: 1988 John J. Prior, Jr.
Principal and Co-Head of Investment Banking:
CEO and Head of Investment Banking, Need-
William F Hickey ham & Company
2007-2008 tech M&As: 2
Total tech M&A value: $9,459.5M
Of interest: Prior joined Needham & Com-
pany in 1996 from Lehman Brothers,
where he was a managing director in the
Wachovia Investment Banking Division.
www.wachovia.com
Founded: 1879/2001 William F. Hickey
Co-Head, Corporate and Investment Banking: Principal and Co-Head of Investment Bank-
Steve Cummings ing, Sandler O’Neill
2007-2008 tech M&As: 7 Of interest: Hickey is responsible for pro-
Total tech M&A value: $1,926.1M viding M&A and general strategic plan-
ning advice for community banks nation-
America’s Growth Capital wide.
www.americasgc.com
Steve Cummings
Founded: 2003
Head of West Coast Investment Banking: Jeff Head, Corporate and Investment Banking,
Harmon Wachovia
2007-2008 tech M&As: 11 Of interest: Cummings is responsible for
providing executive leadership to corpo-
Total tech M&A value: $533.2M
rate and investment banking including
investment banking, M&A, fixed income,
✱ Investment bankers ✱
equities, real estate, principal investing,
Full-Service: capital finance, treasury services, and
global financial institutions and trade
People services.
Jeff Harmon
Paul Deninger
Head of West Coast Investment Banking,
Vice Chairman, Jeffries & Company America’s Growth Capital
Of interest: Deninger has personally
advised on more than 125 M&A transac-
Of interest: Harman was named head of
west coast investment banking for AGC
tions and numerous IPOs. He has served
on the boards of several public and pri-
in 2007, where he focuses on emerging-
growth technology sectors and leads the
vate technology companies and has firm’s efforts from its west coast location.
been a member of the World Economic
Forum since 1996. ✱ Investment bankers ✱
John R. Ettelson
President and CEO, William Blair & Company
Boutiques: Firms
Of interest: Ettelson joined the firm in Houlihan Lokey Howard
1984 and has moved steadily up the & Zukin
ranks ever since. He has been the lead www.hlhz.com
banker on many deals, including J.M. Founded: 1970
Smucker’s acquisition of Jif and Crisco Head of the Technology Group: Jason Hutchin-
from Procter & Gamble. son
Tech M&As 9/07-9/08: 50 also advised on the sale of Advanced
Total tech M&A value: $15,387.6M Power Technologies.
Jordan Edmiston Group Tolman Geffs
www.jegi.com Managing Director, Jordan Edmiston
Founded: 1987 Group
Manging Director: Tolman Geffs Of interest: Geffs represents online media,
Tech M&As 9/07-9/08: 20 interactive marketing services, and tech-
Total tech M&A value: $1,267M nology companies, as well as broader
media businesses seeking to expand in
Allen & Co. high-growth new media markets.
Founded: 1922
Tech M&As 9/07-9/08: 4 Stan Shuman and
Total tech M&A value: $6,900,000M Nancy Peretsman
Managing Directors, Allen & Co.
Pagemill Partners
www.pmib.com Scott Munro
Founded: 2005
Managing Director: Scott Munro
Founder and Managing Director, Pagemill
Partners
Tech M&As 9/07-9/08: 19
Of interest: Munro co-manages the Page-
Total tech M&A value: $448,875M
mill’s Software Practice and has com-
pleted more than 25 transactions in the
Revolution Partners last three years, including two sales to
www.revolutionpartners.com IBM (DataMirror and Net Integration), one
Founded: 2001 to Microsoft ( AdECN), one to Sun Micro
Managing Director: Michael Barker (Tarantella), and one to IAC (Bloglines).
Tech M&As 9/07-9/08: 8
Total tech M&A value: $542,200M David Lavallee
Co-Founder and Managing Director, Revo-
Duff & Phelps lution Partners
www.duffandphelps.com Of interest: Lavallee has executed several
Founded: 1932 innovative financings for technology com-
Managing Director: Greg Franceschi panies including Citrix, GartnerGroup,
Tech M&As 9/07-9/08: 2 Allaire, Silknet, Manhattan Associates,
Total tech M&A value: $730,000M and VistaPrint. He also worked on numer-
ous M&As in the software industry during
Pali Capital his tenure, including a $4.2 billion trans-
www.pali.com action, the third largest software acquisi-
Founded: 1995 tion in history.
Managing Director and Head of Investment Bank-
ing: David Boris Greg Franceschi
Tech M&As 9/07-9/08: 1 Managing Director, Duff & Phelps
Total tech M&A value: $700,000M
Of interest: Franceschi is in charge of the
firm’s Financial Reporting Valuation
Updata Partners Venture practice.
Capital
www.updata.com David Boris
Founded: 1987 Senior Managing Director and Head of
Managing Partner, President,and Co-founder: Investment Banking, Pali Capital
Ira Cohen Of interest: Prior to joining Pali, Boris was
Tech M&As 9/07-9/08: 11
Total tech M&A value: $221,877M
a founding member and managing direc-
tor of Morgan Joseph & Co, where he was
head of both the Financial Sponsors and
DeSilva & Phillips Media Groups.
www.mediabankers.com
Founded: 1996 Ira Cohen
Partner: Jay MacDonald
Managing Partner, President, and Co-
Tech M&As 9/07-9/08: 6 Founder, Updata Partners Venture Capital
Total tech M&A value: $60,000M
Of interest: Cohen has advised on more
than 200 M&A transactions and has
AdMedia Partners
www.admediapartners.com
extensive experience within the IT ser-
vices and various software sectors.
Founded: 1990
Managing Director: Seth Alpert Jay MacDonald
Tech M&As 9/07-9/08: 5 Partner, DeSilva & Phillips
Of interest: MacDonald joined DeSilva
✱ Investment bankers ✱
& Phillips in 2004. His notable deals
Boutiques: include the sales of Falk AG to Double-
Click and FranchiseGator to aQuan-
People tive. In 2006, he advised on the sale of
All Star Directories to Austin Ventures
and the purchase by InfoUSA of Opinion
Jason Hutchinson Research Corp.
Managing Director and Head of the
Technology Group, Houlihan Lokey
Seth Alpert
Howard & Zukin
Of interest: Hutchinson specializes in M&A Managing Director, AdMedia Partners
advisories, including exclusive sales, Of interest: Prior to joining AdMedia Part-
public company divestitures, leveraged ners he was an officer of Ziff Communica-
buyouts, defensive advisories, and fair- tions Company. His recent transactions
ness opinions. His noteworthy advisory include Range Online Media’s acquisi-
assignments include Macrovision, SSA tion by Aegis Group, Big Communications
Global, SeeBeyond, SimpleTech, River- by Meredith Corp., and i33 Communica-
stone, Tekelec, and Kulicke & Soffa. He tions by 360i.
V E NTUR E S UM M IT S ILIC ON VA LLE Y 2 0 0 8 | ALWAY SO N | 33
VC & Money

Corporate Buyers
These big companies want to acquire successful startups that have a strategic fit, breakthrough technology, customer
traction, or profit margin to bring to the corporate acquirer.
✱ Corporate buyers ✱ Total $ value of those investments: $765M licensing, VC community, and partner- Tech companies invested 2008 YTD: 1

Global Tech: EMC

ships. He was one of four principal archi-
tects of HP’s merger with Compaq.
Total $ value of those investments: $250M

Firms www.emc.com
Founded: 1979
Chairman, President,and CEO: Joseph Tucci
Microsoft Tech companies invested 2008 YTD: 6
www.microsoft.com Total $ value of those investments: $339.1M
Founded: 1975
CEO: Steve Ballmer Symantec
Tech companies invested 2008 YTD: 13 www.symantec.com
Total $ value of those investments: $1,676M
Founded: 1982
Chairman and CEO: John Thompson
Oracle Tech companies invested 2008 YTD: 5
www.oracle.com Total $ value of those investments: $526M
Founded: 1977
Chairman: Jeffrey Henley ✱ Corporate buyers ✱
Co-founder and CEO: Larry Ellison
Tech companies invested 2008 YTD: 9 Global Tech:
People
Total $ value of those investments: $8,500M
IBM
www.ibm.com Henry “Hank” P. Vigil
Founded: 1889 Senior Vice President, Strategy and Part-
Chairman and CEO: Sam Palmisano nership, Microsoft
Tech companies invested 2008 YTD: 10 Of interest: Vigil has led strategic agree-
Total $ value of those investments: $561.5M ments with Facebook, Nokia, France Tele-
com, Vodafone, NBC Universal, News
Time Warner Corp., Time Warner, and Viacom. He also
www.timewarner.com played a key role in completing Microsoft’s
largest acquisition of aQuantive valued at
Founded: 1989
$6 billion.
Chairman: Richard D. Parsons
Tech companies invested 2008 YTD: 7
Douglas Kehring
Total $ value of those investments: $1,221M
Senior Vice President Corporate Develop-
ment, Oracle
Hewlett-Packard
Of interest: Kehring is known for his acquis-
www.hp.com
itive nature, including the much publicized
Founded: 1939
acquisitions of PeopleSoft and Siebel
President and CEO: Mark Hurd Systems.
Tech companies invested 2008 YTD: 5
Total $ value of those investments: $14,710M
Dave Johnson
Head of Corporate Development, IBM
Yahoo!
www.yahoo.com Olaf Olafsson
Founded: 1994
Executive Vice President, Time Warner
CEO: Jerry Yang
Of interest: Olafsson is responsible for
Tech companies invested 2008 YTD: 6
Total $ value of those investments: $810M
Time Warner’s corporate strategy, M&As,
and investments. Previously, he was Vice
Accenture Chairman of Time Warner Digital Media,
where he was responsible for develop-
www.accenture.com ing strategic business plans for Time War-
Founded: 1989 ner’s digital media businesses and iden-
Chairman and CEO: William Green tifying emerging growth opportunities for
Tech companies invested 2008 YTD: 8
the company in the digital realm.
Total $ value of those investments: $41M
Shane Robison
Cisco Executive Vice President and Chief Strategy
www.cisco.com and Technology Officer, Hewlett-Packard
Founded: 1984 Of interest: Robison leads the compa-
CEO: John Chambers ny’s strategy and corporate development
Tech companies invested 2008 YTD: 6 efforts, including M&A, divestitures, IP
Gerald Horkan
Hearst Corp.
www.hearst.com
Senior Vice President of Strategy, Yahoo! Founded: 1887
President and CEO: Victor Ganzi
R. Timothy Breene Tech companies invested 2008 YTD: 2
Chief Strategy and Corporate Development Total $ value of those investments: $100M
Officer, Accenture
Of interest: Breene is Accenture’s chief Walt Disney Company
strategy and corporate development offi- www.disney.com
cer, leading the company’s growth and
strategy as well as corporate develop- Founded: 1923
ment functions. President and CEO: Bob Iger
Tech companies invested 2008 YTD: 4
Ned Hooper Total $ value of those investments: Undisclosed
Senior Vice President, Corporate Business
Development and the Consumer Group, Gannett Co.
Cisco www.gannett.com
Of interest: Hooper is responsible for Cis- Founded: 1906
co’s global growth strategy through busi- Chairman, President,and CEO: Craig A. Dubow
ness development activities including Tech companies invested 2008 YTD: 3
acquisitions, equity investment, and the Total $ value of those investments: $30.2M
incubation of innovative technologies. He
also manages Cisco’s consumer orga- NBC Universal
nization and strategy, initially focused on
delivering the network as the platform in www.nbcuni.com
the home. Founded: 1926
President and CEO: Jeff Zucker
Louise O’Brien Tech companies invested 2008 YTD: 2
Executive Vice President, Corporate Strat- Total $ value of those investments: Undisclosed
egy and Development, EMC
Of interest: O’Brien joined EMC after run- Guardian News & Media
ning her own consulting practice, which www.gmgplc.co.uk
she established after spending several
Founded: 1907/1993
years with Dell.
CEO: Carolyn McCall
Tech companies invested 2008 YTD: 1
Gregory W. Hughes
Total $ value of those investments: $30M
Chief Strategy Officer, Symantec
Of interest: Hughes joined Symantec Condé Nast Publications
through the company’s merger with Veri-
www.CondEnast.com
tas in July 2005.
Founded: 1909
CEO: Charles Townsend
✱ Corporate buyers ✱
Entertainment
Tech companies invested 2008 YTD: 1
Total $ value of those investments: $25M
& Media: Firms Viacom
www.viacom.com
CBS Founded: 1971/2005
www.cbs.com President and CEO: Philippe P.Dauman
Founded: 1927 Tech companies invested 2008 YTD: 1
Chairman: Sumner Redstone Total $ value of those investments: Undisclosed
Tech companies invested 2008 YTD: 3
Total $ value of those investments: $1,881.5M National Lampoon
nationallampoon.com
Discovery Communications Founded: 1970
corporate.discovery.com CEO: Daniel Laikin
Founded: 2005 Tech companies invested 2008 YTD: 4
Founder and Chairman: John S. Hendricks Total $ value of those investments: Undisclosed

34 | A LWAYSON | V E NT U RE S U MMI T S I L I C O N VA L L E Y 2 0 0 8
 ✱ Corporate buyers ✱
Entertainment
& Media: People
Quincy Smith
President, CBS Interactive
Of interest: Smith is responsible for over-
seeing CBS’s entire interactive strategy
and guides its implementation across
CBS’s varied divisions and online busi-
nesses.
Bruce Campbell
President, Digital Media and Corporate
Development, Discovery Communications
Of interest: Campbell led the multi-plat-
form joint venture between Oprah Win-
frey and Discovery Communications to
create OWN: The Oprah Winfrey Network,
premiering in 2009.
James M. Asher
Senior Vice President and Chief Legal and
Development Officer, Hearst Corp.
Of interest: Asher oversees Hearst’s
interactive media group, which identi-
fies and implements new technologies
and makes strategic investments in
new media and media technology busi-
nesses.
Kevin Mayer
Executive Vice President, Corporate Strat-
egy, Business Development and Technology
Group, Walt Disney Company
Of interest: Mayer’s group was responsi-
ble for Disney’s $700M acquisition of
Club Penguin.
Daniel Ehrman
Vice President, Planning and Development,
Gannett Co.
Lisa Gersh
President, NBC Universal Strategic Initia-
tives
Of interest: Gersh was the president, CEO,
and Co-Founder of the Oxygen network.
Tim Brooks
Managing Director, Guardian News & Media
Of interest: Brooks came to the GNM
from IPC Media’s men’s lifestyle and
music division and has been responsi-
ble for moving the company into the digi-
tal media age.
Sarah Chubb
President, CondéNet
Of interest: Chubb oversees the operation
of the company’s Internet brands. Previ-
ously, she led CondéNet’s expansion of
its five destination sites, including Epi-
curious.com, Concierge.com, STYLE.
COM, MEN.STYLE.COM, Wired.com, and
Flip.com.
Wade Davis
Senior Vice President, Strategy, Mergers
and Acquisitions, Viacom
Of interest: Since 2007, Davis has been
responsible for Viacom’s strategic plan-
ning and business development.
Daniel Laikin
Title, company: CEO, National Lampoon
Of interest: Daniel Laikin has expanded
the National Lampoon business into all
areas of media, including production of
National Lampoon’s Lemmings in part-
nership with (AO list winner) ManiaTV.
Corporate VCs
Corporate VCs can invest in early- or late-stage companies, but usually focus on
sub-sectors and investments with potential business benefits for their limited
partner—the corporate parent.
✱ Corporate VCs ✱ General Partners: Michael Aronoff, Jeffrey
Firms Bussgang, Michael Greeley, Chip Hazard,
Jon Karlen
2008 investments: 5
Intel Capital Total $ invested: $25M
www.intel.com/capital
Founded: 1991 ✱ Corporate VCs ✱
People
President: Arvind Sodhani
2008 investments: 77
Total $ invested: $147M
Arvind Sodhani
T-Venture of America
President, Intel Capital;
www.t-venture.de/en Executive Vice President, Intel
Founded: 1993 Of interest: Sodhani joined Intel in 1981
Managing Director, Chairman T-Venture and became president of Intel Capital in
of America: Dr. Axel Kolb 2005. Intel Capital recently announced
2008 investments: 28 its intention to invest $11.5M in Taiwan-
ese carrier VMAX with the goal of let-
Motorola Ventures ting VMAX deploy Taiwan’s first mobile
www.motorola.com/ventures WiMAX network, slated to be commer-
Founded: 1999 cially available within the first half of
2009.
Managing Directors: John O’Donohue and
Reese Schroeder
2008 investments: 22 Axel Kolb
Total $ invested: $8M Managing Director and Chairman,
T-Venture of America
SAP Ventures
sap.com/about/company/sapventures/ John O’Donohue
and Reese Schroeder
Founded: 1997
Senior Vice President: Nino Marakovic Managing Directors, Motorola Ventures
2008 investments: 16 O’Donohue heads invest-
Of interest:
Total $ invested: $9M ments in Europe, having established
Motorola Ventures in EMEA in 2003.
Qualcomm Ventures His focus is on investing in wireless,
www.qualcomm.com/ventures broadband, and digital user experience
Founded: 2000 areas—he has completed 13 invest-
Director: Nagraj Kashyap ments and three exits. O’Donohue’s
counterpart in the U.S., Schroeder,
2008 investments: 11
heads up the Schaumburg, IL, headquar-
Steamboat Ventures ters and is actively accelerate bottom-
line growth for Motorola through invest-
steamboatvc.com
ments in new technologies, businesses,
Founded: 2000
and talent.
Founder and Managing Director: John Ball
2008 investments: 10
Nino Marakovic
Time Warner Investments Title, Senior Vice President, SAP Ventures
Of interest: Marakovic is responsible for
www.timewarnerinvestments.com
the worldwide strategy and overall per-
Executive Director: Andrew Cleland
formance of Motorola's venture funds.
While Marakovic has been with SAP
Google
since 1999, he was previously a partner
www.google.com with VC heavyweights Draper Fisher Jur-
Founded: 1998 vetson and IVF Ventures. Currently, Mara-
Senior Vice President, Corporate Development: kovic manages investments in Apriso,
David Drummond Right Hemisphere, Vendavo, and Zend.
2008 investments: 5
Nagraj Kashyap
Hearst Interactive Media Director, QUALCOMM Ventures
www.hearst.com/interactive_media Of interest: Kashyap leads worldwide
Founded: 1993 activities for QUALCOMM Ventures. His
President: Kenneth Bronfin current investments include Obopay,
2008 investments: 5 WaveMarket, Airplay Networks, GoTV
Networks, and Novarra.
Flybridge Venture Capital
(formerly IDG Ventures) John Ball
www.flybridge.com Founder and Managing Director,
Founded: 2001/2008 Steamboat Ventures
V E NTUR E S UM M IT S ILIC ON VA LLE Y 2 0 0 8 | ALWAY SO N | 35
Of interest: Ball formed Steamboat Ven-
tures in 2000. He currently serves on
the boards of Pure Digital Technologies,
RazorGator, and VoodooVox. Ball’s prior
investments include Quigo (acquired by
AOL), Iridigm Display (acquired by QUAL-
COMM), and Fastclick (acquired by Val-
ueClick).
Andrew Cleland
Executive Director of Alliances and Tech-
nology Strategy, Time Warner Investments
Of interest: Cleland advises Time Warner’s
senior management on emerging media
technologies and works on corporate
transactions that have significant tech-
nology components. He managed key
aspects of the 2005 AOL/Google stra-
tegic alliance as well as serving as vice
president of TrustTheDJ.com, a London-
based music company he helped launch.
David Drummond
Senior Vice President, Corporate
Development, and Chief Legal Officer,
Google
Of interest: Drummond has been with
Google since 2002 and leads Google’s
global teams for legal, government rela-
tions, corporate development (M&A and
investment projects), and new business
development (strategic partnerships and
licensing opportunities). While he was
a partner at Wilson Sonsini, Drummond
served as Google’s first outside counsel
and worked with Larry Page and Sergey
Brin to incorporate the company and
secure its initial rounds of financing.
Kenneth Bronfin
President, Hearst Interactive Media
Of interest: As president of Hearst Interac-
tive Media since 2002, Bronfin focuses
on Internet content and infrastructure
companies while working with Hearst’s
other divisions to adapt the company’s
editorial and programming resources to
new formats. He joined Hearst in 1996,
from NBC, where he ran digital televi-
sion and headed business development
for NBC Technology. Bronfin sits on the
boards of Circles, E Ink, and iVillage.
Jeffrey Bussgang
General Partners, Flybridge Venture Capi-
tal (formerly IDG Ventures)
Of interest: Bussgang focuses on invest-
ments in consumer, Internet commerce,
marketing services, software, and wire-
less start-ups. He currently sits on the
boards of BzzAgent, ClickSquared, go2
Media, i4cp, InnerWireless, Mall Net-
works, SimpleTuition, and Transpera. Pre-
viously, he was a director at Brontes Tech-
nologies (acquired by 3M) and PanGo
Networks (merged with InnerWireless).
VC & Money

Institutional Corporate
Public Lawyers
Investors Lawyers are a must in the world of technology
Asset management firms of all kinds (mutual funds, finance. Some provide low or deferred-fee incor-
hedge funds, and so on) fall into this category. Beside poration services to brand-new startups, some
investing in technology stocks, they may also become trade shares for services, while others not only
limited partners in private equity firms’ funds. provide counsel but also introductions during
mergers, IPOs, or other financing events.
✱ Institutional Investors ✱ Value of Technology Holdings: ✱ CORPORATE LAYWERS ✱
Latham & Watkins
Firms Firms
$26,331,720,514
www.lw.com
Wellington Management Co. Founded: 1934
Vanguard Group www.wellington.com Chairman and Managing Partner: Robert Dell
Fenwick & West
www.vanguard.com Founded: 1928 www.fenwick.com
Founded: 1975 CEO: Perry Traquina Manatt Phelps & Phillips
Founded: 1972
Chairman: John Brennan Value of Technology Holdings:
Chairman: Gordon Davidson www.manatt.com
Value of Technology Holdings: $22,071,953,639
$41,368,183,181 Founded: 1965
T. Rowe Price Associates Goodwin Procter CEO and Managing Partner: William Quick-
Capital World Investors www.troweprice.com www.goodwinproctor.com silver
www.capgroup.com Founded: 1937 Founded: 1912
Founded: 1931/2008 President and CEO: James Aloysius Charles Chairman and Managing Partner: Regina Pisa ✱ CORPORATE LAYWERS ✱
Chairman: Jim Rothenberg
Value of Technology Holdings:
$41,580,574,756
Kennedy
Value of Technology Holdings:
$20,795,601,907
Morrison & Foerster People
www.mofo.com
Founded: 1883
Mark Stevens
State Street Global Advisors Dodge & Cox Partner, Fenwick & West
Chairman: Keith C. Wetmore
www.ssga.com www.dodgeandcox.com
Founded: 1990
Founded: 1930 Wilmer Cutler
President and CEO: Scott Powers
Chairman: John Gunn
Gordon Davidson
Value of Technology Holdings: Pickering Hale & Dorr Chairman, Fenwick & West
Value of Technology Holdings:
$46,567,663,620 www.wilmerhale.com
$14,490,598,266
Founded: 1918
Fidelity Management Co-Managing Partners: William Lee and Wil- Stephen C. Ferruolo
& Research ✱ Institutional Investors ✱
liam Perlstein
People
Partner, Goodwin Proctor
www.fidelity.com
Founded: 1946 Gunderson Detmer
Chairman: Edward “Ned” Johnson Yun-Min (Charlie) Chai Stough Villeneuve Franklin Susan Mac Cormac
Value of Technology Holdings:
Research Analyst and Portfolio Manager, & Hachigian Partner, Morrison & Foerster
$57,706,908,105
Fidelity Management & Research www.gunder.com
Barclays Global Tech muscle: Manages Fidelity’s $1.7B Founded: 1995
Select Technology Fund as well as the Founding Partner: Bob Gunderson Curtis Mo
Investors (California)
Fidelity Select Communications Equip- Partner, Wilmer Cutler Pickering Hale
www.barclaysglobal.com & Dorr
ment Fund and the Fidelity Select Net- Wilson Sonsini Goodrich
Founded: 1971
working & Infrastructure Fund & Rosati
Chairman: Robert “Bob” Diamond
Value of Technology Holdings:
Jeff Rottinghaus
URL: www.wsgr.com Robert Gunderson
$58,737,525,447 Founded: 1961 Founding Partner, Gunderson Detmer
Research Analyst and Portfolio Manager, Chairman: Larry Sonsini Stough Villeneuve Franklin & Hachigian
Alliancebernstein T. Rowe Price Associates
www.alliancebernstein.com Sector: Semiconductor, semiconductor
capital equipment, and software com- Firm: DLA Piper US Michael Ringler
Founded: 1971
panies www.dlapiper.com
Chairman: Lewis Sanders Partner, Wilson Sonsini Goodrich & Rosati
Value of Technology Holdings: Tech muscle: Runs the T. Rowe Price Global Founded: 2005
$28,090,607,071 Technology fund and Developing Technol- CEOs: Frank Burch, Nigel Knowles, Lee
ogies Fund Miller Eric Jensen
Capital Research Partner, Cooley Godward Kronish
Global Investors Michael Perre Cooley Godward Kronish
www.capgroup.com Principal, Vanguard Investments www.cooley.com
Founded: 1931/2008 Tech muscle: Manages Vanguard’s $2.7B Founded: 1920 James Beaubien
Chairman: Jim Rothenberg Tax-Managed Growth and Income Fund Chairman and CEO: Stephen Neal Partner, Latham & Watkins

36 | A LWAYSON | V E NT U RE S U MMI T S I L I C O N VA L L E Y 2 0 0 8
 The AO All-Star
Industry Analyst Team
Buy-side investors rely on investment banks’ analysts for accuracy in equity performance and early forecasting of
trend changes. We selected them based on nominations from industry insiders as the top analysts that are trusted by
a wide range of communities and have real impact on the sectors they cover.
Douglas Anmuth
Senior Vice President and Senior Research
Analyst, Barclays Capital
Sector: Internet
Companies under coverage include: Yahoo,
Google, eBay, InterActiveCorp, Ama-
zon.com
Bullish on: Google
Imran Khan
Managing Director, Senior Internet, Media
and Entertainment Analyst, JPMorgan
Sector: Internet software and services
Companies under coverage include: CNet Net-
works, eBay, Expedia, Google, IAC, Inner-
workings, Liberty Media, Shutterfly, Hou-
sevalues, Viacom, Yahoo
Bullish on: Internet stocks in 2008
Jeffrey Lindsay
Analyst, Sanford C. Bernstein & Co.
Sector: Internet
Bullish on: Google and Amazon
Mark Mahaney
Internet Analyst, Citigroup
Sector: Internet
Bullish on: Google
Of interest: For the past two years, Mah-
aney has been ranked #2 in the Green-
wich Institutional Investor Poll for the
Internet sector and ranked as runner up
in the Institutional Investor Annual Poll for
the Internet sector.
Justin Post
Analyst, Merrill Lynch
Sector: Internet and e-commerce
Bullish on: Online media spending in
2008, mobile market initiatives, and dis-
play ad targeting technology
Youssef Squali
Analyst, Jefferies & Co.
Sector: Internet software and services
Companies under coverage include: CNet Net-
works, Dice Holdings, EarthLink, eBay,
Google, Netflix, Omniture, Shutterfly,
United Online, ValueClick, Yahoo
Bullish on: Netflix, Google
Benjamin Reitzes,
Barclays Capital
Enterprise Hardware Analyst, Barclays
Capital
Sector: Enterprise
Companies under coverage include: Dell, EMC,
IBM, Cisco, Sun Microsystems, Lexmark
International, Xerox, Electronics for Imag-
ing, Network Appliance
Toni Sacconaghi
Analyst, Sanford C. Bernstein & Co.
Sector: Computer hardware
Companies under coverage include: Apple
Computer, Dell
Bullish on: Apple (even though he’s still
looking for those “missing” 1.4 million
iPhones)
Heather Bellini
Senior Applications Software Analyst, UBS
Sector: Software
Companies under coverage include: Sales-
force.com, Microsoft, Oracle
Bullish on: Microsoft
John DiFucci
Analyst, JPMorgan
Sector: Software
Companies under coverage include: Tibco,
Computer Associates, BMC Software,
Symantec, Accenture, Microsoft
Bullish on: Buying stocks (“Everything’s
cheap right now.”)
Sarah Friar
Vice President, Goldman Sachs
Sector: Infrastructure software industry
(security and systems management)
Bullish on: Industry consolidation, SaaS
M&A, and software stability in Q4
Gene Munster
Managing Director and Senior Research
Analyst, Piper Jaffray
Sector: Internet and digital media
Companies under coverage include: Amazon.
com, Apple, Baidu.com, eBay, Google,
InterActiveCorp, Sohu.com, Symantec,
ValueClick, Web.com, Yahoo!
Bullish on: iPhone apps
Charles Di Bona
Analyst, Sanford C. Bernstein & Co.
Sector: Software
Companies under coverage include: Microsoft,
Netsuite, Oracle, BEA
Brent Thill
Citigroup
Sector: Software
Companies under coverage include: Adobe
Systems, Autodesk, Activision Blizzard,
Salesforce.com, Electronic Arts, Intuit,
Microsoft, Novell, Omniture, Oracle, Red
Hat, Vmware
Bullish on: A 2008 video game sweet spot
Jesse Pichel
Principal and Senior Research Analyst,
Piper Jaffray
Sector: Clean technology
Companies under coverage include: Applied
Materials, Canadian Solar, Evergreen
Solar, First Solar, SunPower, ReneSola,
Solar International, Ultra Clean Holdings
Bullish on: Solar power
Of interest: Ranked #2 on Forbes Best Ana-
lysts—Earnings Estimators list in 2007.
Jonathan Schildkraut
Senior Telecommunications Analyst,
Jefferies & Co.
Sector: Telecommunications
Companies under coverage include: American
Tower Corp, Cbeyond, Cogent Communi-
cations Group, Equinix, General Commu-
nication, Ipcs, Level 3 Communications,
Switch & Data Facilities Co., Savvis, Ter-
remark Worldwide, Tw Telecom
V E NTUR E S UM M IT S ILIC ON VA LLE Y 2 0 0 8 | ALWAY SO N | 37
Of interest: Jonathan Schildkraut ranks
third on Forbes Best Brokerage Analysts
2008 list.
Tom Watts
Managing Director and Senior Research
Analyst, Cowen & Company
Sector: Telecommunications, data and
Internet, and satellite services
Companies under coverage include: Akamai,
Cogent Communications, Comcast,
Cablevision Systems, EchoStar, DirecTV,
Covad, Level 3, Sprint Nextel, Sirius Sat-
ellite Radio, AT&T, Time Warner, Verizon,
WorldSpace, XM Satellite Radio
Simon Flannery
Managing Director and Telecommunica-
tions Analyst, Morgan Stanley
Sector: Telecommunications
Companies under coverage include: Qwest,
Level 3 Communications, at&t, Verizon
Of interest: Blew the whistle on Qwest’s
accounting practices in 2001.
Ehud Gelblum
Analyst, JPMorgan
Sector: Telecommunications equipment
Companies under coverage include: Acme
Packet, Arris Group, Ciena Group, F5 Net-
works, Nortel, Qualcomm, Tellabs, Aruba
Networks
Of interest: Gelblum took top honors for
the third consecutive year in Institutional
Investor’s 2008 All-Star Analysts list.
Brian Modoff
Managing Director and Senior Analyst,
Deutsche Bank
Sector: Wireless telecommunications
equipment
Of interest: Modoff worked at Rockwell
International for four years as a manufac-
turing supervisor on the Ships Communi-
cation and Control Systems program and
four years in navigation systems testing.
Prior to Rockwell, he tested and repaired
communication and navigation systems
for the U.S. Navy.