O’Melveny Advises Cedexis in US$22 Million FinancingJanuary 27, 2016
FOR IMMEDIATE RELEASE
O’Melveny & Myers LLP
SILICON VALLEY --January 27, 2016 -- O’Melveny & Myers LLP represented Cedexis, a leading Internet measurement and optimization company, in its US$22 million Series B funding round. Ginko Ventures led the round, which included Foxconn, Nokia Growth Partners (NGP), and Citrix Systems Ventures, along with Cedexis’ Series A investors, Advanced Technology Ventures and Madrona Ventures.
The O’Melveny team was led by partner David Makarechian, counsel Katherine McCormick, and associate Snehal Desai.
About O’Melveny & Myers LLP
With approximately 700 lawyers in 15 offices worldwide, O’Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession. For more information, please visit www.omm.com.
The following release was issued by Cedexis:
Cedexis Lands $22 Million in Financing to Promote Global Growth
Leading Global VCs and Corporate Sponsors Invest in Next Generation Web, Video and Application Acceleration Market
Portland, Oregon and Paris, France — January 26, 2016 — Cedexis, a leader in Internet measurement and optimization, today announced the closing of a $22 million Series B financing round, bringing total company funding to $33 million. Ginko Ventures led the round, with participation from Foxconn, Nokia Growth Partners (NGP), Citrix Systems Ventures as well as Cedexis’ Series A investors, Advanced Technology Ventures and Madrona Ventures. This latest investment will support immediate opportunities to drive global growth as well as to broaden solutions for accelerating over-the-top (OTT) video, Software-as-a-Service (SaaS) services and web application delivery.
“The web is now at the core of value delivery in almost every industry, making web performance mission critical for most enterprises. Cedexis dramatically increases an enterprise’s ability to improve their users’ Quality of Experience (QoE) over shared ‘best effort’ networks and clouds,” said Scott Grout, CEO of Cedexis. “We have a very unique approach of crowd-sourcing billions of daily end-user measurements from a shared community of hundreds of participating global enterprises. This data set yields unprecedented real-time visibility into global web performance which we then use to optimally route users across multiple networks (CDNs), clouds or data centers dramatically improving their experiences. This increases consumer engagement and measurably improves business results for the enterprise,” said Scott Grout, Cedexis CEO.
“Global enterprises using Cedexis are at the leading edge of a revolution in how companies proactively manage their value delivery across shared Internet infrastructure,” said Dominique Pitteloud Managing Director at Ginko Ventures. “Cedexis’ focus on improving user QoE, and thus increasing enterprise revenues, customer retention and conversion rates, is impressive,” continued Mr. Pitteloud.
“Cedexis is at the forefront of the transition to cloud-centric SaaS infrastructure. The Cedexis approach of informing their global traffic management solution using crowd-sourced data, from the very audiences that utilize their customers’ web applications, is truly novel and differentiated in the marketplace”, said Andy Cohen, VP of Strategic Development of Citrix.
“With their ability to optimize Internet performance and cost in real-time, Cedexis is a real game-changer for enterprises” said Bo Ilsoe, Managing partner at NGP. “With deep roots in both the US and France, we are delighted to invest in Cedexis and help accelerate their global expansion.”
Cedexis’ customer base is rapidly approaching 1,000 global enterprises and includes major brands such as Accor Hotels, Airbus, Bloomberg, Comcast, LinkedIn, Microsoft, Mozilla, Nissan, PBS, Tumblr and Shutterstock. In addition, Cedexis partners with all leading CDN, cloud, hosting and APM providers, globally, to establish the world’s largest performance community focused on improving Internet performance for billions of users worldwide.
In addition to the $22M in equity financing, the company secured a $770K business development loan from bpifrance, a leading French investment bank that actively promotes fast-growing global companies with roots in France. The total $22.8 million of new funding will be used to extensively expand the size and global reach of Cedexis as well as to accelerate customer growth. Cedexis will be increasing investments and hiring in engineering, marketing and sales. For more information on Cedexis, please visit the company’s website and follow Cedexis on Twitter at @cedexis.
Cedexis provides web-scale, end-user-experience monitoring and real-time traffic routing across multiple clouds and networks. Cedexis Radar crowd sources billions of real user measurements (RUM) a day from a community of nearly 1,000 enterprises. Cedexis Radar provides real-time visibility into how cloud/network performance is impacting the experience of web and mobile application users. Cedexis Openmix then uses this insight to route traffic for best performance, or availability, or cost, or any mix of the three. Cedexis Impact then demonstrates the real-world correlation of end-user performance to business KPIs, enabling enterprises to maximize web performance returns. Cedexis is trusted by nearly 1,000 global brands including Accor Hotels, Airbus, Cartier, Comcast, LinkedIn, Mozilla, Nissan and Shutterstock. Cedexis is headquartered in Portland, Oregon with offices in Paris, France, San Francisco, CA, Brooklyn, NY and London, UK.
About Ginko Ventures
Founded in 2015, Ginko Ventures is a venture capital Firm targeting technologies, devices and solutions that will improve the way people work, play and live. We primarily focus on investments in European and Israeli companies whose technologies have the potential to rapidly access global markets. Together with our limited partner Foxconn, we are also keen on creating tangible industrial leverage for our portfolio companies. Our mission is to enable sustainable partnership between industry leaders and amazing entrepreneurs for disruptive innovations and superior value creation. For more information visit: www.ginkopartners.com.
Established in 1974, Foxconn Technology Group (“Foxconn”), under the leadership of Founder and CEO Terry Gou, offers the most competitive production manufacturing technology in the world. A recognized global industry leader, Foxconn created the 3C OEM service business model, eCMMS, incorporating vertical integration of mechanical, optical and electronic components. Foxconn offers many of the world’s leading companies a one-stop integrated manufacturing solution. Foxconn has in recent years expanded into technology services, providing customers the most comprehensive solutions for their technology and manufacturing needs. In addition to maximizing value creation for customers, Foxconn is also dedicated to enhancing the concept of environmental protection in the manufacturing process. In addition to being a trusted partner for its customers, Foxconn is working to be a best-practices model for global enterprises.
About Nokia Growth Partners
NGP is an independent fund manager sponsored by Nokia, backing entrepreneurs focused on building a connected world. NGP offers industry expertise, capital and an extensive network, enabling entrepreneurs to build disruptive, industry-changing companies and taking them to the global market. With offices in the US, Europe, India and China, NGP extends the reach of companies making their products and services local everywhere. For more information, please visit www.nokiagrowthpartners.com.
Founded in 1979, Advanced Technology Ventures (ATV) is a bi-coastal venture capital firm with $1.4 billion in capital under management. ATV works closely with entrepreneurial teams in several technology markets, including Communications, Healthcare, IT Infrastructure, Software and Services to build emerging-growth business ventures into market leaders. With more than 35 years of experience, ATV has a proven track record of success in helping to build strong, sustainable business enterprises.
Madrona has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region’s most successful technology ventures. The firm invests predominately in seed and Series A rounds across the information technology spectrum including consumer Internet, commercial software and services, SaaS, digital media and advertising, networking and cloud computing, and mobile. www.madrona.com.
Press contact (USA-Canada):
Gutenberg Communications on behalf of Cedexis
Tel: (408) 827-5697# # #