Technology Crossover Ventures invests $50M in Fiberlink for further technology development, acquisitions, and repurchase of shares

July 15, 2003

2 Min Read

BLUE BELL, Pa. -- Fiberlink Communications today announced it has secured $50 million in funding from Technology Crossover Ventures (TCV). TCV, a leading Silicon Valley-based provider of growth capital to technology companies joins previous investors Goldman Sachs, GE Equity, Edison Venture Fund and NewSpring Ventures. Fiberlink will use the new funds to further its technology development and acquisitions, and repurchase certain previously issued preferred shares. "We are extremely excited with this opportunity to invest in Fiberlink. They have demonstrated a winning corporate vision and established themselves as a clear market leader addressing a tremendous opportunity in the remote access space," said John Drew, venture partner with TCV. "This financing is a strong example of TCV's investment strategy, which is to invest in successful later stage companies with a proven business model. It is also a validation of Fiberlink's outstanding management team, as they have already demonstrated the ability to grow both revenue and profitability." Fiberlink is a leader in delivering true policy-based remote access solutions for the enterprise market. Unlike traditional network carriers, Fiberlink addresses the growing complexities of enterprise access brought on by the demands of an expanding business ecosystem. The company's policy-centric platform integrates best-of-breed applications, multi-network redundancy and end-to-end security to help customers increase productivity and mitigate the cost and risks associated with supporting a remote workforce. "TCV's investment in Fiberlink is a tremendous endorsement of our business performance and our position in this growing industry, especially considering today's competitive business environment," said Jim Sheward, chief executive officer of Fiberlink. "The capital infusion will allow us to accelerate our ability to bring innovative solutions to companies looking to provide employees with secure, reliable connectivity to protected information assets while outside the traditional enterprise perimeter." With seven consecutive profitable quarters, a healthy cash balance and double-digit quarterly revenue growth, Fiberlink continues to demonstrate financial viability and value to customers such as General Electric, BMC Software and Computer Sciences Corporation. The company has been consistently recognized by analysts at firms such as Gartner Group, Burton Group and The Yankee Group as a leader in their industry. Fiberlink was recently positioned by Gartner in the Leader Quadrant of its First Half 2003 North American Managed Remote Access Magic Quadrant report for the third consecutive year. Fiberlink Communications Corp.

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