Thursday, December 10, 2009
Venture Firm: We Missed That Networks In Motion Deal
OVP Venture Partners, a venture firm in Oregon and Washington, is highlighting its latest "missed deal" in Aliso Viejo-based Networks In Motion. NIM, which was acquired last week for $170M, had been backed by venture firms Redpoint Ventures, Mission Ventures, and Sutter Hill Ventures. OVP is known for its list of "missed deals" in its portfolio, and recently added Networks In Motion to its missed deal for its 2001-era Fund 6. According to OVP's site, it was approached in 2005 by the CFO of a former portfolio company, who had made money for the firm twice before, begging the firm to invest. OVP said it passed due to concerns over commoditization, and after losing NIM's demo phone. The lesson: "In this business, as in life - timing is everything." Networks In Motion's CFO is Gregg Marston, who was also CFO of Foundstone and Intek Global; he also is a board member of the Orange County Venture Group.