Riverbed|Aternity has successfully completed its recapitalisation, reducing debt by over $1 billion and bringing in $100 million of new cash.
According to the statement released, this positions the company for growth and continued success over the long term. The recapitalisation was completed through an expedited voluntary court-supervised process.
The company is a critical technology provider, delivering leading end-to-end visibility and network performance and acceleration solutions, that provide actionable insights and help organisations maximise productivity and their digital and IT investments. In the most recent quarter, total bookings for the company’s visibility solutions grew 37% year-over-year. With a stronger financial foundation, Riverbed|Aternity said it will be able to further invest in the business and innovation to better meet the needs of customers and empower their success.
“We are pleased to have completed our recapitalisation on an accelerated timeline, significantly simplifying our balance sheet and positioning Riverbed|Aternity for a new phase of sustained growth and success,” said Dan Smoot, President and CEO of Riverbed|Aternity.
“The future of the workplace is digital and hybrid, and we look forward to discussing our evolving strategy as we ensure Riverbed|Aternity is best positioned to capitalise on new market opportunities and deliver disruptive innovations for our customers. We appreciate the support of our customers and business partners throughout this process, and we thank our talented team for their continued focus and hard work.”
Smoot continued, “We are also grateful to our investors for their trust and guidance throughout this process. Their confidence in our company is a testament to the quality of our business model, solutions, and team, and has enabled us to finalize our recapitalisation quickly and efficiently. We look forward to having them on board as our strategic partners moving forward.”
“Riverbed|Aternity is an industry leader and through this recapitalisation has a stronger financial position to invest in core technologies, continuously improve the customer experience and pursue profitable growth,” said Apollo Partner Chris Lahoud. “We’re pleased to support the Company as a long-term investor and to see Dan lead this great team in its next chapter.”
As previously announced and concurrent with the emergence, an ad hoc group of institutional investors led by Apollo (the “Ad Hoc Group”) have become the majority owners of Riverbed through their managed funds.
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