The technology, the management team and the market timing in terms of the pent-up demand for true performance and quality from networked applications running over IP -- these things combine to make IPeak Networks a compelling investment.
Ottawa, Ontario (PRWEB) July 10, 2009
IPeak Networks announced today that Miralta Capital (http://www.miralta.com), one of Canada's oldest private equity investment firms, has invested in the company. The Series A round of financing was closed on June 30 2009 to build on success made possible with the earlier financial support of the Ottawa Angel Alliance (OAA, ottawaangelalliance.angelgroups.net) and the Province of Ontario's Investment Accelerator Fund (IAF, ) administered by Ontario Centres of Excellence (OCE, http://www.oce-ontario.org).
Martin Horne, chief executive officer of IPeak Networks, characterized Miralta's decision to get involved as a significant vote of confidence in a generally down market for such investments. "We have always known that IPeak Networks' technology is a game-changer in the Internet-based networking market," said Horne. "The rapid succession of investments by parties as seasoned as OAA, IAF, and now Miralta shows that our attitude is justified. We are pleased and proud to have such world class partners in our camp."
Eric Baker and Tom Kaneb, both Miralta partners, will represent Miralta's interests on the IPeak Networks Board of Directors. "I see only good things and great potential in IPeak Networks," said Kaneb. "The technology, the management team and the market timing in terms of the pent-up demand for true performance and quality from networked applications running over IP -- these things combine to make IPeak Networks a compelling investment."
IPeak Networks was founded by Matthew Williams, chief technology officer, to develop and commercialize his Internet Performance and Quality (IPQ) product. In 2007, OCRI, the Ottawa Centre for Research and Innovation, invited Williams and his fledgling company to become the first to take up residence in the OCRI Business Accelerator Program. When IPeak Networks graduated from that program in mid-2008, the company had found a well-connected management mentor in Irving Ebert and a first round of angel financing through the Ottawa Angel Alliance (OAA) managed by Ebert. Aided by OAA's financial support and Ebert's market connections, the company scored as the 2008 winner of the Canada's Top 10 Companies (http://www.topcanadiancompanies.ca/winners/alumni.pdf) competition in the technology category and parlayed that marketing success into another round of investment, this time from Ontario's Investment Accelerator Fund. Today, thanks to the support and guidance of all of these individuals and organizations, IPeak Networks' IPQ technology is available in full general availability. The company has completed a several successful installations in North America and it has leveraged those early successes to initiate the dialog with a number of the most recognized names in Internet and networked applications marketplace. The Miralta investment will be used to expand marketing and sales and to develop new product features.
The amount and terms of Miralta's investment have not been made public.
About IPeak Networks:
IPeak Networks is a privately held Canadian networking technology development company headquartered in Ottawa Canada. The company's flagship product, IPQ™ reduces the damaging effects of the packet loss that is endemic to low-cost, best-efforts networks like the Internet. IPQ adds the performance and quality to those lossy networks that is required to support HD video conferencing, virtualized line of business applications, and unified communications. With IPQ, enterprises can deploy these real-time networked applications running over the Internet and avoid the high costs of the QoS networks that would otherwise be required. For learn more about IPeak Networks and IPQ, visit http://www.ipeaknetworks.com
Miralta is one of Canada's oldest and most successful private equity investment firms with more than 30 years experience in the successful investing significant pools of capital and generating rewarding returns for investors. Miralta's long-proven and successful investment strategy is based on identifying companies in well understood industry sectors that have a new business model or technology that can produce superior growth, high growth potential in an expanding sector with potential worldwide sales opportunities; and an excellent management team. To learn more about Miralta and Miralta's investments, visit http://www.miralta.com