Ernst & Young's Venture Capital Award of Excellence Honors Three Venture-Backed Entrepreneurs In Technology, Healthcare and Retail

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Square 1 Bank joins Ernst & Young LLP in announcing the 2009 winners

PALM SPRINGS, Calif., Nov. 16 /PRNewswire/ -- Three entrepreneurial leaders from Akamai Technologies, IPC: The Hospitalist Company and Titan Machinery, received the Ernst & Young Venture Capital Award of Excellence on Saturday, November 14 at Ernst & Young LLP's 2009 Strategic Growth Forum in Palm Springs, CA. Square 1 Bank co-sponsored the awards, which were presented at a ceremony with remarks by Mark Heesen, the President of the National Venture Capital Association.

"We're proud to honor and play a role in the maturing, growth and success of venture-backed companies throughout the US," said Bryan Pearce, head of Ernst & Young LLP's Americas Venture Capital Advisory Group. "This year's Venture Capital Award of Excellence winners demonstrate how venture capital fuels entrepreneurial success and innovation."

The Venture Capital (VC) Award of Excellence recognizes Ernst & Young LLP's Entrepreneur Of The Year� regional winners whose companies have been backed by venture capital funding. Out of more than 50 regional 2009 Entrepreneur of the Year winners who have benefited from VC funding, these honorees were selected by an independent panel of judges from leading VC firms, including Bain Capital Ventures, Fidelity Ventures, MPM Capital, NewSpring Ventures, Sequoia Capital and Technology Cross Ventures.

"Square 1 Bank's commitment to the venture capital community has never wavered," said Susan Casey, Founder and Executive Vice President, Credit and Banking, of Square 1 Bank. "VC firms have played such a vital role in making entrepreneurial visions a reality that we are thrilled to be a part of Ernst & Young's VC Award of Excellence program."

For this recognition, venture-backed enterprises were analyzed by the amount of VC funding on the basis of equity and revenue growth, EBITDA (earnings before interest, taxes, depreciation and amortization) margins, and the stories of their founding. Highlights from the 2009 VC Award of Excellence winners' stories include:

• Akamai Technologies Inc. of Cambridge, Massachusetts - A winner of Ernst & Young LLP's 2009 national Technology Entrepreneur of the Year, President and CEO, Paul Sagan and Akamai's founders, Tom Leighton and Dan Lewin, changed the way business is done on the web in less than a decade. Leighton and Lewin improved the information-processing method that ended what was known as the "World Wide Wait" by attracting funding from Battery Venture Partners and Polaris Venture Partners and earning an exclusive license to intellectual property from Massachusetts Institute of Technology. Under Sagan's leadership, Akamai withstood the setbacks of the tech bubble and experienced pivotal improvements in customer service. Today, Akamai offers the most widely used platform for content delivery globally, featuring application acceleration with more than 42,000 servers in 70 countries and 1,000 networks. Its 2008 revenues of $790 million rose 24% over the previous year.
  

• IPC: The Hospitalist Company of North Hollywood, California - Within two years of its founding, the company received more than $40 million from leading US healthcare investors to build the nation's largest hospitalist group that employs more than 1,200 people in 18 states. The goal of the company, which went public in 2008, is to provide hospitalists with the tools to successfully develop their practices while they provide efficient and effective patient service. Under the leadership of CEO Dr. Adam Singer, IPC developed a leading-edge web-based system called IPC-Link, which gives companies real-time access to the activity of its hospitalists and a "virtual office." The IPC-Link system has enabled the company to grow quickly with limited increases in related overhead costs. In 2008, IPC reported operating profits of $22.5 million.
  

• Titan Machinery of Fargo, North Dakota - David Meyer, CEO, and his team manage, who a mix of agricultural, construction, and consumer products dealerships, recognized an opportunity for rapid expansion through acquisitions. The company began operating as if it were public by convening a board of directors and initiating reporting practices among other disciplines. In December 2007, with annual revenues of approximately $400 million, Titan Machinery completed an IPO. Today, it is one of the largest networks of full-service agricultural and construction equipment stores in North America. Two years later, 35 stores have grown to 68, and revenues for the latest fiscal year exceed $690 million. The company continues on a path of success and is expanding overseas.
  

About Ernst & Young's Strategic Growth Markets Network

Ernst & Young's worldwide Strategic Growth Markets Network is dedicated to serving the changing needs of rapid-growth companies. For more than 30 years, we've helped many of the world's most dynamic and ambitious companies grow into market leaders. Whether working with international mid-cap companies or early stage venture-backed businesses, our professionals draw upon their extensive experience, insight and global resources to help your business achieve its potential. It's how Ernst & Young makes a difference.

About Ernst & Young

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 144,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

For more information, please visit www.ey.com

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity.

This news release has been issued by Ernst & Young LLP, a U.S. client-serving member firm of Ernst & Young Global Limited.

About Square 1 Bank

Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide solid support for its clients' needs. The bank offers tailored products and solutions aided by the latest in technological innovations. To serve its relationships, Square 1 has offices coast to coast in Austin, Boston, Boulder, Durham, McLean, New York, San Diego, Santa Monica, Seattle and Silicon Valley. For more information, visit www.square1bank.com.

SOURCE Ernst & Young LLP

Copyright 2009 PR Newswire

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