PeerApp Ltd, a leading provider of transparent Internet caching and content delivery platforms, has closed a growth equity investment led by Summit Partners.
Also participating in the round are Cedar Fund, Evergreen Partners, Pilot House Ventures Group and existing investors in PeerApp. The funds will be used to accelerate PeerApp’s commercial efforts and support the company’s continuing global expansion.
PeerApp’s UltraBand transparent Internet caching platform enables network operators to deliver and accelerate Internet video and other forms of multimedia content. The company’s UltraBand products and content delivery architecture allow operators to meet the bandwidth and service quality challenges of the video Internet and satisfy demand from their customers, while maximizing the effectiveness and efficiency of network resources.
“The rapid increase in demand for video and other media services has created a challenge for every operator committed to delivering quality services to consumers,” says Robert Mayer, CEO of PeerApp. “PeerApp provides our customers with a robust solution that helps control content delivery, dramatically improves network performance and drives significant ROI. UltraBand’s coverage of the latest content types including Netflix streaming, combined with the ability to deliver at carrier scale, uniquely positions PeerApp to capitalise on this tremendous opportunity. The strategic investment made by Summit Partners validates our vision, technology, and capability to serve this market.”
“With this new financing, PeerApp will accelerate the profitable expansion of our worldwide commercial operations by investing in our global sales force, product development and marketing,” says Joseph Hazan, CFO of PeerApp. “These additions will fuel our company’s continued rapid growth.”
Since the company’s inception in 2004, PeerApp has installed its UltraBand system at more than 175 telecommunication service providers, multi–system cable operators (MSOs) and mobile operators in over 60 countries throughout North and South America, Europe, Africa, and Asia.
“With online consumption of video and other media expected to continue rising, we believe PeerApp’s transparent caching system can help service providers meet critical challenges today and going forward,” says Tom Jennings (pictured), a Managing Director at Summit Partners who has joined the PeerApp Board of Directors. “As a long-time investor in communications technology and software companies, Summit Partners is pleased to support this strong team of entrepreneurs who have built a rapidly growing and profitable company poised for significant expansion.”
