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Acopia Networks Closes Record Quarter; Secures Additional $20 Million in Venture Funding.
June 19, 2006
Lowell, MA - June 19, 2006 - Acopia Networks®, the pioneer of Adaptive Resource Networking, announced today that it achieved record results from Q1, 2006, reporting over 40% sequential quarter to quarter revenue growth, and that it has closed an additional $20 million round of funding. The round was led by Meritech Capital Partners, a premier late-stage venture capital firm and a new investor to the company.
Acopia's record quarter was driven by many new customer wins, including Yahoo!, DreamWorks, Novartis, United Rentals, Massachusetts Medical Society, Iron Mountain, Hartford Insurance Group, and Wellington Management, along with continued expansion within several existing Acopia ARX® customers.
"Our first quarter results are a clear indication that the market for file virtualization products is well established, and that Acopia's products uniquely address the needs of large scale deployment", said Christopher P. Lynch, President and CEO of Acopia Networks. "We expect the growth rate to continue, and perhaps accelerate further as we ramp up our international business."
"Our style of investing targets late stage companies that are best in class", said Paul Madera, Managing Director, Meritech Capital Partners. "Acopia's customer growth, revenue acceleration and unique ability to provide customers with a 'freedom of choice' with their storage vendors, positions them very well for an initial public offering. We are very pleased to invest in this next phase of growth at Acopia."
Meritech Capital Partners was joined in this round by Acopia's existing investors: Accel Partners, Charles River Ventures, Goldman Sachs, Star Ventures and Vesbridge Partners. Acopia Networks, the market leader in file virtualization, has raised total financing of $85 million since its inception in January 2002.
This funding round, which was based on a significant increase in valuation, will allow Acopia to aggressively expand US and international sales efforts and scale customer support operations to meet the strong market demand for its products.
About Meritech Capital Partners
Meritech Capital is a leading provider of late stage venture capital to information technology companies. With over $2.2 billion under management, Meritech seeks to lead investments in the portfolio companies of leading early stage venture capital firms. Meritech pursues traditional growth companies as well as co-investments in corporate buy-outs and spin-offs. Its investments are typically in companies with proven and differentiated technology, rapidly growing revenue, and seasoned management teams. As a late stage investor, Meritech leverages a broad network of individuals and companies to create strategic and business opportunities for its investments. In addition, Meritech provides guidance on late-stage issues including management incentive plans, IPO market timing and positioning, adviser selection, and post-IPO ownership transition. Meritech is located in Palo Alto, CA. www.meritechcapital.com.
About Acopia Networks
Acopia Networks is the innovator of Adaptive Resource Networking products, a new class of file switches that uniquely solve the problem of managing unstructured data in the global enterprise. Acopia's Adaptive Resources Switches (ARX) allow customers to improve performance and better utilize existing file server infrastructure. The products also provide non-disruptive data migration, capacity balancing and replication across multiple NAS devices, thereby reducing management overhead and accelerating business workflow in the process. Information about Acopia's products and services can be found at www.acopia.com.
Related Member:
Zenas Hutcheson
Related Company:
Acopia Networks, Inc.
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