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Silver Peak Secures $13 Million in Series B Financing; Duff Ackerman & Goodrich LLC Leads New Round of Investment in Network Acceleration Vendor
MOUNTAIN VIEW, Calif. --(Business Wire)-- Jan. 31, 2006 -- Silver Peak Systems Inc., a developer of enterprise-class network acceleration appliances, today announced that it has secured $13 million in series B funding, bringing the total equity investment in the company to $21.5 million. Duff Ackerman & Goodrich (DAG) LLC led the round, which also included investments from Benchmark Capital, Greylock Partners and Pinnacle Ventures.
Silver Peak also announced the appointment of John Cadeddu, partner at Duff Ackerman & Goodrich LLC, and Bob Finocchio, Jr., private investor and part-time professor at Santa Clara University, to Silver Peak's board of directors.
"John and Bob have proven experience working with successful networking companies," said Rick Tinsley, chief executive officer and president of Silver Peak. "They are valuable partners that will help Silver Peak establish itself a leader in the network acceleration market."
The new funding will provide working capital to grow all aspects of the company's business, enabling rapid market expansion in the United States and abroad.
About Duff Ackerman and Goodrich
Duff Ackerman & Goodrich (DAG) Ventures invests in technology leaders at the forefront of new, large markets. Based in San Francisco, CA we seek to invest in those entrepreneurial teams able to overcome the obstacles that lead big problems to become big markets. Our investments span entrepreneurial companies in the life science, materials, traditional IT and other sectors.
About Benchmark Capital
Benchmark Capital was founded in 1995 with the mission of helping talented entrepreneurs build major technology enterprises focused on long-term growth. Benchmark takes a labor-intensive, team-oriented approach to venture investing in order to deliver a superior level of service to its portfolio companies. Benchmark's portfolio includes franchise companies such as Ariba (Nasdaq:ARBA), eBay (Nasdaq:EBAY), Handspring (Nasdaq:HAND), Juniper Networks (Nasdaq:JNPR) and Red Hat (Nasdaq:RHAT). Managing more than $2 billion in committed venture capital, Benchmark focuses on early-stage investing in markets where the partners have direct, relevant experience. For more information on Benchmark, visit its web site at http://www.benchmark.com/.
About Greylock Partners
Founded in 1965, Greylock Partners is one of the world's leading venture capital firms. Over the past 40 years, Greylock has funded and helped build several hundred successful companies. The Greylock approach uniquely puts the entrepreneur first, with Greylock working as an 'invited guest' in a highly supportive yet consultative way to help entrepreneurs build market-leading companies. Companies Greylock has funded include Ascend Communications, Continental Cable, DoubleClick, Internet Security Systems, Legato, Millennium Pharmaceuticals, Openwave, Red Hat, Tellabs and Trilogy. Greylock's offices are located in the Boston area and in Silicon Valley.
About Silver Peak Systems, Inc.
Silver Peak enables enterprises to centralize branch office infrastructure and improve application performance across a Wide Area Network. The company pioneered Local Instance Networking, a technology that reduces "server sprawl" and achieves exceptional acceleration for all applications, including email, web, file transfers, real-time applications like Citrix and media applications such as VoIP.
Silver Peak's NX Series appliances use Network Memory(TM) to eliminate the transfer of redundant information over the WAN to deliver a secure, LAN-like experience for distributed applications. It is the only solution to operate at the network layer, providing scalability and performance enhancements across all enterprise applications through a combination of local information storage, advanced data fingerprinting, data reduction, compression, Quality of Service (QoS) and latency/loss mitigation.
Silver Peak is headquartered in Mountain View, Calif. For more information, visit http://www.silver-peak.com.
NOTE: Silver Peak Systems, the Silver Peak logo, Silver Peak Network Memory and Silver Peak NX-Series are trademarks of Silver Peak Systems, Inc.
Citrix(R) is a trademark of Citrix Systems, Inc. and/or one or more of its subsidiaries, and may be registered in the U.S. Patent and Trademark Office and in other countries.
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