A10 Networks Raises $115 Million in New Capital Based upon Continued Growth Summit Partners leads investment and joins A10 Networks Board
SAN JOSE, Calif., Oct. 3, 2013 /PRNewswire/ -- A10 Networks™, a technology leader in Application Networking, today announced it has secured $115 million in capital through an equity financing and a committed revolving credit facility. Summit Partners, a leading global growth equity firm, led the round with an $80 million equity investment. An additional $35 million revolving credit facility was obtained through Bank of America Merrill Lynch, J.P. Morgan and RBC Capital Markets.
"We are proud of the investment and the underlying vote of confidence from several of North America's largest and most prestigious financial institutions," said Lee Chen, Founder and CEO for A10 Networks. "With this investment, A10 will continue to extend its technology leadership and expand its market penetration with innovative solutions to help customers accelerate, optimize and secure websites and applications."
"A10 has established a leadership position in next-generation data center and cloud infrastructure technology. Its products improve the performance and scalability of customers' networks with disruptive performance and innovation combined with best-in-class customer support," said Peter Chung, a Managing Director at Summit Partners who has joined the A10 Board of Directors. "We look forward to serving as the company's partner during this next phase of its growth."
A10 continues to extend its technology leadership with innovative solutions that disrupt the Application Delivery Controller (ADC) market. The A10 Thunder™ Series, unveiled in May, are next-generation Application Delivery Controllers that consolidate numerous premium feature modules and deliver the highest performance, most compact form factors to increase data center scalability and efficiency. With the success of the Thunder Series and other products, A10's most recent quarter produced record revenues.
"A10 has an enormous market opportunity with the rapid growth of cloud applications and online devices," said Greg Straughn, CFO of A10 Networks. "Our strong execution and rapid growth have enabled A10 Networks to raise a considerable amount of capital from leading financial institutions. With the additional capital, we will continue to invest in R&D, Customer Support, Sales and Marketing, as well as continue to grow our global workforce well beyond our current 600 employees, key elements for extending our history of strong revenue growth."
The revolving credit line was arranged by three co-bookrunners: Bank of America Merrill Lynch, J. P. Morgan and RBC Capital Markets, which also acted as the Administrative Agent.
About A10 Networks
A10 Networks was founded in 2004 with a mission to provide innovative networking and security solutions. A10 Networks makes high-performance products that help organizations accelerate, optimize and secure their applications. A10 Networks is headquartered in Silicon Valley, with offices in 23 countries including the United States, United Kingdom, France, The Netherlands, Germany, Spain, Brazil, Japan, China, Korea, Taiwan, Hong Kong and Australia. For more information, visit http://www.a10networks.com
A10 Networks, A10 Thunder, vThunder, ACOS, aCloud, aFleX, aXAPI, aVCS, Virtual Chassis, SoftAX, and aFlow are trademarks or registered trademarks of A10 Networks, Inc. in the United States and other countries.
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that has raised nearly $15 billion in capital, and provides equity and credit for growth, recapitalizations, and management buyouts. Summit has invested in more than 380 companies globally in technology, healthcare and other growth sectors. These companies have completed more than 130 public offerings, and more than 135 have been acquired through strategic mergers and sales. Summit has invested in more than 60 communications technology and services companies, including Acacia Communications, E-TEK Dynamics, Finisar, Hittite Microwave, M/A-COM Technology Solutions, NetCom Systems, Ubiquiti Networks and Xylan. Summit Partners maintains offices in Boston, Menlo Park, London and Mumbai. For additional information, visit www.summitpartners.com.
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 Conduct 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.
SOURCE A10 Networks