Case | HBS Case Collection | February 2003 (Revised May 2003)

Accel Partners' European Launch

by G. Felda Hardymon and Josh Lerner

Abstract

In spring 2001, with the venture market crashing all around, the London office of Accel Partners, a major west coast venture capital firm, needs to make a decision about investing in an Irish software company. As the first investment of the new European operation, the decision will serve as a proof of concept for the process that the organization has set up. This case presents Accel's strategy in moving into Europe and staying there even as many other firms shuttered or reduced their overseas' operations. In addition, the protagonists must decide how to structure a term sheet and whether to include another venture firm in the deal.

Keywords: Investment; Growth and Development Strategy; Venture Capital; Global Strategy; Decision Choices and Conditions; Expansion; Management Practices and Processes; Partners and Partnerships; Financial Services Industry; London; United States;

Citation:

Hardymon, G. Felda, and Josh Lerner. "Accel Partners' European Launch." Harvard Business School Case 803-021, February 2003. (Revised May 2003.)