Press Releases
2004
FORCE10 NETWORKS CLOSES $75 MILLION MEZZANINE FUNDING ROUND
MILPITAS, Calif., June 7, 2004 — Force10 Networks, the pioneer in 10 Gigabit Ethernet switching and routing, today announced it has closed a $74.9 million mezzanine round of funding, one of the networking industry’s largest in two years. Crosslink Capital joined co-leads Meritech Capital Partners and Morgenthaler Ventures as new investors in the company. Existing investors, including U.S. Venture Partners, New Enterprise Associates and Worldview Technology Partners, also participated in the round.
“Closing one of the industry’s largest funding rounds in recent history is a testament to our best-in-class technology, rapidly growing customer base and market share leadership,” said Marc Randall, CEO of Force10 Networks. “By establishing a tradition of innovative technology with unsurpassed resiliency and scalable performance, Force10 is now positioned to extend its successes to new products, markets and customers.”
“Force10 changed the business of networking when it was the first to market with line-rate 10 Gigabit Ethernet and has continued to capitalize on its early lead in the industry,” said Paul Madera, managing director at Meritech Capital Partners. “The company has leading technology, an extraordinary list of loyal customers and the vision to make resilient 10 Gigabit Ethernet the technology of choice for high performance networking environments around the world.”
Force10 has recently been recognized as a technology company poised to change the networking industry. On May 11, Force10 was named to the Red Herring 100 list of private technology companies for positively transforming the marketplace. In March, Force10 was singled out for an Investors’ Choice award at the Network Outlook Private Equity conference for its prospects in the data communications industry. Independent market research organization Heavy Reading also recently highlighted Force10 as a top beneficiary of the telecom resurgence in its report, “Telecom Recovery Investment Opportunities.”
“Force10 customers – whether running data centers, clusters, or carrier networks – depend on Force10 to maximize operating economics and minimize the penalties of down time, which can impact thousands of users and cost millions of dollars in lost productivity,” said Gary Morgenthaler, general partner at Morgenthaler Ventures. “Our discussions with Force10 customers turned up some of the most enthusiastic customer endorsements ever encountered.”
According to Dell’Oro Group, the 10 Gigabit Ethernet market is projected to reach $2.4 billion by 2008, driven by early volume deployments on high-end modular platforms in large campus backbones, inter-campus connections and larger data centers.
About Force10 Networks
Force10 Networks develops high-performance data center solutions powered by the industry’s most innovative line of open, standards-based, networking hardware and software. The company’s Open Cloud Networking framework grants Web 2.0/portal operators, cloud and hosting providers, enterprise and special-purpose data center customers new levels of flexibility, performance, scale and automation—fundamentally changing the economics of data center networking. Force10 Networks operates globally, providing 24x7 service and support to its customer base in more than 60 countries worldwide. For more information, visit www.force10networks.com.
Contact:
Michael Schoolnik
StoryPR on behalf of Force10 Networks Inc.
+1 415-674-3816
michael@storypr.com
Force10 Networks, the Force10 Networks logo, Force10, E-Series, Traverse, and TraverseEdge are registered trademarks and Open Cloud Networking, Z-Series, ZettaScale, ExaScale, S-Series, TeraScale, FTOS, Open Automation, are trademarks of Force10 Networks, Inc. All other company names are trademarks of their respective holders.
