Lowell, MA - April 2, 2004 - Acopia Networks, Inc., the premier developer of datacenter-focused Adaptive Resource Switching products, today announced it was selected as the winner of the Massachusetts Telecommunications Council Award for the Best Private Financing Award at this year's MTC Annual Awards Ceremony. The winners of this, and all of the MTC awards, were announced at the MTC Annual Awards Ceremony Wednesday evening at the Hyatt Regency in Cambridge. Over 450 attendees were present to honor this year's winners, including the MTC Board of Directors, senior management for many New England telecom companies, venture capitalists, investment bankers, industry press and others.
The Best Private Financing Award recognizes the Massachusetts-based telecommunications company that has raised the most financing between January 1, and December 31, 2003. Acopia Networks was successful in raising $30 million, which is a strong endorsement of the company's ongoing success.
Since its inception, Acopia has raised more than $40 million in two rounds of financing from venture capital firms Charles River Ventures, Accel Partners, Company Chairman Cheng Wu, STAR Ventures and St. Paul Venture Capital. The funding has allowed the company to design a product that addresses the challenge of managing, storing and distributing information among an ever-increasing number of server and storage systems. Acopia's switches help organizations to meet capacity demands, while managing the additional complexity, capital expense and operational costs that the addition of each new device brings. As IT departments are forced to do more with less staff and dollars, Acopia's products will relieve that burden by bringing intelligence and flexibility to their storage environments.
"This award recognizes the tremendous opportunity that Acopia addresses, and validates our vision and market potential," said Christopher P. Lynch, president and CEO of Acopia Networks. "The latest financing round has allowed us to successfully build our business of providing solutions that address the utilization of storage, server and network resources and the adaptation of those resources to cost-effectively meet global service requirements. Already, we are installed in a variety of Fortune 100 organizations and are rapidly approaching the formal, public introduction of our products."
Acopia Networks, headquartered in Lowell, MA, is the innovator of Adaptive Resource Networking platforms that provide a new foundation for intelligently managing the global distribution of data. Acopia's switches hide the "back end" complexity from users and increase the utilization of today's resources. The company was founded in 2002 by industry visionary and serial entrepreneur Cheng Wu and a team of talented engineers from companies such as Cisco Systems (NASDAQ: CSCO), EMC (NYSE: EMC), Network Appliance (NASDAQ: NTAP) and others throughout the high technology industry.
©Copyright 2004 Acopia Networks, Inc. Acopia is a trademark of Acopia Networks. All other brands, products, or service names may be trademarks or service marks of the companies with which they are associated.
Contact:
Joe Wisniewski
Acopia Networks, Inc.
978-513-2979
jwisniewski@acopia.com