FORTUNE -- Silicon Valley venture capital firm Andreessen Horowitz has a new general partner: former SuccessFactors CEO and SAP executive board member Lars Dalgaard.
Just last week, Dalgaard announced he was stepping down from SAP (SAP) to become an investor. The departure came about a year and a half after he sold SuccessFactors, a maker of cloud-based HR software, to the larger enterprise software maker for a cool $3.4 billion. SAP said Dalgaard will stay onboard as an advisor to its cloud business, working one day a week. The rest of the time Dalgaard will focus on his new responsibilities at Andreessen Horowitz. It's not clear exactly when his start date will be, but Dalgaard says he has already sat in on multiple meetings at Andreessen Horowitz.
"I don't want to be a manager anymore," Dalgaard told Fortune after stepping down from his role at SAP last week. "I have the opportunity to be the best investor ever. I really understand how companies run."
After the sale to SuccessFactors to SAP in 2011, some speculated that Dalgaard had his eye on the CEO job at the German software giant. If that ever was the case, obviously things went a much different way, though Dalgaard (and SAP's co-CEOs) say the departure was on good terms.
Dalgaard says he was attracted to Andreessen Horowitz because the firm treats entrepreneurs well. The firm's co-founder, Ben Horowitz, said they were looking to add another general partner with a background in enterprise software. "We want people who have been through the process of building a company and have done it in a way that people who were part of that process would do it again a thousand times," says Horowitz. "For us it's the most important thing."
Horowitz made the announcement on his blog Thursday morning, writing: "Building a company isn't about business models and inflection points; it's about doing something larger than yourself. It's about working for each other. It's about being part of a team trying to make possible the impossible. It's about doing it in a way that no matter what the outcome, everyone was glad they were there."
Marc Andreessen and Ben Horowitz talk to Fortune's Adam Lashinsky about their investing philosophies, role models and business model.
FORTUNE -- When partners at the venture capital firm Andreessen Horowitz are late to a meeting with entrepreneurs, they pay for it – literally. That's one of the rules established by co-founders Marc Andreessen and Ben Horowitz, former entrepreneurs themselves, who started the firm in 2009. Partners are fined $10 for every MOREAdam Lashinsky, Sr. Editor at Large - Feb 15, 2013 3:06 PM ET
Fortune's curated selection of tech stories from the long weekend. Sign up to get the round-up delivered to you each and every day.
* Apple (AAPL) granted ABC's Nightline unfettered access to a Foxconn factory. Here's a preview of what they found. (The full segment airs this evening at 11:35 PM EST and PST. (ABC News via Fortune)
* National Security Agency director Gen. Keith Alexander warned that the hacker group dubbed "Anonymous" could have MOREJP Mangalindan, Writer - Feb 21, 2012 3:30 AM ET
Take a picture with Lytro's soon to come camera and change the focus to any spot, with the click of a mouse. The only question most photo geeks have is "how much?"
FORTUNE -- There's a new player in the camera market: Lytro, a Mountain View, Calif.-based startup with just 45 employees, is hoping to disrupt the industry with an innovative camera that lets users focus a picture after it's been MOREMichal Lev-Ram, writer - Jun 22, 2011 10:28 AM ET
A curated selection of the day's most newsworthy tech stories from all over the Web. Sign up to get the newsletter delivered to you everyday.
Groupon is reportedly in talks with various banks over an initial public offering (IPO) that would value the daily deals site for as much as $25 billion, roughly half of what Facebook is currently worth. Given Groupon's recent actions -- walking away from Google's $6 billion offer, building MOREJP Mangalindan, Writer - Mar 17, 2011 9:55 AM ET
Best known for its consumer tech investments, the fund ventures into enterprise cloud computing.
Venture capital firm Andreessen Horowitz is best known for high-profile investments like Zynga, Foursquare and Skype. But the fund, headed by Netscape co-founder Marc Andreessen and his longtime business partner Ben Horowitz, is also betting big on business-to-business upstarts, and these days that means backing companies that enable or rely on cloud computing.
Last summer Andreessen Horowitz made MOREMichal Lev-Ram, writer - Jan 28, 2011 9:24 AM ET
With the rise of cloud and social, it's time for the IT department to change the way they work -- and become company heroes.
By Aaron Levie, contributor
On a daily basis, a select group of individuals are making technology decisions on behalf of their entire organization. They're implementing services to solve real business problems, sometimes under the guidance of their IT department, but most often on their own. For the MOREJan 16, 2011 9:41 AM ET
How many CEOs have been head of HR, Engineering, Sales, Marketing, Finance or Legal? Probably none. Here's how they can overcome that and still hire good people in those roles.
By Ben Horowitz, contributor
The biggest difference between being a great functional manager and being a great general manager – and particularly a great CEO – is that as a general manager, you must hire and manage people who are MOREOct 13, 2010 3:34 PM ET
By Ben Horowitz, contributor
Cloud computing company Opsware was nobody's darling. Then founders Andreessen and Horowitz put the company through three rounds of layoffs. The unlikely result was a big buyout -- here's how it happened.
"I'm tryin' to right my wrongs / But it's funny them same wrongs helped me write this song" -Kanye West
Shortly after we sold Opsware to Hewlett-Packard (HPQ), I had a conversation with the legendary venture MORESep 20, 2010 1:19 PM ET
|China's fastest-growing cities for millionaires|
|Google files First Amendment court case against NSA surveillance secrecy|
|Chrysler relents, agrees to recall 2.7 million Jeeps|
|Immigration bill could cut deficits by $175 billion - CBO|
|Why Apple's new MacBook Air is the ultimate road warrior's notebook|