Monday, August 18, 2008

Ipanema adds $7M to funding coffers

By Mass High Tech Staff

Ipanema Technologies Corp. has brought in $7 million in new financing to expand its geographic coverage and grow its development department, the company reports.

Waltham-based Ipanema Technologies, a developer of application traffic management systems for wide area networks, received the funding from London-based Noble Venture, company officials said.

Founded in France 1999, Ipanema Technologies established a North American headquarters in Concord and later moved to Waltham. The company posted revenue of $22 million during 2007, its first profitable year, according to the 451 Group.

During the last three years, the company has posted 60 percent annual growth and deployed more than 3,000 devices in 75 countries, company officials said.

The funding news comes a week after Ipanema announced that former Cisco Systems Inc. (Nasdaq: CSCO) vice president and general manager Reza Mahdavi was appointed company president, heading the worldwide operations from the Waltham headquarters.

Mahdavi joined Ipanema after 14 years at Cisco. He initially headed its global and strategic partners and was then president of emerging and developing countries in Europe, Middle East and Africa. Most recently, Mahdavi was Cisco’s vice president of corporate affairs in San Jose, Calif.