BTI Systems, an Ottawa-based networking firm, has raised $10 million in Series C financing, according to a release from the company. BTI’s U.S. headquarters are in Littleton, Mass. The new funding was led by Bain Capital Ventures, and joined by existing investors BDC, Covington Capital and GrowthWorks. The new capital will be used to improve the company’s Intelligent Cloud Connect product, which focuses on performance for cloud-based services. The full release is included below.
BTI Systems Closes $10 Million in New Funding Led by Bain Capital Ventures
Growth Capital Fuels Record Revenues, Delivery of New Software and Open Platform, Addition to Executive Team and Expanded West Coast Presence with Silicon Valley Office
BOSTON, MA and OTTAWA, ON– February 25, 2013 – On the heels of a 40 percent compound annual growth rate during the past 6 years and unparalleled global demand from content and service providers, BTI Systems, today announced $10 million in new growth capital. The Series C funding was led by Bain Capital Ventures and included existing investors BDC, Covington Capital and GrowthWorks. The company has raised more than $33 million since the first quarter of 2011.
With more than 350 customers globally, BTI is the software and networking leader empowering content and service providers to capitalize on trends in cloud services, mobility and Internet video. Expanding its portfolio, the company today also unveiled its newest offering, the BTI Intelligent Cloud Connect. A first-of-its-kind solution, Intelligent Cloud Connect enables content and service providers to overcome the performance bottlenecks created by the exponential growth of inter-data center network traffic resulting from the demand for cloud services. The new growth capital is being used to scale BTI’s operations and accelerate the delivery of Intelligent Cloud Connect.
“Whether it’s checking Facebook, running a quick Google search, watching a YouTube video or logging into Salesforce.com, we’re all demanding immediate access to increasing amounts of information in the cloud from mobile devices. These simple tasks are generating an exponential increase in the amount of data being sent across networks and between data centers,” said Bain Capital Ventures Partner Deepak Sindwani. “BTI identified this shift early on and designed the Intelligent Cloud Connect as a purpose-built solution for cloud and content service providers. We believe it is the only solution in the market that allows next-generation providers of mobile data and video to intelligently scale their data center operations quickly, cost-effectively and with maximum flexibility.”
Additionally, to accommodate increasing market demand while continuing to provide optimal service to its expanding roster of customers and partners, BTI announced the appointment of Thomas Nolette as senior vice president of global operations. Widely recognized for his substantial expertise earned through more than 25 years in the networking business, Nolette joins from Crossbeam Systems, where as vice president of operations he was responsible for manufacturing, quality and customer support as well as operations. Blue Coat Systems recently acquired Crossbeam. Earlier in his career, Nolette served in executive positions with market leaders that included MCK Communications and Motorola.
“BTI Systems continues to enjoy tremendous growth based on our ability to understand our customers’ networking challenges and opportunities – paired with our ability to consistently deliver solutions that greatly improve the way they run their networks and business models,” said BTI Systems President and CEO Steven Waszak. “We’re excited to be expanding our relationship with our investors and we’re using those funds to bring new and even more powerful innovations to content and service providers worldwide.”
Capitalizing on the increasing breadth of current and prospective customers and partners on the west coast, BTI is also expanding its presence with a new office in Palo Alto. Already active in Silicon Valley, BTI’s new office complements its expansion activities in the region.
About Bain Capital Ventures
Bain Capital Ventures is the venture capital affiliate of Bain Capital. We focus on seed through late-stage growth investments in business services, software, digital media/mobile/ecommerce, and healthcare IT and services companies. Bain Capital Ventures has made more than 100 investments since our launch in 2000. For more information, visit www.baincapitalventures.com.
About BTI Systems
BTI delivers solutions that transform the economics, performance and innovation of global networks through intelligent networking software and systems. Leading content, cloud and service providers choose BTI to drive improved operational efficiencies and profitably deliver high-value services to businesses and consumers around the globe. With more than 350 customers, BTI is headquartered in North America, and operates regional sales, marketing, and R&D centers of excellence throughout the world. For more information, visit www.btisystems.com.