Apparent Raises $13.6M

BOSTON and VANCOUVER -- Apparent Networks Inc., a leading provider of network performance diagnostic solutions, today announced that it has raised $13.6 million in Series B financing. Bain Capital Ventures and JMI Equity led the round, which also included current investors, Business Development Bank of Canada and Aden Investments. These funds will be used to expand the Company's sales and marketing, business development, and R&D initiatives. In conjunction with the financing, the existing Board of Directors, Andrew Lugsdin, Director, Business Development Bank of Canada, and Irfhan Rajani, founder, President and CEO, Apparent Networks will be joined by Ben Nye, Managing Director at Bain Capital Ventures, and Bradford Woloson, General Partner at JMI Equity.

With the rapid migration of real-time, latency-sensitive applications onto converged networks, organizations are facing significant challenges to meet the performance expectations of their end-users. AppCritical(TM) from Apparent Networks is the only solution in the market that can meet this challenge. The Company is well-positioned to extend its market leadership with more than 135 customers, 17,000 users, and strategic partnerships with firms such as ACS, Nortel, Polycom, and Toshiba.

"By addressing an acute pain point in the market, Apparent Networks has grown rapidly from inception with limited capital investment. This Series B financing from Bain Capital Ventures and JMI Equity, both of whom have a deep understanding of our space, validates the substantial market opportunity ahead of the Company," said Irfhan Rajani, founder, President and CEO, Apparent Networks.

"It is increasingly clear that there are tremendous challenges associated with delivering end-users' quality of experience expectations for real-time voice, video, and data applications on converged IP networks. Our customer diligence revealed that AppCritical provides the only solution in the marketplace that is capable of providing end-to-end visibility into any network and quickly detecting network performance problems without requiring agents or other expensive, invasive infrastructure," said Ben Nye, Managing Director, Bain Capital Ventures.

"Apparent Networks has developed a solution that delivers immediate, tangible ROI for a wide range of organizations, including network-dependent vendors, service providers, enterprises, and SMEs. With targeted investments in sales and marketing, we believe the Company is well-poised to accelerate its already impressive growth trajectory," said Bradford Woloson, General Partner, JMI Equity.

Apparent Networks