Expand Networks Raises Further $7mm from Plenus
Plenus Venture Lending Fund has granted a further $7 million credit line to WAN technologies company Expand Networks Ltd.. Expand, which was founded in 1998, develops application acceleration solutions for wide area networks (WAN) such as the Internet. The company employs 125 people and has raised $66 million to date. Plenus previously granted Expand a $3 million credit line in 2003.
Expand, managed by CEO Eli Barr, has sold its products to 1,600 customers to date, among them commercial companies and government organizations including the US Department of Defense, Continental Airlines, American Express, Elizabeth Arden, Bacardi, Colgate, and BMW. The company has installed more than 29,000 units at customer sites worldwide. Expand was recently cited by Gartner as one of the leading companies in its field, so it appears to be on the right track.
Plenus general partner Shlomo Karako said, "We've been following Expand's progress in recent years. This is the second credit line we've provided it, and that shows the confidence and faith we have in this company."
Plenus, which is celebrating the closing of its thir fund this week, has a total of $300 million in assets under management. It has provided a total of $200 million in credit facilities in more than 50 deals and was a partner in nine major exits. Plenus is due to hold a press conference this week following the closure of its third fund on $120 million.
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