Advertisement
 

Cradlepoint Closes $48 Million Growth Equity Financing

User Rating: / 0
PoorBest 
Monday, 13 April 2015

 Cradlepoint Closes $48 Million Growth Equity Financing

 http://www.evdoinfo.com/images/stories/cradlepoint_logo_2014.jpg

Cradlepoint , the global leader in 4G LTE networking solutions for distributed enterprises, has closed a Series B round of $48 million growth equity funding. The proceeds will be used to accelerate its international expansion and development of industry-leading cloud-managed Wireless Wide Area Networks (WWAN) and security solutions. The round was led by Sorenson Capital, with participation from Delta-v Capital and The CAPROCK Group.

“The company has experienced strong momentum over the last three years, quadrupling its revenue, and we are committed to helping Cradlepoint extend its leadership and further grow its business.”

Cradlepoint’s cloud-managed 4G LTE wireless networking solutions have empowered thousands of distributed and mobile enterprises to create secure, scalable networks that provide essential connectivity without putting the corporate network or assets at risk. The company’s solutions are deployed, managed and supported by Cradlepoint’s innovative and industry-leading Enterprise Cloud Manager (ECM) platform that is purpose-built for the distinctive characteristics of the WWAN. Cradlepoint has over 1,000,000 successful deployments with many of the most well-known brands in the world. The company’s solutions provide the industry’s most secure and reliable 4G/LTE WWAN solutions for business continuity, application specific or parallel networks, transportation and M2M/IoT applications.

“We have been experiencing tremendous growth in our business as more and more customers realize the performance, cost and flexibility benefits of our 4G/LTE networking solutions. With the increasing deployment of LTE networks worldwide and the growing demand for WWAN solutions from enterprise customers, we felt this was the ideal time to seek additional capital in order to accelerate our growth, both domestically and internationally,” said George Mulhern, chairman and CEO for Cradlepoint. “We talked with a lot of potential investors and found that Sorenson Capital had the right combination of industry and wireless expertise, a strong and growing network that we could leverage and a growth-oriented company culture that fit perfectly with Cradlepoint. We are looking forward to working with the Sorenson team to build the world’s leading provider of cloud-delivered WWAN solutions to the distributed and mobile enterprise.”

“We were looking for a company that could appropriately capitalize on the significant macro tailwinds in IOT and 4G/LTE. We believe that CradlePoint is perfectly positioned with its hardware/software offering to be that market disruptor and solution provider. Moreover, a sharp focus on meeting the evolving needs of the enterprise is critical to corporate expansion, and Cradlepoint continues to demonstrate that quality through its product leadership throughout the WWAN marketplace,” said LeGrand Lewis, Managing Director for Sorenson Capital. “The company has experienced strong momentum over the last three years, quadrupling its revenue, and we are committed to helping Cradlepoint extend its leadership and further grow its business.”

Sorenson Capital Managing Director LeGrand Lewis and Co-Founder and Managing Director Ron Mika will join Cradlepoint’s Board of Directors.




 
< Prev   Next >

EVDO News, Tips, Products, Reviews, Verizon and Sprint Experts.
Welcome to the #1 source for EVDO Information. Search our EVDO forums, read our EVDO Blogs, check EVDO coverage and when ready, buy your EVDO products from us, your EVDO Experts. Call us @ 1-866-3GSTORE.
 
The image “http://www.evdoinfo.com/images/stories/evdo_easy_button.jpg” cannot be displayed, because it contains errors.
 

CrawlTrack: free crawlers and spiders tracking script for webmaster- SEO script -script gratuit de dÔøΩtection des robots pour webmaster