Web Geography LeaderPredicts Profitability, Welcomes New Board Member
MOUNTAIN VIEW, CALIF. – January 23, 2002 – Quova, Inc., the world’s leading provider and developer of Web geography services and technologies, announced today that it has raised $5 million in Series C financing that is expected to carry the company through to profitability. The round was funded by existing investors Mobius Venture Capital, IDG Ventures and Nexus Group.
“We’re absolutely delighted with the continuing commitment from our ongoing investors, and we believe this is the final step to bringing the company to profitability,” said Quova President and CEO Marie Alexander. “We’re gratified that in the midst of an economic downturn and an extreme tightening of the capital markets, we’ve generated such an enthusiastic endorsement from the venture capital community. The interest from investors in this round of funding was actually greater than our requirements.”
Quova also announced the appointment of Will Weathersby, co-founder and Principal at Nexus Group LLC, to Quova’s Board of Directors. Mr. Weathersby is a General Partner of Nexus Capital Partners I and II. He is a graduate of the U.S. Military Academy at West Point and holds an MBA from the Wharton School at the University of Pennsylvania.
"Quova has firmly established itself as the leader in a truly compelling industry space," said Mr. Weathersby. "Online gaming, fraud detection and digital content distribution are all areas where Quova`s geolocation technology truly meets a critical need for customers, and where demand for the IP mapping capability of Quova`s GeoPoint should grow explosively in the coming months. I believe the prospects for the company are bright indeed."
During calendar year 2002, Quova established a dominant position in the online gaming industry and made strong inroads in a variety of other verticals, including retail, tourism, digital asset delivery and online advertising. In recent months the company has secured contracts with major customers like Grand Virtual, MGM MIRAGE Online, Online Gaming Systems, Times Online and ValueAd.com.
“We’re impressed with Quova’s rapidly growing presence in the marketplace,” said Bill Hornbuckle, President and COO of MGM MIRAGE Online. “Their products and services are of the highest caliber and their technology has proven itself to be of tremendous value to us.”
Founded in January 2000, Quova, Inc. is the leading provider of geolocation services to online businesses. Quova`s GeoPoint service provides the geographic location of Web site visitors in real-time, enabling businesses to manage digital rights, target content, detect fraud, conduct site analysis and ensure regulatory compliance. Quova’s customers and partners include industry leaders such as CNET Networks, Times Online and Visa International. A privately owned company with investments from VeriSign, Mobius Venture Capital (formerly SOFTBANK Venture Capital), IDG Ventures, Nexus Group, and Fidelity Ventures, Quova`s main headquarters are located at 333 West Evelyn Avenue, Mountain View, California 94041, with European headquarters in Amsterdam, The Netherlands. Quova can be reached at 650/528-3700 and on the Web at http://www.quova.com/.
Quova, the Quova logo and GeoPoint are registered service marks and/or service marks of Quova, Inc.