Wasatch Venture Fund Changes Name to EPIC Ventures
New name reflects organization's evolution from local Utah firm to growingregional and national fundSALT LAKE CITY, Nov. 30 /PRNewswire/ -- Wasatch Venture Fund, a leadingregional venture firm focused on early stage technology deals, today announcedthat the firm has changed its name to EPIC Ventures.
The new name reflects the firm's growth from a primarily local,Utah-centric firm when it was founded by Zions Bank in 1994 to a growingregional fund with an expanding investment footprint. Since its inception,more than 90 companies through-out the United States have received ventureinvestment capital from Wasatch Venture Fund. EPIC Ventures will continue tomaintain offices in Utah, New Mexico and Idaho and its substantial nationalnetwork of industry contacts and investment partners. Zions Bank, whichinvested in each of the previous Wasatch funds, will retain its close workingrelationship with EPIC Ventures, including its commitment as a major investor.
"Though our name has changed to reflect our evolution as a fund, our focuson funding promising early-stage technology companies and our commitment tohelping technology entrepreneurs and companies succeed in their own epicbusiness journeys remains constant," said Todd Stevens, managing director ofEPIC Ventures. "EPIC Ventures will retain the same entrepreneur-friendlyapproach, and EPIC's portfolio companies will continue to benefit from thesame management team and powerful network of co-investors, advisors andindustry executives."
The firm's growth has been fueled by strong performance, including anumber of recent high-profile exits by Wasatch portfolio companies. Exitscompleted in 2007 include the successful IPO of DivX Inc.
(http://www.divx.com/), and the acquisitions of O'Currance Teleservices
(http://www.ocurrance.com/) by Riverlake Partners, Mozy/Berkeley Data Systems
(http://www.mozy.com/) by EMC Corp., The Generations Network
(http://www.tgn.com/) by Spectrum Equity Investors and the recently-announcedpurchase of Everdream (http://www.everdream.com/) by Dell Inc.
"We are extremely pleased with the performance of our portfolio companiesand the entrepreneurs who have been driving them," said Kent Madsen, managingdirector of EPIC Ventures. "Our current fund has achieved outstanding returnsand is one of leaders in the venture industry. We anticipate continued growthin value from our portfolio moving forward."
"We are in the midst of a very positive time for our firm and ourinvestors," added Nick Efstratis, managing director of EPIC Ventures. "Ourportfolio companies that exited in 2007 have on average returned well over 10times our investment in them; the strong performance of these companies andthe overall portfolio from our first three funds is creating solid momentumfor us as we raise our fourth fund."
For more information about EPIC Ventures and its portfolio, visitwww.epicvc.com, or call 801.524.8939.
Press Contact
Nick Efstratis Kimball Thomson
EPIC Ventures Next Phase Communications (for EPIC Ventures)
801.524.8939 801.918.3637
nick@epicvc.com kthomson@npcomm.comSOURCE Wasatch Venture Fund-EPIC VenturesNick Efstratis of EPIC Ventures, +1-801-524-8939, nick@epicvc.com; or KimballThomson of Next Phase Communications, +1-801-918-3637, kthomson@npcomm.com,for EPIC Ventures
