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Striva Corporation to be acquired by Informatica
By siliconindia
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Monday, 15 September 2003, 19:30 IST
SCOTTS VALLEY: Striva Corporation, an enterprise data integration and the developer of the award-winning DETAIL data integration platform, has announced that Informatica, a provider of data integration and business intelligence (BI) software, has agreed to acquire Striva in a cash and stock transaction valued at approximately $62 million.
Founded in 1998, Striva develops data integration solutions that deliver transparent access to relational and non-relational data regardless of where it resides, in any timeframe, and delivers it in bulk, as data changed during a specified period or in real time.
By delivering integration of data between disparate platforms and databases at very high speed, Striva provides users with the ability to access and move data for data warehousing, data integration and enterprise applications. Close to 200 major organizations in financial services, telecom, energy, government, education, transportation, insurance and manufacturing use Striva's technology to achieve their data integration goals. Striva products are incorporated into many of the world's leading integration, business intelligence and analytic solutions.
Striva technology has been incorporated into Informatica's PowerConnect family of enterprise software products since 2001. Striva technology enables PowerConnect to access mission-critical operational data and deliver it to data warehouses, operational data stores, business intelligence tools and enterprise applications. Striva and Informatica have more than 130 joint customers to date.
"We look forward to building on the success of our current relationship with Informatica and extending the considerable synergy between our two companies," said David Richmond, co-founder and chairman of Striva. "We are extremely pleased to join Informatica to strengthen our combined leadership position in enterprise data integration and business intelligence."
The Striva acquisition enables Informatica to deliver a single, integrated view of data spread across many structured and unstructured sources, including legacy and other non-relational sources such as such as IMS, VSAM, IDMS, Datacom and Adabas.
"Striva has developed unique intellectual property that enables Global 2000 enterprises to access the mainframe and other non-relational data environments in which 70% of corporate data continues to reside, without consuming scarce programming resources," said Striva CEO Michael Pliner. "By making all data easily accessible in any timeframe via an integrated BI and data access solution, Informatica and Striva enable enterprises of all types to gain advantage through timely decision-making based on complete and accurate information."
Striva is privately held and has raised approximately $17 million in investment capital through two rounds of funding. Leapfrog Ventures and Silicon Valley Bank combined to fund Striva's Series A investment round in March, 2001. Advanced Technology Ventures led Striva's $12.7 million Series B investment round in December, 2002.
"Striva's management team built a successful company with business-critical technology, resulting in a strategic acquisition that solidifies an already strong relationship with Informatica," said Steve Baloff, General Partner at Advanced Technology Ventures. "ATV has enjoyed working with Striva and watching it become a successful player in the business intelligence space."
"We appreciate the support provided by our investors as Striva has grown into a true market leader," said Striva president Paul Bach. "This acquisition comes during a period in which we've announced significant partnerships, achieved significant revenue growth and won several prestigious awards. Striva was well-positioned for acquisition by a leading business intelligence solutions provider such as Informatica."
In addition to achieving broad user acceptance in key market segments, Striva has achieved success in the market analyst and investment communities. The company was named an Investors' Choice winner at Enterprise Outlook, Technologic Partners' private equity conference held in June 2003. Striva DETAIL also won a Crossroads A-List Award in 2002 for Best Proven Product in Legacy Data Access and another A-List Award in 2003 for Best Proven Product for Change Data Capture for the Real-Time Enterprise.