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Contact:

Kristen Wilson
Sitara Networks
Kwilson@sitaranetworks.com
781-487-5932

 

FOR IMEDIATE RELEASE

SITARA NETWORKS‚ RAISES $23 MILLION IN FINANCING.

Charles River Ventures Leads Round; Menlo Ventures Joins Prestigious Group of Investors

Waltham, Mass., February 5, 2002 -- Sitara Networks, Inc.‚, the leading provider of QoS (Quality of Service) solutions for managing and optimizing application performance across networks, today announced the completion of a $23 million financing round led by Charles River Ventures. Menlo Ventures joined the prestigious list of investors, which includes OneLiberty Ventures, New Enterprise Associates, Oak Hill Venture Partners, Prism Venture Partners, Siemens, Van Wagoner Capital Management, MFS Investment Management, Deutsche Banc Alex. Brown, SI Ventures and Thomas Weisel Partners.

With the new financing, Sitara will continue to invest in new product development, sales and marketing to further the adoption of its QoS solutions, which enable companies to deploy and enforce policies to improve the performance of applications over wide area networks. The latest round of financing is expected to fund the company through cash flow positive which is anticipated to occur later this year, based on the company’s current plans and projections.

“At a time when venture capitalists are very selective about their investments, we are fortunate to be recognized by world-class investors as a company that will succeed in the current climate,” said Malik Khan, CEO and founder of Sitara. “Today’s announcement allows us to build on recent successes, including nearly quadrupling our revenues year-over-year in 2001 and the increased acceptance of QoS. The additional funding allows us to strengthen our cash position, and fund our future growth to meet our goal of reaching breakeven this year.”

“Sitara's business model continues to be compelling in its ability to deliver on plan. Companies are realizing the benefits of quality of service for leveraging their existing infrastructures and as a result, we have seen Sitara's deal sizes increase,” said Mike Zak, general partner at Charles River Ventures. “Moving forward, Sitara is well positioned to take advantage of the growing QoS market by demonstrating real business value to its customers.”

“We decided to join this list of investors because of the strength of Sitara’s leadership and technology,” said Mark Siegel, managing director at Menlo Ventures. “Quality of Service is a key market for us to invest in as more companies are investigating ways to manage converged networks. We look forward to working alongside Sitara’s team to help them reach their full potential.”

About Sitara Networks
Sitara Networks delivers QoS (Quality of Service) solutions that enable organizations to analyze and report bandwidth usage, and deploy and enforce policies for managing and optimizing application and network performance. Organizations with a Sitara QoS-enabled network can accelerate new application deployment, deliver consistent application response times, improve Web access, and guarantee SLA performance. This enables organizations to leverage their existing network infrastructure, allowing enterprises to increase business productivity and ROI on their infrastructure, and service providers to create new revenue-generating services.

Sitara Networks is headquartered in Waltham, MA and operates subsidiaries in Canada, South America, Europe and Asia. More information about the company can be found on the Web at http://www.sitaranetworks.com.

   

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