Telecom Lead Middle East: Meru Networks, a provider
of virtualized 802.11 enterprise wireless networking, has won a $12
million growth capital debt financing from Western Technology Investment
(WTI).
Meru Networks reveals that the financing will be funded
immediately, and will amortize over a 39-month period.
“We look to invest in companies that have potential
for long-term value creation, are at an inflection point in growth and want a
strategic partner to help them reach the next stage of development. Meru is
aimed to capitalize on the wireless LAN market which is projected to see nearly
20 percent year-over-year growth through 2013,” said Jay Cohan, investment
partner at WTI.
WTI is a technology investment firm that has backed
companies such as 3PAR, Facebook, Google, and Juniper Networks.
“We believe this investment by WTI further validates
Meru’s strategy and approach in this vibrant and growing market. Meru’s
technology is specifically designed to meet the tsunami of bring your own
device, or “BYOD” consumer devices in large organizations where
conventional architectures often fail,” said Bami Bastani, president and
CEO of Meru.
Meru Networks launches cloud-based networking solutions for
enterprises
Earlier, Meru Networks launched new Meru WLAN solutions
that can be deployed on-premise, within virtualized private cloud environments,
or as subscription-based, hosted applications
Meru Networks revenue down 4% $19.4 million at in Q1 2012
Recently, Meru Networks posted revenues of $19.4 million
for the first quarter of 2012, down 4 percent from $20.2 million in
the first quarter of 2011.
Total product and service revenues for the first quarter
of 2012 stood at $19.4 million, up 4 percent from $18.6 million in
the first quarter of 2011.
editor@telecomlead.com
