Netscaler attracts $20 m funding

SANTA CLARA: NetScaler, Inc., a pioneer in application delivery systems, announced that it has raised $20 million in an expansion round of funding. Led by Focus Ventures, this oversubscribed round also included Granite Global Ventures as well as existing investors Sequoia Capital, Goldman Sachs & Co., Gabriel Venture Partners, and Bay Partners.

"We feel fortunate to have found a rare company such as NetScaler that combines all of the business and technology ingredients needed for success in today's highly competitive, sometimes uncertain marketplace," states James H. Boettcher, general partner, Focus Ventures.

"NetScaler's highly disciplined management team has led the company to a solid, sustained growth path by focusing on the long-term success of its stellar base of enterprise and public web site customers, while taking advantage of its highly differentiated technology through strong, continued innovation."

NetScaler achieved a record year for new bookings in calendar year 2003 with year-over-year growth in net revenues soaring to over 400 percent.

The company is addressing and defining the market for application delivery, a rapidly emerging new category that represents the next generation of secure traffic management devices and for which market opportunity will exceed $2.2 billion by 2005 and approach $3.6 billion by 2007 according to market research firms IDC and Infonetics Research.

Gartner lists company in the visionary quadrant of its Magic Quadrant for Web-enabled Application Delivery pointing to its ability to "now deliver strong solutions to optimize enterprise applications."

"We continue to see very strong demand both domestically and internationally for application delivery products," says B.V. Jagadeesh, president and CEO., NetScaler. "This late stage funding will primarily serve to support our continued success in penetrating Global 2000 enterprise accounts by further solidifying our already strong financial position and accelerating our plans to expand globally."

CIOL Bureau