Crescendo Networks Ltd., an Israel-based provider of Web application acceleration and optimizintion, has raised $9.5 million in third-round funding. The Challenge Fund was joined by return backers Evergreen Venture Partners, Apax Partners, Magma Venture Partners, StageOne Ventures and Convergent Capital. The company has now raised $36.2 million in total funding.
Crescendo Networks, Ltd., the recognized performance leader in accelerating and optimizing Web applications, today announced the company has secured $9.5 million in its third round of major funding, bringing its total amount raised to $36.2 million. The Challenge Fund � Etgar II L.P. participated in the current financing and joined current investors, Evergreen Venture Partners, Apax Partners, Magma Venture Partners, StageOne Ventures and Convergent Capital. In these tough economic times, Crescendo Networks is one of a very few companies to receive additional venture capital financing from new investors, illustrating its strength in the market place.
“With its steady stream of orders from around the world, strong year-in year-out revenue growth, new customers added monthly and an experienced management team at the helm, investing in Crescendo was an exciting opportunity for us,” said Tamar Ciehanover, The Challenge Fund Managing Partner. “As businesses turn to the Web to conduct most of their activities, we know how important back-end technology � the very driver of online performance � will be. With the industry’s most comprehensive and best performing Web application optimization and acceleration solution, Crescendo is poised to capitalize on this hyper growth industry.”
Adoram Ga’ash, Crescendo’s Chairman and CEO, together with his team, have been rapidly expanding the company’s customer base to hundreds of the world’s leading media, education, finance and retail companies, including: Aeropostale, Colgate, Friendster and ICBC. As a veteran entrepreneur, Ga’ash is no stranger to growing companies, having previously served as the founding General Partner of StageOne Ventures, established and managed Radwiz, which was acquired by Terayon (NASD:TERN), and co-founded several other startups who have seen commercial success during the previous decade.
“We are very pleased with the closure of this new financing. This is an important period for Crescendo as it expands its worldwide operations and gets ready to roll out new products. Therefore, finding a perfect fit to help fund these operations was essential,” said Ga’ash.
Crescendo Networks’ flagship product, AppBeat� DC, is the industry’s best performing application delivery solution, providing high availability, scalability, acceleration and optimization for Web applications. Unlike competing solutions, AppBeat DC leverages the industry’s only purpose-built platform, uniquely designed for maximum performance and feature concurrency. By offloading servers from process-intensive tasks and optimizing the delivery of the application to the users, AppBeat DC significantly improves overall application performance, security and availability while reducing datacenter costs.
About Crescendo Networks
Crescendo Networks is the recognized performance leader for accelerating and optimizing the delivery of business-critical, web-enabled applications. The company’s unique multi-tier application architecture dramatically improves the operation of today’s demanding application infrastructure. The world’s largest corporations and fastest growing web properties rely on Crescendo for the application performance and efficiency needed to ensure usability, facilitate rapid business growth, lower IT costs and capture additional revenue. To learn more about Crescendo Networks’ application delivery solutions, visit www.crescendonetworks.com.