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CentrePath Announces $5 Million in Funding to Capitalize on Substantial Growth in Optical and Storage Networking Markets

Posted on: Tuesday, 6 September 2005, 09:00 CDT

Networking Industry Veteran, Stephen Van Beaver, Joins Company's Board of Directors; Networking and Storage Executive, Eran Shavelsky, Joins Company to Lead Business Development Activities

CentrePath, Inc., a leading provider of intelligent management solutions for optical and storage networks, today announced that it has secured $5 million in equity funding. The round, led by two prominent venture capital firms, Greylock Partners and Pilot House Ventures Group, will be used to expand CentrePath's business and capitalize on the substantial growth opportunity within the optical and storage networking markets. The company also announced executive additions to its board and management team.

Stephen Van Beaver, General Partner at Pilot House, will round out CentrePath's Board of Directors joining noted technology investor Roger Marino, Greylock General Partner Bill Helman, and CentrePath CEO Jim Sullivan. Van Beaver brings more than 20 years of experience as an executive, entrepreneur, active investor and strategic advisor to emerging technology companies and has played a significant role in the growth of the broadband industry pertinent to Internet cable-modem services. His career in the networking industry includes serving as co-founder and Senior Vice President of Operations for Road Runner LLC, the high-speed data joint venture between MediaOne (now owned by Comcast), Time Warner (now AOL Time Warner), Compaq and Microsoft; and holding senior executive positions at Shiva (acquired by Intel) and Index Technology.

"CentrePath has a strong foundation that includes innovative technology, a seasoned executive team, and an impressive list of extremely satisfied customers," said Van Beaver. "I'm excited to work with Jim and the rest of the board to leverage this foundation to achieve the next level of growth for the company."

Additionally, Eran Shavelsky joined CentrePath's executive team as Vice President of Business Development. Shavelsky will be responsible for strategic alliances and partner strategy at CentrePath. Shavelsky brings more than 15 years of experience in the technology sector, with recent executive positions at EMC and Sheer Networks, a software company recently acquired by Cisco Systems.

"Eran's extensive experience in building and scaling partner programs for technology vendors will play an integral role in our next stage of growth," said Jim Sullivan, CEO at CentrePath. "I'm confident that Eran will help us expand our partnering activities with network equipment providers, storage vendors, and telecommunications companies."

"CentrePath is well positioned to capitalize on a lucrative market opportunity at the convergence of optical and storage networking," said Brad O'Neill, senior analyst with Taneja Group. "The company has technology that solves a real customer need - the ability to correlate events across optical and storage domains, and pinpoint the root cause of a problem, in real time. This is a critical and growing requirement for many organizations."

About CentrePath

CentrePath helps organizations build and manage their optical and storage networks. Through the delivery of intelligent management solutions, CentrePath improves service availability while reducing the ongoing costs associated with the management of these critical networks. CentrePath's solutions meet the stringent requirements of business continuity, replication, and other mission-critical environments where voice, video and data are converging on a single network. CentrePath is located in Waltham, Massachusetts. For more information, visit www.centrepath.com, email info@centrepath.com, or phone 1.781.902.5100.

CentrePath and Magellan are registered trademarks of CentrePath, Inc. All other brand and product names contained in this release may be trademarks or registered trademarks of their respective holders.

Source: Business Wire

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