Core Capital Sells SwapDrive

WASHINGTON -- Core Capital Partners, a leading venture capital firm that invests in high-growth technology companies, today announced the sale of SwapDrive Inc., a web-based storage company, to Symantec Corp. Symantec, a global leader in providing security, storage, and systems management for businesses and consumers, acquired the Washington-based company for $124 million.

The SwapDrive sale marks the seventh successful exit from Core Capitals first fund, formed in 1999. Core Capital led a $2.65 million Series A round in 2000 and was SwapDrive’s sole institutional investor through its first three rounds of financing. In the eight years since the firm’s initial investment, Core Capital provided active assistance to management as it established and grew SwapDrive’s presence in the storage and backup space. The firm provided strategic counsel that was instrumental to the expansion of SwapDrive’s reach, including structuring and financing the acquisitions of Whale Mail and consumer storage company SkyDesk, Inc.

“SwapDrive emerged as a very successful and valuable company during one of the toughest technology downturns in recent history,” said William Dunbar, managing director for Core Capital Partners. “Demand for online storage of PC data arose from the explosive growth in the volume of photos, music, videos and other personal data stored by consumers on PCs. Many companies developed offerings to fill the demand, but few built a successful, sustainable business model as SwapDrive did. We helped the company build an experienced management team and provided the capital and assistance that enabled them to build a profitable, high-growth company.”

Core Capital Partners