Moovweb Announces Investment of $16 Million to Expand Sales, Marketing & Products

  Moovweb Announces Investment of $16 Million to Expand Sales, Marketing &
  Products

       Company Also Announces New Chief Operating and Financial Officer

Business Wire

SAN FRANCISCO -- March 27, 2013

Moovweb today announced the investment of $16 million by Jafco Ventures and
Trinity Ventures in its first institutional financing. Existing investors,
including Andy Bechtolsheim, also participated meaningfully in the round. The
capital raised will be used to further the company’s vision to fundamentally
transform Web development to create unmatched business agility for
organizations of all sizes. The company also announced the appointment of
industry operations and finance veteran Tony Russo as its new chief operating
and financial officer.

“In the last 18 months, our revenue has quadrupled,” said company founder and
CEO, Ajay Kapur. “We feel very fortunate to continue this exponential growth
with the help of Jafco and Trinity. Companies are recognizing that old
development approaches simply aren’t working in a post-PC world. Moovweb’s
experience platform was built to give businesses unprecedented power and
flexibility in this new world.”

The Moovweb experience platform empowers businesses to go mobile by taking a
fundamentally different approach to unifying their Web and mobile development.
With Moovweb’s patent-pending site virtualization technology, a business’s
mobile sites and apps inherit and stay in sync with a desktop site’s content,
features and business logic. This approach allows powerful mobile experiences
to be delivered in days, not months, and drives radically improved business
agility over time. The cloud-based Moovweb platform has transformed nearly 12
billion mobile pages for some of the highest volume mobile sites, apps and
tablet applications in the world, including: Macy's, 1-800-FLOWERS.com, Sur la
Table, Golfsmith, Vitacost, Kroger, Accenture, Cox Communications, Chico’s,
Sharpie and many others.

Joe Horowitz, managing general partner at Jafco and Paul Sallaberry, a
seasoned executive who held senior roles at Veritas and Oracle, recently
joined Moovweb’s Board of Directors. Gus Tai from Trinity will be added as a
Board observer.

“In my 30 years of experience in venture capital, I have never seen a company
of the quality of Moovweb grow to such significance with such capital
efficiency. This speaks to the quality of the team, its products and the
enormous market opportunity that they are addressing,” stated Mr. Horowitz.

Also helping to lead the company into the next phase of growth is new Chief
Operating and Financial Officer Tony Russo. Russo brings over 20 years of
experience in managing and building companies from an operational and
financial perspective, having most recently served as CFO at Efficient
Frontier, a company that was acquired by Adobe last year.

“The opportunity for mobile commerce is predicted to reach more than $1
trillion in global mobile transactions by 2015,” said Tony Russo. “I joined
the Moovweb team because of the company’s unique technology that enables
organizations to take advantage of this mobile revolution. Moovweb has
significant traction in the market and I look forward to helping them achieve
even greater growth.”

About Moovweb

Moovweb’s vision is to fundamentally transform Web development tocreate
unmatchedbusiness agility.
Our enterprise-class, cloud-based platform is transformational for businesses
that need to innovate faster and drive extreme results through their mobile
channels. The platform offers developers, design agencies and systems
integrators a set of powerful tools to radically shorten delivery times for
compelling mobile sites and native apps. The Moovweb platform is one of the
world’s busiest, with nearly 12 billion mobile pages transformed for some of
the world’s largest mobile sites and apps, including those for Macy's,
1-800-FLOWERS.com, Sur la Table, Golfsmith, Vitacost, Kroger, Accenture, Cox
Communications, Chico’s, Sharpie and dozens of others. Moovweb is
headquartered in San Francisco.

Moovweb® is a registered trademarks of Moov Corporation. All other registered
and unregistered trademarks in this document are the sole property of their
respective owners.

Contact:

McGrath/Power Public Relations
Katie Peterson, 408-727-0351
katiep@mcgrathpower.com
 
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