Pandora Networks, Inc.

April 18, 2007 08:30 ET

Pandora Network Raises $6.0 Million in VC Financing

Cash Influx from D.E. Shaw Group Will Fund Infrastructure Build-Out and Channel Program Expansions

EMERYVILLE, CALIFORNIA--(CCNMatthews - April 18, 2007) - Pandora Networks (, a leading provider of unified communications services for businesses, has raised $6.0 million in financing through the D.E. Shaw Group.

Pandora will leverage its first round of institutional investment to build out its infrastructure, further enhance support for channel partners and ramp up marketing activities.

"This round of financing is strategically timed with the next level of growth for Pandora Networks," says Pandora executive chairman Hal Turner. "Having developed a steady and solid sales pipeline, we're ready to put the pieces in place to support our growing customer base."

The company's infrastructure build-out will include investments in existing networking technology and expansions of its data center, as well as strategic personnel hires for operations.

"Our firm completed a comprehensive and demanding due diligence survey with Pandora Network's partners and customers before deciding to fund the company," adds D.E. Shaw's senior vice president Andre Turenne. "The results speak for themselves as we were extremely impressed with Pandora's partners and future viability of its communications solutions."

"This injection of cash comes at a time when Pandora is poised for tremendous growth in several key vertical markets," says Mr. Turner. "D.E. Shaw's financial backing puts Pandora in an excellent position to capitalize on existing and potential partnerships to further extend our reach in the marketplace. We also welcome Andre Turenne as a valuable member to our board of directors."

The D. E. Shaw group ( is a global investment and technology development firm. Since its inception in 1988, the company has earned an international reputation for financial innovation and technological leadership. The D. E. Shaw group encompasses a number of closely related entities with approximately 1,000 employees and about $25 billion in aggregate investment capital. The firm is headquartered in New York and maintains offices in London, Silicon Valley, Houston, Kansas City, San Francisco, the Washington D.C. area, and Hyderabad and Gurgaon, India.

About Pandora Networks

Pandora Networks is a leading provider of hosted unified communications services for the small and mid-sized business. The Company's Worksmart solution integrates voice and IP calling, switchboard and call-distribution services, instant messaging and conferencing, with options for advanced collaboration and call center support. Pandora's service-based, hosted on-demand delivery keeps capital investment low and aligns operating expense to business value. Worksmart services are co-branded and re-sold exclusively through representatives, service providers, distributors and resellers. The Company is privately held with headquarters in Emeryville, California. For more information, visit or call +1 (510) 576-8100.

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