A10 Networks Secures $23 Million in Series C Funding
Demonstrates Corporate Growth through Product Milestones and Headquarters Expansion
SAN JOSE, CA. - July 14, 2008 -- A10 Networks®, the technology leader in providing Web Application Delivery solutions, today announced the completion of $23 million in Series C funding led by Mitsui & Co. Ltd. The new financing brings A10's total funding to $39 million. Existing investors Mitsui, Triton Ventures, H&Q/Asian Pacific, Harbinger Venture and Enspire Capital contributed 89 percent of the C funding. This demonstrates a high level of existing investors' confidence in A10. CIDC is the only new investor.
A10 will use the proceeds to fund continued growth to rapidly scale its operations worldwide, including acceleration of global expansion and product development. Since the beginning of 2008, A10 has won over 100 new customers for its AX Series Advanced Traffic Manager family, which are new generation server load balancers, EX Series bandwidth management appliances with identity and ID Series network identity management appliances.
"Mitsui has been distributing A10 products in Japan for almost 2 years now, and has seen extremely positive results with great market potential. With our investment in the Series C round, A10 and Mitsui forge a long-term strategic partnership in addition to Mitsui being the Exclusive Distributor of A10 products for Japan," said Masaki Saito, General Manager, IT Outsourcing Business Division of Mitsui & Co. Ltd.
A10 Networks' Series C funding comes amid several recent corporate and product milestones, including:
- July 2008: A10 doubles its headquarters space in San Jose, CA to accommodate the growth of R&D and Customer Support.
- June 2008: AX Series new generation server load balancer wins Grand Prix/Best of Interop Tokyo in the best Carrier/ISP category for its comprehensive high-performance IPv6 solutions. AX Series also won Best of Interop Las Vegas and Best of Interop Tokyo 2007.
- January 2008: AX Series is the industry's first to achieve over 1.5 million Layer 7 transactions per second and was confirmed to deliver more than twice the performance at half the price of the market leading competitor (see January 2008 Tolly Report).
"The C funding round will enable A10 to reach profitability and expand rapidly over the next 18 months," said Lee Chen, Founder and CEO of A10 Networks. "Strong partners and investors such as Mitsui provide us with long-term stability and I look forward to a win-win opportunity with our investors and shareholders. A10's focus now is on ensuring we deliver exceptional customer service and value, which will ultimately result in increased shareholder value."
About A10 Networks
A10 Networks was founded in Q4 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 the United States, Japan, China, Korea and Taiwan. For more information, visit www.a10networks.com.
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