Financing will support PeerApp’s continuing worldwide commercial expansion
NEWTON and BOSTON, MA (September 20, 2011) — PeerApp, Ltd., the leading provider of transparent Internet caching and content delivery platforms, announced that it has closed a growth equity investment led by Summit Partners. Also participating in the round are Cedar Fund, Evergreen Partners, Pilot House Ventures Group and existing investors in PeerApp. The funds will be used to accelerate PeerApp’s commercial efforts and support the company’s continuing global expansion.
PeerApp’s UltraBand transparent Internet caching platform enables network operators to deliver and accelerate Internet video and other forms of multimedia content. The company’s UltraBand products and content delivery architecture allow operators to meet the bandwidth and service quality challenges of the video Internet and satisfy demand from their customers, while maximizing the effectiveness and efficiency of network resources.
“The rapid increase in demand for video and other media services has created a challenge for every operator committed to delivering quality services to consumers,” said Robert Mayer, CEO of PeerApp. “PeerApp provides our customers with a robust solution that helps control content delivery, dramatically improves network performance and drives significant ROI. UltraBand’s coverage of the latest content types including Netflix streaming, combined with the ability to deliver at carrier scale, uniquely positions PeerApp to capitalize on this tremendous opportunity. The strategic investment made by Summit Partners validates our vision, technology, and capability to serve this market.”
“With this new financing, PeerApp will accelerate the profitable expansion of our worldwide commercial operations by investing in our global sales force, product development and marketing,” said Joseph Hazan, CFO of PeerApp. “These additions will fuel our company’s continued rapid growth.”
Since the company’s inception in 2004, PeerApp has installed its UltraBand system at more than 175 telecommunication service providers, multi–system cable operators (MSOs) and mobile operators in over 60 countries throughout North and South America, Europe, Africa, and Asia.
“With online consumption of video and other media expected to continue rising, we believe PeerApp’s transparent caching system can help service providers meet critical challenges today and going forward,” said Tom Jennings, a Managing Director at Summit Partners who has joined the PeerApp Board of Directors. “As a long-time investor in communications technology and software companies, Summit Partners is pleased to support this strong team of entrepreneurs who have built a rapidly growing and profitable company poised for significant expansion.”
About PeerApp Ltd.
PeerApp is the leading infrastructure provider of transparent Internet caching and content delivery platforms, enabling network operators to control rich media content, improve network efficiency, enhance subscribers' quality of experience, and offer new Internet content services. More than 175 operators in over 60 countries have deployed PeerApp systems. PeerApp was founded in 2004 and is headquartered in Newton, Massachusetts. For more information, visit www.peerapp.com.
About Summit Partners
Summit Partners is a growth equity investor that provides private equity and venture capital to rapidly growing companies. Founded in 1984, Summit has raised more than $11 billion in capital and has provided growth equity, recapitalization and management buyout financing to more than 330 growing companies across a range of industries and geographies. Summit Partners seeks outstanding management teams that have built their companies to market leadership. Summit’s notable investments in the communications technology sector include Accedian Networks, Commnet Wireless, E-TEK Dynamics, Finisar Corporation, Hittite Microwave Corporation, and M/A-COM Technology Solutions. For more information, visit www.summitpartners.com.
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In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.