Convio Closes Additional $15 Million in Financing to Drive Continuing GrowthFunding Follows Five Consecutive Quarters of Record Sales; Supports Ongoing Product Development and Services Expansion, Propels Company Toward ProfitabilityAUSTIN, TEXAS (July 6, 2004) Convio, Inc. -- the leading provider of software and services to help nonprofits and higher education institutions use the Internet for fundraising, marketing, advocacy and other forms of support -- today announced that it has closed $15 million dollars in a fourth round of financing from new and previous investors. Adams Street Partners leads Convio's Series D funding, with participation from previous investors including Granite Ventures, Austin Ventures and Silverton Partners. Convio will use the new funding to strengthen its leadership position in the nonprofit sector, scale its operations and advance toward profitability. The company will invest in additional product development, enhancement of client services, and expansion of its marketing and sales organization. Founded in April 1999, Convio has helped pioneer use of the Internet by nonprofits to communicate and build relationships with constituents so they will donate, advocate, volunteer, recruit additional supporters, and also participate in events as well as other mission-critical activities. The company currently serves more than 250 nonprofits, including many of the nation's most influential and visible organizations, among them, the American Society for the Prevention of Cruelty to Animals, Easter Seals, Georgetown University and Mothers Against Drunk Driving. Since going live with its first customer, Convio has enabled nonprofits to communicate regularly over the Internet with more than eight million constituents, send 130 million emails and generate 1.4 million online donations totaling more than $78 million. "Convio is not only the market-leading product but the first mission-critical software for nonprofits in a very long time -- its value proposition has been demonstrated and is dramatic," said George Spencer, a partner at Adams Street Partners who is also joining Convio's board of directors. "Convio also has all the other elements of a great company -- a visionary executive team, a growing and stellar clientele, highly committed account managers, and sales people who listen to clients." Since closing its previous round of funding in February 2003, Convio has more than tripled its client roster, and now has an average of 50-55 new clients coming on board every 90 days. The company has had five consecutive quarters of record sales. Sales for the most recent quarter were up 100 percent compared with the same quarter a year ago. Convio's surging business has attracted attention from the business and investment community. Red Herring selected Convio for its 2004 "100 Top Private Companies" list (www.convio.com/redherring), which the organization describes as "the industry's definitive list of private technology companies impacting the marketplace, revealing where new fortunes are likely to be made." Additionally, Forbes named Convio to its 2004 list of fast-growing, private technology companies. "Convio is growing steadily and advancing toward profitability because we work in close partnership with our clients and listen to what they tell us they need to be successful in today's increasingly wired world," said Gene Austin, CEO, Convio. "Attracting $15 million in venture funding in the current economic climate is a strong indicator of our leadership position in a very attractive market, and that we're building a strong business for the long term." About Adams Street Partners Adams Street Partners LLC is a leading private equity investment firm, providing both partnership and direct investment services to institutional clients. Adams Street Partners is one of the largest managers of private equity partnership investments in the world and has one of the longest histories. Together with its predecessor organizations, Adams Street Partners has been investing in private equity partnerships since 1979 and managing direct investments in private equity since 1972. Adams Street Partners has offices in Chicago and in London. For more information, please visit http://www.adamsstreetpartners.com/. About Convio, Inc. Convio is the leading provider of software and services that help nonprofit organizations and higher education institutions use the Internet to build strong constituent relationships to drive support and participation. Convio has online solutions for fundraising and membership, advocacy, special events, volunteer fundraising, Web site management and email communications. All solutions include the Constituent360TM platform, a sophisticated, online marketing database that centralizes constituent data and integrates with offline databases. This gives organizations a unified view of constituent interests and motivations -- key for personalized and targeted outreach and communications. Convio also provides services and consulting to help organizations achieve success online. Convio's clients include the American Diabetes Association, the American Society for the Prevention of Cruelty to Animals, AVON Foundation, Brady Campaign United with the Million Mom March, Carnegie Museums of Pittsburgh, Chicago Public Radio, Easter Seals, Farm Aid, Georgetown University, KCET Community Television of Southern California, Mothers Against Drunk Driving, National Trust For Historic Preservation, Susan G. Komen Breast Cancer Foundation and the Y-ME National Breast Cancer Organization. For more information, please visit www.convio.com. Whitney Wood Otstott |
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