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Sonoa Systems Raises $10 Million Series C Financing
Third Point Ventures Joins Norwest Venture Partners, Bay Partners and SAP Ventures in New Funding Round
| Source: Sonoa Systems
SANTA CLARA, CA--(Marketwire - October 15, 2008) - Sonoa Systems, Inc., an innovative provider of secure cloud
gateways, today announced the closing of a $10 million Series C round
of funding. This round is led by Third Point Ventures, the venture capital
arm of Third Point LLC; and joins current investors Norwest Venture
Partners, Bay Partners and SAP Ventures, a division of SAP AG. Sonoa will
use the financing to expand sales, marketing and product development
efforts.
"This round of funding firmly validates Sonoa's technology and business
strategy," said Chet Kapoor, CEO of Sonoa Systems. "The new investment will
support and extend the capabilities of Sonoa's cloud gateway to address the
growing need for businesses to provide and use cloud services now by making
them secure, compliant, fast, and work with the existing IT. The market
momentum Sonoa has gained clearly demonstrates the industry's demand for
solutions that solve the critical issues organizations face when opening
Web services to large numbers of diverse customers."
Separately today, Sonoa named Robert Schwartz, managing partner at Third
Point Ventures, to its board of directors. Schwartz brings a wealth of
distinguished leadership experience and expertise in growing businesses
that bring new technologies to enterprises.
"Sonoa provides the technology backbone to drive a new wave of cloud scale
computing," said Schwartz. "The company is well-positioned to take
advantage of the massive market shift to Web-based computing and the clear
need for secure cloud gateways. This additional funding will help Sonoa's
excellent team build on the strong momentum it has already generated with
acquisition of new customers, development of new product offerings and
increased marketing efforts."
Sonoa ServiceNet is designed from the ground up for the unique challenges
of customer-facing Web services, employing a network router-like
architecture that lets businesses free their APIs to the cloud to increase
customer value, reduce costs and innovate faster. By handling the access
control, teams can ensure maximum performance and scalability in the
environment, making it easy to create new products and add new users and
services. Sonoa ServiceNet is available as a network or virtual appliance.
About Third Point Ventures
Third Point Ventures is the venture capital arm of Third Point LLC, a
registered investment adviser based in New York, with approximately $5
billion of assets under management. The firm was founded in 1995 by Daniel
S. Loeb. Third Point Ventures is led by Robert Schwartz, an industry
veteran with more than 25 years of experience in private equity and
technology company management, and is based in Sunnyvale, California.
About Sonoa Systems
Sonoa Systems provides a secure cloud gateway that solves critical
security, compliance, performance and interoperability challenges for
enterprises that are providing or using cloud-based business applications.
Leading customers such as Pfizer, Warner Music, and Intralinks use Sonoa to
create new revenue channels, reduce costs, and innovate faster. The company
is based in Santa Clara, CA, privately held, and backed by leading
investors including Norwest Venture Partners, Bay Partners, and SAP
Ventures. For more see www.sonoasystems.com.