Sitecore announced that Technology Crossover Ventures (TCV), which is taking a large minority investment in Sitecore, has been invited to join its group of shareholders.
Founded in 1995, TCV is a private equity and venture capital firm focused on IT companies, including Facebook, Groupon and Expedia.
The current Sitecore board is made up of six of the company's founders. David Yuan, TCV General Partner, serves on several boards in the IT industry and will join the Sitecore board. "We've followed the online marketing sector for several years, and Sitecore stands out as an innovator in bringing advanced technology and in-depth expertise to this growing market," he says.
Former Art Technology Group CEO Bob Burke will also be joining the Sitecore board, but no changes to the Sitecore Executive Board or management team are planned.
Sitecore's Fabulous Year
With high growth in revenue and profits, Sitecore, a web content management system provider, has had a great 2011. In fiscal 2010/2011, Sitecore revenue was up 50% over the previous fiscal year.
In October 2011, Sitecore launched an online resource for web marketers, publishers and business users called Sitecore Engage. Earlier this year, Sitecore announced that the company was repositioning its Web CMS as a customer engagement platform with a focus on engagement automation, engagement analytics and in-line experience management.
Sitecore also dug into the cloud this year, announcing integrated support for third-party online applications through its newApp Center. The App Center provides cloud-based applications and services for the rebranded Customer Engagement Platform.
With added presence in China, Poland and Singapore, Sitecore expanded its global reach and now has professionals located in 50 countries, more than 700 certified partners and 4,500 certified developers worldwide.