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  September 5, 2001
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Home > Company Index > Computer Software & Services > Internet & Intranet Software & Services > Driveway Corporation

Driveway Corporation
 PROFILE
Driveway has parked its personal file storage service -- permanently. The company had provided a virtual file cabinet online for more than 6 million registered users, allowing them to store, access, and share files for free. Stung by the implosion of the online advertising market, in 2001 Driveway switched gears, closing its consumer Web-based storage business (including a 75% reduction in its workforce) to focus on developing Internet applications for enterprise customers. Its Driveway Software Platform allows customers to collaborate and share documents throughout enterprises. Founded in 1993, the company is backed by VantagePoint Venture Partners, Chase Capital Partners, and Sandler Capital Management.

 COMPETITION
Documentum, Inc. (DCTM)
Lotus Development Corporation (dossier)
Open Text Corporation (OTEX)

 DEALS
Deal: Driveway Closes $10 Million in Financing
Date Announced: 03.15.00
Value of transaction (US $Mil): 10
Description: Information storage Web site receives $10 million in financing.

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 TRACKERS
Feb. 12, 2001 - LAYOFF TRACKER
47 laid off
Description: Discontinuing free consumer storage service. Focusing efforts on building technology for businesses. Cuts represent a 72% workforce reduction.

More LAYOFF NEWS

 FINANCIAL OVERVIEW
Fiscal Year-End: December
1999 Sales (mil.): 0.30
1-Yr. Sales Growth: 41.2%
Employees: 18
Revenue per employee: $16,666.67

 KEY PEOPLE
• Philip S. Constantinou
    CEO
• Kent Jarvi
    CFO

 CONTACT INFO
380 Brannan St.
San Francisco, CA 94107
US
Phone: 415-908-4200
Fax: 415-247-8850
Online: Web Site

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