Thursday, May 19, 2005
Sandvine Secures $15 million in Funding
Company also nominates new board members
Waterloo, Ontario; May 19, 2005 – Sandvine Incorporated, world leader in intelligent broadband management solutions for broadband service providers today announced it has secured US$15 million in venture capital financing. The company also announced that it has nominated two new members to Sandvine’s Board of Directors. The funding will support Sandvine’s sales growth and strengthen its worldwide footprint among cable, DSL, wireless, and satellite broadband providers. Newbury Ventures, a U.S.-based venture capital firm, led the financing round, joined by existing investors, BDC Venture Capital, Celtic House Venture Partners, Tech Capital Partners, and VenGrowth Capital Partners.
Sandvine intelligent broadband solutions are deployed in over 100 ISP networks in Europe, the Middle East, Latin America, Asia, and North America, including six of the top 12 broadband service providers. Sandvine’s network elements provide powerful new controls that help service providers better understand subscriber behavior, recognize and address network threats, classify applications, guarantee service levels and create profitable tiers for multiple broadband services – without a forklift upgrade to current infrastructure.
“New IP services, threats to the network, and increased competition means broadband service providers need to differentiate their offerings and ensure their subscribers are happy. Sandvine helps service providers identify and protect high value applications, while keeping their networks clean of unwanted traffic to protect the subscriber experience,” said Dave Caputo, president and CEO, Sandvine.
“Sandvine’s industry-leading technology and customer track record have positioned Sandvine to continue market dominance among broadband service providers in North America and abroad,” said Ken Wigglesworth, representing Newbury Ventures. “We are excited to support Sandvine’s product vision in the broadband environment where security and subscriber quality of experience are becoming critical to service provider success.”
The nomination of two new members to its Board of Directors, Ken Wigglesworth, representing Newbury Ventures, former Newbridge (Alcatel) CFO and Mark Guibert, VP, Corporate Marketing at Research In Motion (RIM) bring financial and marketing expertise to support Sandvine’s growth.
“Mr. Wigglesworth’s experience in growing companies from start-up to multinational organizations is an asset to Sandvine as we penetrate the global market,” said Scott Hamilton, Chief Financial Officer.
“Mr. Guibert brings valuable global marketing insight and carrier partnering experience,” added Dave Caputo.
Sandvine’s award-winning intelligent broadband network equipment helps broadband service providers characterize what really happens on their networks, enabling policies that improve customer satisfaction, reduce operational costs and improve profitability. Sandvine’s application and subscriber-aware solutions empower service providers to take control of P2P traffic, stop the proliferation of destructive worm, DoS and spam trojan traffic and ensure subscriber quality of experience (QoE). With over 100 global deployments, Sandvine is protecting the Internet experience for more than 20 million broadband subscribers worldwide. To find out more, visit Sandvine online at www.sandvine.com.
ABOUT NEWBURY VENTURES
Newbury Ventures was founded in 1992 with the goal of building a company known for its insight, integrity and global approach to the business of venture capital. Newbury has successfully managed investments valued over $500 million throughout the world. The firm typically invests in high growth markets within the technology, communications and IT industries. Newbury's partners have been involved with many successful companies including Oracle, Cadence, Altera, Cirrus Logic, Atmel, PMC/Sierra, Broderbund, Nellcor, Acuson, Jacada, Fundtech Ltd., Netro, ACC, Precise, Corvis, Terayon, nCipher, Okena and Highwave Optical. Newbury Ventures is based in the Bay Area of California. www.newburyven.com