Lars Dalgaard, the founder of SuccessFactors Inc. who announced his departure from SAP AG (SAP) last week, is joining venture firm Andreessen Horowitz LLC as a general partner, people familiar with the matter said.
The hiring of Dalgaard, who’s been running SAP’s cloud software division for more than a year, will be announced as soon as today, said the people, who asked not to be named because the news isn’t yet public.
Andreessen Horowitz, founded four years ago by technology veterans Marc Andreessen and Ben Horowitz, has been bulking up its staff with accomplished entrepreneurs and investors, after raising $2.7 billion for its first three funds. The Menlo Park, California-based firm hired angel investor Chris Dixon in November as the seventh investing partner.
Bloomberg LP, the parent of Bloomberg News, is an investor in Andreessen Horowitz.
Dalgaard, a native of Denmark, founded Web-based software maker SuccessFactors in 2001, leading the company through its initial public offering in 2007. He remained CEO until Walldorf, Germany-based SAP bought the company for about $3.4 billion in 2012, stepping up competition with Oracle Corp. (ORCL:US)
SAP said on May 24 that Dalgaard is stepping down effective June 1 to become an investor, though he will continue to advise the company.
Dalgaard joins a firm that’s been investing in both consumer and business software companies, often at valuations in the hundreds of millions of dollars. The higher-profile business bets for Andreessen Horowitz include Box Inc., the maker of collaboration software, and Nicira Inc., the networking software company that was acquired by VMware Inc. (VMW:US) last year for $1.26 billion.
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