"We believe its technology, world-class talent, and marquee customers position it extremely well for growth" --Joel Trammell, Managing Partner
Austin, TX (PRWEB) March 19, 2013
Lone Rock Technology Group, a private investment firm focused on the enterprise software industry, today announced the acquisition of Packet Design. It also announced the appointment of Scott Sherwood, a network and systems management industry veteran, as CEO of Packet Design.
Packet Design, founded in 2003, is the leading provider of route analytics software for IP networks. Its patented technology provides unique visibility into routing and traffic behavior across the entire cloud. Network managers at hundreds of the largest service providers, mobile operators, cable and broadband providers, enterprises and government agencies spanning five continents rely on the intelligence Packet Design provides to optimize the performance and control of their networks.
“Packet Design has pioneered the complex science of route analytics for a decade,” said Joel Trammell, Managing Partner of Lone Rock Technology Group. “We believe its technology, world-class talent, and marquee customers position it extremely well in a market growing over 12% CAGR, and we are excited by the opportunity for growth.”
Sherwood joins the company as CEO after a highly successful career leading global sales organizations in the enterprise software space. Most recently, he was Senior Vice President of Sales at Cache IQ, a network-based caching company that was acquired by NetApp in 2012. Before that, Sherwood led all aspects of global sales and business development for ScienceLogic, a leading operations and cloud management company. Prior to ScienceLogic, Sherwood headed worldwide sales at NetQoS, where he helped the company grow revenues from $200,000 to $56 million at a 50% CAGR, and deliver 31 consecutive quarters of double digit revenue growth. This success ultimately led to NetQoS being acquired by CA Technologies in 2009.
“I am thrilled and honored to be joining Packet Design,” said Scott Sherwood, CEO of Packet Design. “This is a great team with outstanding technology that is well placed to address the management challenges of today’s complex networks as well as the industry disruption that will be created by software defined networking.”
Lone Rock Technology Group was advised by Northside Advisors, an M&A advisory firm for the IT and digital media sectors, and was represented by Miller, Egan, Molter & Nelson LLP.
About Lone Rock Technology Group
Lone Rock Technology Group (http://www.lonerock.com) is an operationally oriented investment firm focused on the enterprise software industry. Lone Rock specializes in acquiring or taking significant control positions in software companies that have an established market presence, proprietary technologies and can benefit from Lone Rock’s expertise, back-office resources and proven success in establishing growth-oriented operational excellence.
About Packet Design
Packet Design (http://www.packetdesign.com) is the leading provider of route analytics solutions for IP networks. Packet Design’s management software provides the intelligence needed to optimize network routing and performance in real time. The world’s largest service providers, mobile operators, cable and broadband providers, enterprises and government agencies use Packet Design products to improve the reliability, efficiency and predictability of their physical and virtual networks while maximizing the return on assets.