Entrepreneurial Leaders from Pure Digital Technologies, Inc., Accretive Health, Inc., and LogMeIn, Inc. Receive Ernst & Young's 2010 Venture Capital Award of Excellence

PALM SPRINGS, Calif., Nov. 15, 2010 /PRNewswire/ -- Three entrepreneurial leaders from Pure Digital Technologies, Inc., Accretive Health, Inc. and LogMeIn, Inc., received the Ernst & Young Venture Capital Award of Excellence on Saturday, November 13 at Ernst & Young LLP's 2010 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.

"The 2010 winners and their companies represent the invaluable link between entrepreneurs and the venture capital community, which provides the capital and connections these companies need to innovate, succeed and ultimately become market leaders," said Bryan Pearce, Americas Entrepreneur of the Year and Venture Capital Advisory Group Leader, Ernst & Young LLP.

The Venture Capital (VC) Award of Excellence winners are selected from Ernst & Young LLP's Entrepreneur Of The Year® regional winners whose companies have been backed by venture capital funding.  The recipients were selected on the basis of VC funding, equity and revenue growth, EBITDA (earnings before interest, taxes, depreciation and amortization) margins, and the stories of their founding.  The winners were selected by an independent panel of judges, including:  Ashley Dombkowski, PhD, Managing Director, MPM Capital; Roger Hurwitz, Managing Partner, Volition Capital; Marc Lederman, General Partner, NewSpring Capital; Lawrence D. Lenihan, Jr., Founder, CEO and Managing Director, FirstMark Capital; Matt Newton, Partner, Columbia Capital; and Paul Zurlo, Venture Partner, Bain Capital Ventures.

"At Square 1, we wholeheartedly believe in potential, and we know that the involvement of visionary investors can make all the difference," said Susan Casey, Founder and Chief Credit Officer of Square 1 Bank. "VC firms have played such a vital role in bringing about innovation and helping entrepreneurs succeed that we are thrilled to be a part of Ernst & Young's VC Award of Excellence program."

Highlights from the 2010 VC Award of Excellence winners' stories include:

• Pure Digital Technologies, Inc., San Francisco, California – CEO and Chairperson, Jonathan Kaplan, set out to develop affordable digital cameras for a mass-market audience and ultimately launched Flip Video, which established the point-and shoot camcorder category – the first new camcorder category after more than 10 years of flat or declining sales.  Within three years, the company held a market share of more than 25%.  This year, Flip Video outsold four competitor camcorder brands combined — on its way to a very significant market share. Kaplan has now assumed leadership of Cisco's consumer business after Cisco Systems acquired Pure Digital Technologies about a year ago.
• Accretive Health, Inc., Chicago, Illinois - Despite having no experience in the health care industry, Mary A. Tolan led Accretive Health's development from a start-up with no revenue or employees to a half-billion-dollar service provider.  In less than seven years, the company has grown to more than 1,600 employees around the world.  Accretive Health manages the entire revenue-cycle of hospitals, including the patient-registration process, billing and collecting the billed amounts.  Tolan's revenue and yield measurement methodology has helped improve hospitals' yield by 400 to 600 basis points, which has led to a tremendous impact on the hospitals' operating margins.  Now, the company is focusing on developing a new offering that Tolan believes will address quality of care and cost in the US healthcare system.
• LogMeIn, Woburn, Massachusetts - Michael Simon started LogMeIn in 2003 when he collaborated with a former colleague in Budapest, Hungary to refine and commercialize a technology that allowed consumers to easily access a single computer or unlimited number of devices from any web browser with an internet connection.  Simon made a "bet the company" proposition — offering the core service for free.  He then sold premium versions to power users already aware of how the service changed the way they could access and use their own computer.  Simon led the company through an IPO in late 2009, during the greatest economic downturn in a generation.  The registration statement of LogMeIn marked one of the first IPOs in more than two years involving a New England-based company.  LogMeIn's primary technology becomes increasingly relevant as society continues to work in remote locations via wireless technology.

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.

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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