Nov 20, 2002 : Speedera Pays off Long-Term Debt

📅 November 20, 2002 - Speedera Networks Inc. (speedera.com), a leader in global content delivery services, recently announced that it has raised $6.5 million in additional equity funding, in a new round led by venture capital firm Trinity Ventures.

The funding, says Speedera, will be used to expand the company's sales force and international presence, as well as for funding acquisitions. Speedera also paid off $3 million in long-term debt, not due for more than three years, leaving the company completely debt-free.
"Speedera's goal is to strengthen our position as the emerging leader in the content delivery network (CDN) industry," said Ajit Gupta, CEO of Speedera Networks. "With our debt-free status, operating profitability and fast-growing revenues, we are extremely well positioned to meet this goal."
Speedera says its revenues have grown by 300 percent over the past year, despite market conditions. And the company's latest announcement comes shortly after the company's September statement that it had become the first pure-play CDN company to reach profitability on an operating basis.
"Quarter after quarter, Speedera has produced steady revenue growth and kept its customers extremely satisfied, while focusing on business basics and profitability," said Fred Wang of Trinity Ventures. "Speedera's emerging market leadership position and strong growth metrics meet all of our investment criteria and we're confident that they are headed for continued success."

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