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Bain Capital names Ajay Agarwal to venture partner
By siliconindia
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Thursday, 10 April 2003, 19:30 IST
BOSTON: Bain Capital Ventures, the venture capital arm of Bain Capital, said it has named Ajay Agarwal as venture partner in its Boston office.
In his new role, Agarwal said he will focus on identifying new investment opportunities in the enterprise software and services sector. He said he will also work with entrepreneurs building software companies. Bain Capital typically focuses on early-stage companies.
"The firm has done quite a bit to date [in the enterprise software sector], both on the application side and on the infrastructure side. With my joining the team that emphasis will continue," said Agarwal.
While the economy has been tough on sectors across the board, Mr. Agarwal said he believes the enterprise software sector can still prosper.
"There continues to be lots and lots of business processes within enterprises that could be automated or could take advantage of enterprise software," he said. "We still believe there will be opportunities to build highly profitable, highly successful companies."
Before joining Bain Capital, Agarwal spent more than seven years as a senior executive at Trilogy Software as head of sales and marketing. He also led Trilogy's vertical industry strategy, launching the financial services vertical and running Trilogy's largest industry vertical, high-tech. During his initial tenure, he founded a new business for Trilogy called Selling Chain, which grew to $75 million in revenue with over 300 employees under his leadership. Prior to Trilogy, Agarwal was a consultant with the Los Angeles office of McKinsey and Company.
Bain Capital Ventures' $250 million fund, which closed June 2001, is about 30% committed, said Agarwal. The firm, which typically invests an average of $5 million to $10 million per company, is also looking to increase its focus on Northeast-based companies.
Bain Capital manages several pools of capital including private equity, venture capital, high-yield assets, mezzanine capital and public equity. Since its inception in 1984, the firm has made private equity investments and add-ons in over 190 companies in the technology, communications, healthcare, consumer goods, and industrial products industries.