cPacket Networks announced the successful completion of a $67 million transaction, including a primary and secondary equity investment by funds managed by Morgan Stanley Expansion Capital and a debt refinancing by Trinity Capital Inc.
The involvement of these premier investors in this difficult market reflects positively on the company’s performance, its strategic positioning and the exciting market opportunity.
Morgan Stanley Expansion Capital has a long history of successful investments in established, late-stage growth companies, like cPacket. In addition to capital, the cPacket team will leverage Morgan Stanley Expansion Capital’s experience in providing strategic advice and global perspective to help build upon cPacket’s momentum.
Pete Chung, Head of Morgan Stanley Expansion Capital, said: “cPacket has demonstrated consistent and highly efficient growth and we are excited to partner with Brendan and his talented team to execute on the next chapter of success. The increasing complexity and performance required of modern enterprise networks is driving increasing need for high-quality, real-time packet data and analytics. Many of the world's most demanding customers trust cPacket to inform their critical decisions and cPacket is at the forefront of technological leadership in the market.”
The debt investment comes from Trinity Capital Inc., a leading provider of diversified financial solutions to growth stage companies with institutional equity investors. With $3 billion in investments since inception, Trinity has the depth of knowledge, experience and track record in lending to growth stage companies. “We are excited to partner with cPacket as it expands its market leading network observability technology to address the needs of its blue-chip enterprise customer base,” said Jack McNamara, Director, Tech Lending at Trinity.
cPacket will use the funds to accelerate product development, including 400Gbps Observability nodes, expanding its Cloud and hybrid footprint and introducing innovative use of AI/ML to drive deep but business relevant insights from customers packet data. In addition, the company will continue to scale its sales and marketing efforts globally.
Brendan O’Flaherty, CEO cPacket Networks, said: “We will strategically utilize their funding to drive market expansion and talent acquisition, as we accelerate delivery of our ground-breaking network observability solutions for our clients across financial services, healthcare, high-tech and government sectors.”
Citizens JMP Securities, LLC served as exclusive financial advisor to cPacket Networks in connection with the transaction.
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