(Cascadia Capital represented AirWave in this transaction)
AirWave Closes $7 Million in Series D Funding
Prestigious Investment Firms Recognize Impact of AirWave's Wi-Fi Network Management Software on Industry and its Growing Leadership Position
July 12, 2004 (San Mateo, CA) -- AirWave Wireless, a leading wireless network management software developer, announced further validation of its strength in the Wi-Fi market with $7 million in new funding. Westbury Equity Partners led the round with participation from existing investors Ignition Partners and Idealab. The firms rank among leading influential private equity investors focused on the high tech industry. AirWave also announced the addition of Westbury President, James W. Schubauer II, to AirWave's board of directors.
The company's AirWave Management Platform (AMP™) software monitors, analyzes, and configures Wi-Fi networks. AirWave software manages even the largest and most complex wireless networks, protecting customers' existing network investments and giving them the freedom to choose new and different vendor equipment. The company's customers include Fortune 500 companies, major universities, healthcare facilities, school districts and government agencies. AirWave's software interoperates with and supports products from a host of industry leading providers including HP, Avaya, Cisco, Colubris, Enterasys, HP ProCurve, Proxim, Symbol, and others.
"AirWave has rapidly risen to become the leading Wi-Fi network management software developer in terms of product sophistication, strategic partnerships, customers, and technical integration with major Wi-Fi vendors," said James Schubauer. "We found this opportunity to contribute to the acceleration of AirWave's penetration of the emerging Wi-Fi marketplace extremely attractive."
"The need for wireless network management continues to intensify as more businesses across industries recognize the benefits of mobility. Controlling costs and optimizing network performance have never been more important," said AirWave CEO Gary Hegna. "Seasoned investors like Westbury Partners, Ignition Partners and Idealab bring years of proven experience in building successful technology companies. Their active support will be enormously helpful to us as we grow the company to take advantage of this market opportunity," he added.
The company plans to use the additional funding to accelerate product development and grow its sales and marketing operations to support increased demand for its wireless LAN management platform software.
Cascadia Capital, a national investment bank specializing in a number of market sectors including information technology and communications, assisted AirWave in securing the financing.
About AirWave
AirWave Wireless, Inc. is the leading developer of network management software solutions that provide administrators a single point of intelligent control to monitor, analyze, and configure their wireless network infrastructure. The privately held company is headquartered in San Mateo, California, and is backed by investors Westbury Equity Partners, Ignition Partners and Idealab. The company's patent-pending AirWave Management Platform™ software is sold through a global network of value-added resellers and systems integrators. For more information, visit the company's website at www.airwave.com.
About Westbury
Westbury Equity Partners is a Long Island, NY-based investment firm managing several private equity funds. Westbury is currently deploying Westbury Equity Partners SBIC, L.P., a $150 million private equity fund licensed as a Small Business Investment Company (SBIC). Westbury invests $3 to $9 million per transaction as lead investor or participant, partnering with experienced, like-minded firms. Westbury Partners can be reached through their website, www.westburypartners.com.
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