MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--July 24, 1998--Visto Corporation announced today it has completed a $9 million third round of venture capital funding for continuing development, marketing and distribution of its Visto Briefcase(TM) service, which provides universal access and Web-based applications, including e-mail, calendar, address book and files, automatically linked to the user's desktop PC.
Visto(TM) raised the additional funds from venture capital firms New Enterprise Associates (NEA), the lead investor, and CMG @Ventures, both of Menlo Park, in addition to the company's existing investors. NEA venture partner Stewart Alsop also becomes a member of the Visto board of directors.
Visto will use the capital to serve the rapidly growing market for its services, and to continue to develop the Visto Briefcase and maintain its leadership in the universal access space. Including the latest round of financing, Visto has raised $14.l million since its founding in 1996.
``I see synchronization and universal access as fundamental technologies in a world with broadly distributed networks,'' Stewart Alsop commented. ``Visto is the leader in this technology, essentially providing users with a portal to their own content. I'm pleased to work with the company to bring the technology to millions of Internet users worldwide.''
Before joining NEA in June, 1996, as a venture partner focusing on information technology, Alsop served as executive vice president of InfoWorld Publishing Company, Inc., publishers of InfoWorld, a weekly newsmagazine for information technology professionals.
He also is founder of Industry Publishing Company, the publisher of a newsletter for computer industry executives and the producer of the Agenda and Demo technology conferences for computer industry executives. In addition to membership on the Visto board of directors, he currently serves on the boards of five other information technology companies invested in by NEA.
The Visto Briefcase, which became available in the fall 1997, brings together all of an individual's information -- e-mail, calendar, files, address book and bookmarks -- in a secure, private place on the Web. It provides access to personal content from any computer or device connected to the Internet.
The information can be automatically imported from the user's computer to the briefcase account, then any changes to the content will be synchronized back to the computer and across all computers an individual owns. The service allows people who want to work at home on evenings or weekends, for example, to conveniently access all of their latest files, even those inaccessible behind a corporate firewall.
While traveling on business, professionals can read and respond to corporate e-mail, access files, check phone numbers, and update schedules from any airport computer kiosk or borrowed PC.
The Visto Briefcase service is available at www.visto.com.
In addition to Compaq, Visto currently has strategic and co-marketing partnerships with Microsoft Corporation (NASDAQ:MSFT - news), through Microsoft Outlook 98; Traveling Software; Puma Technology and RSA, a leading provider of Internet security technology and products.
The company debuted at Agenda '98 and presented on stage at Internet Showcase 1998. Based in Mountain View, Visto Corporation was founded in 1996, and is funded by Bessemer Venture Partners, the founding investor, NEA, Trinity Ventures, Vector Capital, CMG @Ventures (NASDAQ:CMGI - news) and Labrador Ventures. The company's address on the Web is www.visto.com.
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Roeder-Johnson Corporation Abigail Johnson, 650/802-1850 firstname.lastname@example.org Mike Brogan, 650/802-1850 email@example.com
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