Transactions
May 31, 2000
X:DRIVE GETS $45 MILLION IN FINANCING FROM INVESTORS
Deals: Santa Monica's X:drive Inc., which specializes in Internet storage and file-access services for global corporations and mid sized businesses, has raised $45 million in series C funding from new and old investors.
Allen Matkins
X:DRIVE GETS $45 MILLION IN
FINANCING FROM INVESTORS
Santa Monica's X:drive Inc., which specializes in Internet storage and file-access services for global corporations and mid sized businesses, has raised $45 million in series C funding from new and old investors.
"This round of financing, with the addition of strategic investments from companies such as Veritas Software, EMC and America Online, with a combined market capitalization of more than $290 billion, confirms that X:drive is the leader in offering an innovative file-access system to consumers and corporations," says Brett O'Brien, founder and chief executive officer of X:drive. He adds that the company is pleased that its original investors, Goldman Sachs and Baroda Ventures, have continued to support the company.
Attorneys from both coasts worked together to secure the financing.
X:drive was represented by attorneys from Los Angeles' Allen Matkins Gamble Leck and Mallory. Partners Charles N. Kenworthy and Mark J. Kelson worked with associates Elena Myaskovsky and Peter Hogan on the deal.
Leading investment group Wit Sound View Ventures was represented in the financing by Proskauer Rose in New York. Partner Julie Allen and associate Pamela Polevoy handled legal matters for Wit Sound View.
MD Capital Ventures chose partner Eric Zabinski of Los Angeles' O'Melveny & Myers. Jump Investors chose Los Angeles' Troy & Gould. Partners Marty Goldblum and Lawrence Schnapp handled the deal.
Goldman Sachs was represented by in-house attorney Jake Brown. Veritas Operating Corp. was represented by in-house attorney Ted Urschel. EMC Investment Corp. relied on in-house attorney Matt Olton. J & W Seligman & Co. turned to in-house attorney Jim Curtis.
America Online Corp. turned to Cynthia Hansen, partner with Washington, D.C.,'s Winston & Strawn. Pacific Capital Group was represented by partners Scott Gottdiener and Joseph Dimondi of New York's Simpson Thacher & Bartlett.
Melissa Onstad
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