Joined by existing investors, the financing was led by two new investors, Meritech Capital Partners and SingTel Innov8, a wholly owned subsidiary of the SingTel group. Profitable and cash flow-positive in calendar year 2011, Ruckus will use the proceeds to expand and fund future growth into the explosive carrier mobile Internet infrastructure market as well as to bolster its rising position in the enterprise wireless LAN market.
"The impact of the mobile Internet is transforming the telecom industry, congealing new and massive opportunities that we have been developing since 2008," said Selina Lo, president and CEO of Ruckus Wireless. "The addition of Lynch and Antoun to our board validates our vision in Wi-Fi/cellular convergence and strengthens our execution in the carrier Wi-Fi market. They represent the top caliber of our industry in experience, technical, business and management savvy, as well as relationships with operators and ecosystem partners."
"We invest in companies with technologies that can potentially enhance the capabilities of the operators within the SingTel Group by delivering solutions across various product segments and verticals," said Jeff Karras, managing director of Investments for SingTel Innov8. "Ruckus is one of these companies and with the changes in the carrier market; we are excited about the opportunities that lie ahead of them."
"We believe there is significant growth ahead in the service provider market for a new class of Wi-Fi and small cell solutions," said Mike Gordon, partner at Meritech Capital Partners. "Ruckus is clearly well-positioned and has a proven record for developing unique technology to capitalise on this emerging market. Their recent service provider wins have already demonstrated this success."
