New funding provides working capital to support continued sales momentum and international expansion
8th March 2012 - BOSTON MA - Exinda, a global provider of WAN optimization solutions incorporating Unified Performance Management, today announced that it has secured $12M in a series B funding round. The round saw participation from existing investor OpenView Venture Partners as well as attracting new investment from Greenspring Associates. The funds will be used as working capital to support Exinda’s continued market penetration and targeted growth in the wake of a 116% increase in revenues during the course of 2011.
“Having initially invested in Exinda in April 2007 we have been impressed with the Company’s development and performance in converting its technology innovation into commercial success and are delighted to be participating in this latest financing round,” said Firas Raouf, OpenView Venture Partners. “Its solutions continue to maintain market relevancy, addressing many of the major IT challenges being faced by its customers around cloud, SaaS and real-time applications such as video and the impact of these on traditional network infrastructures. Furthermore, its ability to enable branch office consolidated applications and services over the WAN, delivering a reliable, high quality user experience, overcomes many of the problems caused by the distributed nature of today’s enterprise.”
Unlike conventional approaches to WAN optimization which focus primarily on mass data compression and optimization, Exinda’s performance assurance technology introduces user and application profiling for precision optimization. Exinda’s assurance architecture targets 52 unique user and application attributes to optimize traffic to assure the network meets its business service level agreements.
Commenting on the news Michael Sharma, Chief Executive Officer at Exinda said, “We have made a significant investment in escalating our international sales operations over the last couple of years across all geographies. It is this investment that has resulted in us growing at a faster rate than that of the marketplace, thereby increasing market share and expanding global reach.”
“The new funding further strengthens our financial stability and will enable us to continue executing on our aggressive growth strategy by maintaining the momentum and critical mass we have built up in the market to date,” Sharma concluded.
Exinda is a proven global supplier of next generation WAN Optimisation and Application Acceleration products. The company has helped over 2,500 organisations in over 80 countries worldwide improve the end user experience, manage application performance, manage congestion over the WAN and reduce network operating costs for the IT executive. For more information, please visit http://www.exinda.com.
About OpenView Venture Partners
OpenView Venture Partners is an expansion stage venture capital fund with a focus on high-growth software, Internet, and technology-enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies with quickly ramping up Product, Go-To-Market, and Organizational and Operational functions to best practice levels. The firm was founded in 2006 and has a total capital under management of approximately $240 million. OpenView Venture Partners is based in Boston and invests on a worldwide basis.
About Greenspring Associates
Greenspring Associates, founded in 2000, manages five venture capital funds-of-funds with a combined total of over $2.0 billion in committed capital. Investors in these partnerships, which include family offices, corporate pension funds, endowments, foundations and other venture capitalists, are provided access to diversified portfolios of top-tier venture capital funds, such as Benchmark Capital and Kleiner Perkins Caufield & Byers, and also, a select number of high quality, later-stage, direct venture capital investments, in various segments including SaaS companies, such as ExactTarget and AtTask. For more information on Greenspring Associates, please visit www.greenspringassociates.com.
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