SmartPipes Secures $51 Million To Further Develop Software Platform

March 25, 2002 -- (WEB HOST INDUSTRY REVIEW) -- SmartPipes, a Web-based software solutions provider, today announced that it has closed $51 million in a Series “D” Preferred Stock round of financing. Microsoft, Intel Capital, and Juniper Networks are included in the group of Strategic investors. Major financial investors include: Kleiner Perkins Caufield and Byers, and INVESCO Private Capital.

The company plans to continue the rapid development of new software features for its family of Managed Services Creation and Delivery tools for network service providers. SmartPipes’ software enables service providers to quickly develop and launch managed network services such as IP VPN intranets and extranets, Remote Access and Managed Security solutions, as well as automated router management and provisioning tasks. The company has raised a total of $116 million since its inception in 1999.

“We are seeing the demand for our software grow as service providers seek to expand into value-added managed services in addition to traditional connectivity services,” said Hank Nothhaft, chairman and CEO of SmartPipes (smartpipes.com).

“By offering an easy, open-standards based plug-and-play software solution with little integration and quick time-to-revenue, service providers are able to offer enterprises customized and scalable IP-based managed services while eliminating the associated complexities, streamlining internal management processes and improving productivity.”

Other notable Series D investors include Continuation Investment Partners, Dresdner Kleinwort Wasserstein, Nationwide Mutual Insurance Company, Presidio Venture Partners (A Sumitomo Corporation Company), and WK Technologies Fund.