RBC Capital Agents A10 Networks Revolver
A10 Networks secured $115 million in capital through an equity financing and revolving credit facility. Summit Partners led the round with an $80 million equity investment. An additional $35 million revolving credit facility was obtained through Bank of America Merrill Lynch, J.P. Morgan and RBC Capital Markets as co-bookrunners, with RBC Capital Markets acting as administrative agent.
“We are proud of the investment and the underlying vote of confidence from several of North America’s largest and most prestigious financial institutions,” said Lee Chen, founder and CEO for A10 Networks. “With this investment, A10 will continue to extend its technology leadership and expand its market penetration with innovative solutions to help customers accelerate, optimize and secure websites and applications.”
“A10 has established a leadership position in next-generation data center and cloud infrastructure technology. Its products improve the performance and scalability of customers’ networks with disruptive performance and innovation combined with best-in-class customer support,” said Peter Chung, a managing director at Summit Partners who has joined the A10 board of directors. “We look forward to serving as the company’s partner during this next phase of its growth.”
“A10 has an enormous market opportunity with the rapid growth of cloud applications and online devices,” said Greg Straughn, CFO of A10 Networks. “Our strong execution and rapid growth have enabled A10 Networks to raise a considerable amount of capital from leading financial institutions. With the additional capital, we will continue to invest in R&D, Customer Support, Sales and Marketing, as well as continue to grow our global workforce well beyond our current 600 employees, key elements for extending our history of strong revenue growth.”
A10 Networks provides innovative networking and security solutions. The company is headquartered in Silicon Valley, with offices in 23 countries.