AT&T Ventures Invests in Juniper Networks Internet Backbone Technology Development; Brings Total Investment in Juniper Networks to $62 Million
Mountain View, CA - (BUSINESS WIRE) - Dec. 5, 1997 - Juniper Networks, Inc., today announced that AT&T Ventures has invested in Juniper Networks. AT&T Ventures joins a premiere team of communications companies that have invested in Juniper Networks. Last August, Juniper Networks announced that the company had received $40 million in equity financing from Ericsson Inc., Lucent Technologies, Nortel (Northern Telecom), the Siemens/Newbridge alliance, 3Com Corporation, and Worldcom Inc.'s subsidiary, UUNET Technologies, Inc.
With the latest investment and prior venture financing, this brings the total investment in Juniper Networks to $62 million. Last month, Juniper Networks also announced a strategic technology relationship with IBM.
"The Internet is full of promise for bringing people a wide range of smart, multimedia communications services," said David C. Nagel, AT&T Labs president and AT&T's chief technology officer. "But all too often to an actual user, the performance of the Internet falls short of that promise. AT&T is eager to encourage innovations that will give the Internet greater reliability and scalability than it now offers, and Juniper Networks has products that address these very issues. AT&T Ventures allows us to invest in startups like Juniper Networks who have innovative technology that can be of value in future communications services."
"Juniper Networks is very pleased to be affiliated with service providers of the caliber of AT&T. Juniper Networks is taking advantage of a fundamental inflection point, in which the growth of fiber optic bandwidth demands new approaches to constructing the Internet core. Legitimate backbone solutions for this space must meet the rigorous standards of quality and network availability on which AT&T has built its reputation. Juniper Networks, as an entrant to this burgeoning market, is uniquely focused on both the Internet and the systems experience necessary to meet this challenge," said Scott Kriens, chairman and CEO of Juniper Networks, Inc.
AT&T Corp. serves more than 90 million consumers, business and government customers with the world's largest, most sophisticated communications network and is the leading provider of long-distance data transport and wireless services. The company also offers Internet and electronic commerce services, and provides outsourcing, consulting, systems-integration and customer-care services to large businesses. AT&T Ventures invests in information technology and service-enabling companies in emerging growth markets, and helps portfolio companies explore synergies with AT&T.
About Juniper Networks, Inc.
Juniper Networks, based in Mountain View, California, was founded in February 1996, to design, develop and deliver integrated hardware and software solutions for the Internet that address the scalability, performance and quality issues of continuous and explosive growth.