Goldman Sachs joins existing investors to accelerate Acopia's business expansion
LOWELL, MA - November 3, 2004 - Acopia Networks, Inc., the pioneer of Adaptive Resource Networking products, today announced that the company has closed $25 million in additional funding, bringing the total capital raised to over $65 million. This third round of financing was led by Goldman Sachs as a new investor, with participation by prior investors Charles River Ventures, Accel Partners, STAR Ventures and Vesbridge Partners.
"Acopia's unique technology and its management team's proven track record in building successful companies made this a very attractive investment opportunity," said Peter Perrone, Vice President with Goldman Sachs. "Acopia's products immediately reduce the cost and complexity of managing the rapid growth of file data, while also providing a platform to deploy emerging and valuable ILM functions."
The new funds will be used to accelerate the company's sales growth worldwide, ahead of its original plans to expand in the first half of 2005.
"Our decision to accelerate the growth of our business was based on customer demand and the strength of the market opportunity worldwide," said Christopher P. Lynch, President and CEO of Acopia Networks. "Our products uniquely solve the challenges of managing unstructured data at a global scale, which continues to be a priority for large enterprises. We're gaining significant customer traction by being able to outperform clustered file systems using existing file storage infrastructure. This new round of funding enables us to immediately grow our sales, customer support, marketing and operations organizations to better fulfill customer demand."
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. Information about Acopia's products and services can be found at http://www.acopia.com.
Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
©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