Apparent Networks™ Secures $13.6 Million in Series B Financing From Bain Capital Ventures and JMI Equity
Boston, MA, and Vancouver, BC – July 16, 2007 – Apparent Networks Inc., a leading provider of network performance diagnostic solutions, today announced that it has raised $13.6 million in Series B financing. Bain Capital Ventures and JMI Equity led the round, which also included current investors, Business Development Bank of Canada and Aden Investments. These funds will be used to expand the Company’s sales and marketing, business development, and R&D initiatives. In conjunction with the financing, the existing Board of Directors, Andrew Lugsdin, Director, Business Development Bank of Canada, and Irfhan Rajani, founder, President and CEO, Apparent Networks will be joined by Ben Nye, Managing Director at Bain Capital Ventures, and Bradford Woloson, General Partner at JMI Equity.
With the rapid migration of real-time, latency-sensitive applications onto converged networks, organizations are facing significant challenges to meet the performance expectations of their end-users. AppCritical™ from Apparent Networks is the only solution in the market that can meet this challenge. The Company is well-positioned to extend its market leadership with more than 135 customers, 17,000 users, and strategic partnerships with firms such as ACS, Nortel, Polycom, and Toshiba.
“By addressing an acute pain point in the market, Apparent Networks has grown rapidly from inception with limited capital investment. This Series B financing from Bain Capital Ventures and JMI Equity, both of whom have a deep understanding of our space, validates the substantial market opportunity ahead of the Company,” said Irfhan Rajani, founder, President and CEO, Apparent Networks.
“It is increasingly clear that there are tremendous challenges associated with delivering end-users’ quality of experience expectations for real-time voice, video, and data applications on converged IP networks. Our customer diligence revealed that AppCritical provides the only solution in the marketplace that is capable of providing end-to-end visibility into any network and quickly detecting network performance problems without requiring agents or other expensive, invasive infrastructure,” said Ben Nye, Managing Director, Bain Capital Ventures.
“Apparent Networks has developed a solution that delivers immediate, tangible ROI for a wide range of organizations, including network-dependent vendors, service providers, enterprises, and SMEs. With targeted investments in sales and marketing, we believe the Company is well-poised to accelerate its already impressive growth trajectory,” said Bradford Woloson, General Partner, JMI Equity.
About Bain Capital Ventures
Bain Capital Ventures is the Boston-based venture capital arm of Bain Capital, whose affiliates manage over $37 billion of assets. Founded in 1984, Bain Capital and its associates have invested in over 230 companies with such notable successes as Doubleclick, Gartner Group, and Staples. Our history of investing in early stage companies also dates back to 1984, having made over 100 venture-stage investments since inception. In 2001, Bain Capital Ventures was formed as a separate arm of Bain Capital to focus exclusively on growth investments. Bain Capital Ventures manages approximately $1.2 billion under management.
About JMI Equity
JMI Equity, based in Baltimore and San Diego, is a private equity firm exclusively focused on providing growth capital to software and services companies. Founded in 1992, JMI has invested in more than 85 companies throughout North America and has approximately $700 million of capital under management. In addition to providing the first institutional capital to self-funded companies, JMI also invests in selected recapitalization and management buyout financings. Representative investments include Blackbaud, Inc., DoubleClick, Inc., Jackson Hewitt, Inc., Mission Critical Software, Inc. (acquired by NetIQ, Inc ), NEON Systems, Inc. (acquired by Progress Software Corporation ), Transaction Systems Architects, Inc. and Unica Corporation. For more information on JMI Equity, visit www.jmiequity.com.
About BDC
Business Development Bank of Canada is a financial institution wholly owned by the Government of Canada. BDC actively supports the development and growth of Canadian small and medium-sized businesses through its complementary financial, investment and consulting solutions. BDC is one of Canada's Top 100 Employers for 2007.
About Apparent Networks
Apparent Networks, Inc. develops and markets software that provides a unique approach to improving application performance by measuring and diagnosing live converged networks as part of pre-deployment assessment, troubleshooting and continuous real-time monitoring. AppCritical™ provides awareness of the most critical network characteristics needed by voice, video and data applications. It has been successfully deployed by tier-one technology vendors, managed and professional service providers and enterprises to assure end-user quality of experience. Customers include ACS, the Boeing Company, Nortel, Polycom, Toshiba, 3Com, Fujitsu, Siemens, IBM, Symantec, Bell, HP, Network Appliance, TELUS, and Electronic Arts. For more information, visit www.apparentnetworks.com.
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Contact:
Armita Seyedalikhani
Apparent Networks Inc.
604-433-2333 Ext 130
armitas@apparentnetworks.com
