Sitara Networks raises $22 million mezzanine financing; AOL joins
prestigious list of investors
WALTHAM, Mass., September 28, 1999 -- Sitara Networks, Inc., a
leading provider of innovative Network Performance Control solutions,
today announced it has closed a $22 million mezzanine round of
financing. In addition to an investment from America Online (NYSE:
AOL), new investors include a prestigious group of mezzanine round
investors: Arbor Investors, Essex Investment Management, Kinetic
Ventures, Van Wagoner Capital Management, Alex Brown Employee Venture
Fund, and Valhalla Capital. In addition, the company's original
investors - Charles River Ventures, New Enterprise Associates, Prism
Venture Partners, and OneLiberty Ventures -- all participated in the
new round.
With the new financing, Sitara can commercialize and broadly
distribute networking products to manage and improve the performance
of IP networks. During the remainder of 1999, the company plans to
develop a new class of device for enterprise network deployment that
will incorporate the revolutionary rate control and congestion
management technologies developed by Sitara over the past 2 years.
The new products will provide a new level of control and
predictability in IP networks.
"We invested in Sitara since we believe that they will be a winner in
providing innovative products to improve the performance of critical
applications on IP networks," said Len Leader, President, AOL
Investments.
"We are looking forward to completing the development of our next
generation products and bringing them to market. We are actively
working with strategic partners to deploy and distribute products
using Sitara's technology, particularly in enterprise networks," said
Malik Khan, Chairman and CEO, Sitara Networks.
About Sitara
Sitara develops, sells and supports network performance solutions
that provide control and predictability in IP networks. For more
information on Sitara Networks' innovative technologies and products,
visit the company's Web site at http://www.sitaranetworks.com. The
company is headquartered in Waltham, Massachusetts.
Contact: Bob Steingart, Vice President of Marketing, Sitara Networks,
Inc., 781-487-5923, bsteingart@sitaranetworks.com