NetScaler CEO BV Jagadeesh told ComputerWire the company intends to use the cash to expand its sales and marketing activities domestically and overseas – primarily in Europe where it has yet to establish a presence or channel.
We expect this to be our final round of funding that will drive us to profitability, Jagadeesh said. The company spent its earlier funding on product development, and came to market with its flagship series of performance security appliances last year.
Jagadeesh said that NetScaler has seen 25% to 30% sequential revenue growth since it launched its 9000 series Request Switches. Recent customer signings include 7-Eleven, WebEx and MSN. Jagadeesh expects the company to reach profitability in 2004.
Participants in the latest round of funding include Sequoia Capital, which led this and earlier funding rounds, Goldman Sachs & Co, Bay Partners and Gabriel Venture Partners.
Source: Computerwire
