NASHVILLE, TN – (April 10, 2007) – Cybera Inc. today announced the closing of an expansion of its Series C round of funding to $18 million. The Series C equity round of financing is led by Adams Street Partners of Chicago. Also participating in the expansion of the round were Chrysalis Ventures of Louisville, Claritas Capital LLC of Nashville and several prior Cybera investors. Cybera delivers next generation broadband wide area network solutions to multi-location businesses across the United States. Target market segments include the restaurant, convenience store, specialty retail, healthcare, and financial services industries where advanced networking technology supports enterprise applications.
“We wanted to increase our investment in Cybera because of the leadership they’ve established in the managed network service industry,” said George Spencer, Senior Consultant to Adams Street Partners. “The competitive strength and value proposition of their service offering, and continued premier client wins have shown that there is additional opportunity to accelerate revenue and profit growth.”
“Cybera’s talented management team has shown the key leadership to capitalize on the increasing market demand for managed solutions,” said Wright Steenrod, a principal with Chrysalis Ventures. “Cybera has already built a strong foundation and is now poised to bring even greater value to its existing and future clients.”
Building on its growth in 2006, Cybera plans to use the new funding to add new service features, and further intensify sales and marketing efforts to address the growing demand in its target markets.
“This new capital funds Cybera’s next step in our strategic plan to enhance our managed solutions through new service offerings and create more customer value through outsourcing,” said Cliff Duffey, Cybera’s chairman, chief executive officer and president.
About Cybera (www.cybera.net)
Cybera Inc. delivers high-speed, private networking solutions for business needs. By integrating leading edge technology components, Cybera is able to provide the best coverage and maximum bandwidth for all of a client’s unique business requirements by combining ADSL, SDSL, T1, Frame Relay and Ethernet connectivity into a customized, private network that never travels the public Internet. This unique network infrastructure allows Cybera to offer the highest guarantees on security, reliability and performance in the industry.
About Adams Street Partners (www.adamsstreetpartners.com)
Adams Street Partners is one of the largest managers of private equity investments in the world and has one of the longest histories. Together with its predecessor organizations, Adams Street Partners has been managing direct investments in private equity since 1972 and has been investing in private equity partnerships since 1979. The Firm currently has 80 employees and $12 billion of assets under management. Adams Street Partners has offices in Chicago, Palo Alto and London with offices opening in Singapore in 2006.
About Chrysalis Ventures (www.chrysalisventures.com)
Founded in 1993, Chrysalis Ventures is a leading source of equity capital for young growth companies in the Southeast and Midwest. Chrysalis invests primarily in early-stage and expansion-stage companies in healthcare services and technology, media and communications, and business services. Based in Louisville, Ky. Chrysalis has more than $250 million under management and has made investments in over 50 companies.