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August 06, 2007

Indian EIRs - and their VCs - strike it rich as Bladelogic pulls off IPO

Dev Ittycheria- and Vijay Manwani- co-founded BladeLogic, Inc., a Lexington, MA-based provider of data center automation software, pulled off a successful IPO in July even as Hewlett Packard announced an $1.6 billion acquisition of its rival - the Marc Andreessen founded Opsware.

This latest story of Indian-born entrepreneurs striking it rich in the US tech industry has multiplied their VC investors' money several fold. Early investor Bessemer Venture Partners' (BVP) total investment of $6.5 million for instance is now estimated to be worth $120 million.

Interestingly, both Ittycheria and Manwani were entrepreneurs-in-residence - the former at BVP and the latter at Battery Ventures - before founding BladeLogic. Ittycheria and Manwani had earlier worked together at Breakaway Solutions after the Internet consulting company had acquired their previous companies (Applica Corporation and Eggrock Partners respectively).

Arun Natarajan is the Founder & CEO of Venture Intelligence, the leading provider of information and networking services to the private equity and venture capital ecosystem in India. View free samples of Venture Intelligence newsletters and reports.