SOURCE: Bridgestream, Inc.

April 27, 2005 06:00 ET

Bridgestream Receives $5 Million in Funding From Hummer Winblad and Outlook Ventures

Investment to Fuel Sales and Marketing Initiatives

SAN FRANCISCO, CA -- (MARKET WIRE) -- April 27, 2005 -- Bridgestream, Inc., a leading provider of business roles automation solutions, today announced that it has received $5 million from Hummer Winblad Venture Partners and Outlook Ventures marking the completion of its Series A funding totaling $8.5 million. Bridgestream will use this investment to fuel its sales and marketing initiatives.

"Bridgestream is addressing an issue that can have a profound impact on the bottom line of companies seeking to control costs and ensure compliance," said Mitchell Kertzman, a partner at Hummer Winblad Venture Partners. "We see this as a great market opportunity. Bridgestream has the product strength and market momentum to be in the forefront of the identity and access management space."

Managing and securing applications is a daunting task for IT organizations. They need to support hundreds of applications with thousands of users having different access and privileges. In addition to the formal hierarchical structures, companies frequently depend on cross-functional teams to work on projects. Traditionally, IT uses static organizational directories to provision and de-provision users. As a result, manually maintaining roles and privileges can be time-consuming, expensive and inaccurate with system security ultimately compromised. Bridgestream solves this problem by determining business relationships and policies based on how companies operate and translate them into IT terms. By providing an operational view of managing users and their access to enterprise systems, Bridgestream automates and streamlines user administration and provisioning. As a result, enterprises can decrease the cost of managing access and authority information, improve visibility and control as well as ensure regulatory compliance.

"Bridgestream has created a solution that allows organizations to ensure that only the right users gain access to sensitive enterprise systems and resources at the right time," said Randy Haykin, a managing director at Outlook Ventures. "The increasing concern and focus on securing access to sensitive enterprise systems and data is driving dramatic growth in the security and privacy area. Therefore, we believe that Bridgestream has a great market opportunity, and the company is very well positioned to be a leader in this space."

"It's great to have two top-tier venture firms partner with us and help grow the company," said Mark Tice, chief executive officer of Bridgestream. "Closing this round represents a great endorsement of the market potential and our plan to capitalize on it."

About Hummer Winblad Venture Partners

In 1989, Hummer Winblad Venture Partners was created as the first venture capital firm focused exclusively on software. As the software industry has grown from PC software to enterprise computing to Internet applications, Hummer Winblad has been at the forefront -- funding the entrepreneurs and ideas that helped define these markets. The partners believe that innovative software will increasingly be the core driver of competitive advantage within companies, will underlie valuable services to consumers and corporations, and will change the economics of entire industries. The firm's goal is to provide the capital, experience and vision that will help its companies become leaders in this new software economy. For more information on Hummer Winblad, visit www.humwin.com.

About Outlook Ventures

Established in 1995, Outlook Ventures actively invests in promising seed and early stage next-generation software companies in the Western United States. The partners are passionate about working with high-potential entrepreneurs toward a shared vision. The firm applies its depth of experience and resources, unique among seed and early stage firms, to building each individual portfolio company. As a result, Outlook has delivered returns in the top quartile of all venture funds and more importantly, has helped those entrepreneurs to achieve profound impact on their industry sectors. For more information on Outlook Ventures, visit www.outlookventures.com.

About Bridgestream, Inc.

Bridgestream is a leading provider of business roles automation solutions. The Bridgestream SmartRoles™ software maps the business relationships that exist within a department, a division and across the extended enterprise to provide fast, accurate and real-time information about role-based authorizations and changes. With Bridgestream, enterprises can decrease the cost of managing access and authority information, improve visibility and control as well as ensure regulatory compliance. Bridgestream is headquartered in San Francisco, Calif. For more information, visit www.bridgestream.com or call (415) 284-2800.

Contact Information