BOISE, Idaho--(BUSINESS WIRE)--Cradlepoint, the global leader in 4G LTE networking solutions for distributed enterprises, has closed a Series B round of $48 million growth equity funding. The proceeds will be used to accelerate its international expansion and development of industry-leading cloud-managed Wireless Wide Area Networks (WWAN) and security solutions. The round was led by Sorenson Capital, with participation from Delta-v Capital and The CAPROCK Group.
Cradlepoint’s cloud-managed 4G LTE wireless networking solutions have empowered thousands of distributed and mobile enterprises to create secure, scalable networks that provide essential connectivity without putting the corporate network or assets at risk. The company’s solutions are deployed, managed and supported by Cradlepoint’s innovative and industry-leading Enterprise Cloud Manager (ECM) platform that is purpose-built for the distinctive characteristics of the WWAN. Cradlepoint has over 1,000,000 successful deployments with many of the most well-known brands in the world. The company’s solutions provide the industry’s most secure and reliable 4G/LTE WWAN solutions for business continuity, application specific or parallel networks, transportation and M2M/IoT applications.
“We have been experiencing tremendous growth in our business as more and more customers realize the performance, cost and flexibility benefits of our 4G/LTE networking solutions. With the increasing deployment of LTE networks worldwide and the growing demand for WWAN solutions from enterprise customers, we felt this was the ideal time to seek additional capital in order to accelerate our growth, both domestically and internationally,” said George Mulhern, chairman and CEO for Cradlepoint. “We talked with a lot of potential investors and found that Sorenson Capital had the right combination of industry and wireless expertise, a strong and growing network that we could leverage and a growth-oriented company culture that fit perfectly with Cradlepoint. We are looking forward to working with the Sorenson team to build the world’s leading provider of cloud-delivered WWAN solutions to the distributed and mobile enterprise.”
“We were looking for a company that could appropriately capitalize on the significant macro tailwinds in IOT and 4G/LTE. We believe that CradlePoint is perfectly positioned with its hardware/software offering to be that market disruptor and solution provider. Moreover, a sharp focus on meeting the evolving needs of the enterprise is critical to corporate expansion, and Cradlepoint continues to demonstrate that quality through its product leadership throughout the WWAN marketplace,” said LeGrand Lewis, Managing Director for Sorenson Capital. “The company has experienced strong momentum over the last three years, quadrupling its revenue, and we are committed to helping Cradlepoint extend its leadership and further grow its business.”
Sorenson Capital Managing Director LeGrand Lewis and Co-Founder and Managing Director Ron Mika will join Cradlepoint’s Board of Directors.
About Sorenson Capital
Sorenson Capital (sorensoncapital.com) was founded in 2003 as a private equity firm that helps companies grow and improve their businesses. The company is based in Salt Lake City, UT, and is built on a foundation of trust, loyalty and integrity. Sorenson exists to create value by providing financial resources and by partnering with the management teams of its portfolio companies to help grow and strengthen businesses. The firm currently has over $1B in assets under management and is managed and controlled by West Rim Capital.
About Delta-v Capital
Delta-v Capital uses their capital, creativity and experience, to offer growth equity and liquidity solutions that enable private technology companies to realize a higher trajectory of growth and success.
About The CAPROCK Group
The CAPROCK Group is a multi-family office with offices in San Jose, California; Seattle, Washington; Newport Beach, California; Park City, Utah; and Boise, Idaho. The CAPROCK Group develops customized, comprehensive and strategic financial solutions for ultra-high net worth families. For more information, visit www.thecaprockgroup.com.
Cradlepoint is the global leader in cloud-managed 4G LTE networking solutions, providing industry-leading WWAN and Security solutions to distributed enterprises. Specializing in Business Continuity, M2M/IoT applications, Application Specific or Parallel Networking and Transportation networking, Cradlepoint's award-winning solutions are purpose built for PCI-compliant networks. Cradlepoint was the first to pioneer and fully enable high-speed LTE solutions to maximize the potential of the cloud for businesses worldwide. Cradlepoint is a privately held company in Boise, Idaho. Learn more at cradlepoint.com or follow us on Twitter @Cradlepoint.