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Websurveyor And Perseus Announce Merger
Combined Entity To Pursue Rapidly Growing Web Survey And Enterprise
Feedback Management (EFM) Markets
-- Austin Ventures Commits Significant Capital
and Resources to Industry Leaders; Company to
Deliver Full Line of Solutions and Services for
Business Professional, Enterprise, and Research
Markets --
Braintree, MA, and Herndon, VA - June 19, 2006 - Perseus Development
Corporation, the originator and leading provider of Enterprise Feedback
Management (EFM) solutions, and WebSurveyor, the leading provider of online
survey tools for business professionals, today announced the merger of the two
companies. The two entities will be combined under a newly formed holding
company funded by Austin Ventures (www.austinventures.com), and will offer 25
years of combined market leadership with an installed customer base exceeding
25,000. The combined companies are strategically positioned and funded to
deliver a complete line of web survey tools, solutions, services, and delivery
options enabling business professionals, global organizations, and research firms
to obtain, analyze, and leverage critical feedback for improved decision support.
In a separate announcement today by Austin Ventures, Dean Wiltse, former CEO
of Greenfield Online, a leading panel provider for Marketing Research and
consulting companies, was named Chairman and CEO of the combined entity.
"Our in-depth analysis of the market identified Perseus and WebSurveyor as
leaders and innovators of the EFM and survey tools markets. Combining these
two innovators establishes a single vendor offering the experience, technology,
and resources to take full advantage of this swiftly growing market", said David
Lack, Venture Partner, Austin Ventures.
The newly combined entity will operate in five countries, with an expanding
customer base that includes more than half of the Fortune 500.
According to a Gartner research report, "As the value of customer and employee
feedback gains importance among organizations worldwide, more enterprises
are seeking ways to collect and analyze feedback, and use [it] in conjunction with
existing data and needs." Moreover, by unifying survey activities, organizations
can realize true cost efficiencies associated with leveraging one vendor across
multiple departments and ensure that that the task of conducting surveys
(preparation and distribution of questions, collection and analysis of data)
remains the same across the different functions."*
As business processes continue to shift from traditional to online formats, market
research has followed suit. Unlike traditional focus group, paper and phone-
based survey techniques, web surveys provide a rapid, cost-effective, and highly-
detailed account of opinions and perceptions of customers, employees, partners,
web site visitors, and other key stakeholders. The declining costs of gathering
feedback due to internet survey software and ASP providers has rapidly fueled
adoption, empowering less sophisticated users - from users - from individuals to
global organizations - to quickly and easily obtain and analyze feedback for
better, more-informed decisions. Enterprise feedback systems have also
assumed value in recent years by enabling the collection and integration of
unique, highly-valuable "attitudinal" data which helps provide a fuller, richer view
of the customer to better leverage CRM system investments.
"The growth and success of Perseus and WebSurveyor are proof of the viability
and opportunity within this market. Our objective is to build next generation online
survey tools for the business professional, and the most comprehensive
Enterprise Feedback Management platform for the enterprise. As the companies
come together, the combined set of products and services will allow for 'total
solution delivery' enabling our customers to manage and utilize feedback as they
would any valuable corporate asset," said Dean Wiltse, Chairman and Chief
Executive Officer.
About Perseus
Perseus is leading the transition from web survey software to Enterprise
Feedback Management (EFM) solutions that help organizations better
understand their world. Organizations worldwide rely on Perseus systems to
better identify and meet employee, customer and partner needs, and increase
profitability by creating loyal relationships. Perseus products enable business
professionals to quickly and easily obtain, analyze, and manage sophisticated
enterprise feedback using intuitive web-based software. Perseus
SurveySolutions is a recipient of PC Magazine's Editors' Choice award for web-survey software, and is used by over 22,000 customers worldwide including over
twenty-percent of the Fortune 100. Perseus is a 2003 and 2004 Inc. 500
company and Deloitte Technology Fast 500 Company, and a four-time Deloitte
Technology Fast 50 company. The company worked with Madison Park Group to
assist in the transaction.
About WebSurveyor
WebSurveyor Corporation is the leading provider of online survey technology
solutions that empower people with real-time feedback to drive their businesses.
Since 1998, over 4,000 customers have trusted WebSurveyor with their online
survey projects. WebSurveyor ensures data security and confidentiality, a
reliable survey hosting service, dependable survey software and a responsive
team of survey experts - all backed by a money-back guarantee. The company
has been recognized for its strong commitment to business excellence and to the
highest standards of civic and social responsibility, integrity, and ethical conduct,
while being named one of the fastest growing companies in America.
WebSurveyor is a 2004 and 2005 Inc.500 company, Deloitte Technology Fast
500 company, and a Deloitte Technology Fast 50 company.
About Austin Ventures
Austin Ventures has been working with talented entrepreneurs to build valuable
companies since 1979. With $3 billion under management, AV is the most active
venture capital firm in Texas, and one of the most stablished in the nation. With
a focus on business services, information services, computer and
communications hardware, and enterprise software, Austin Ventures invests at
all stages of company development, from $100,000 "planned experiments" to
$50+ million investments in management buyouts.
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