Wednesday, May 30, 2007
Dave Caputo accepts CVCA ‘Entrepreneur of the Year’ Award on Behalf of Sandvine Founders
TORONTO: The CVCA, Canada’s Venture Capital & Private Equity Association, is pleased to announce that Sandvine, led by Dave Caputo, Co-founder, President and CEO of Sandvine, is the recipient of CVCA’s 14th Annual ‘Entrepreneur of the Year Award’.
Established in 1992, the purpose of CVCA’s ‘Entrepreneur of the Year Award’ competition is to promote, highlight and celebrate the achievements of entrepreneurs who lead venture-backed Canadian companies. "The selection process focuses on individuals whose entrepreneurial spirit, drive and success personify the qualities that all venture capital investors seek to find in their portfolio companies," said Richard Kinlough, Chair of CVCA’s Entrepreneur of the Year Committee and Managing Director, Group Head, CIT Corporate Finance, Canada.
Dave Caputo and co-founders Brad Siim, Marc Morin, Tom Donnelly and Don Bowman have grown Sandvine from the concept stage into the leading developer of intelligent broadband network management solutions. In March 2006, Sandvine was listed on London’s AIM Exchange, raising $37 million and reaching a market cap of over $230 million at first day of closing. Sandvine was listed on the TSX in October 2006, raising a further $13 million. As of May 28, 2007, Sandvine (TSX: SVC) had a market cap of approximately $580 million, the highest market cap of any Canadian VC-backed IT company that has gone public since 2000.
Sandvine develops and markets network equipment targeted to the evolving needs of today's broadband service providers. Sandvine's award-winning solutions identify the types and behaviours of traffic on networks, enabling service providers to improve customer satisfaction, reduce operational costs and increase profitability.
Celtic House Venture Partners led Sandvine’s $20 million seed financing in September 2001 and participated in each subsequent funding round. The other venture investors included BDC Venture Capital, Vengrowth Capital Partners, and Tech Capital Partners in Waterloo. Celtic House remains the single largest shareholder. "Dave is a repeat entrepreneur and capable leader who has led a strong team during a challenging time for the venture industry in Canada" said Andrew Waitman, Managing Partner of Celtic House. "Sandvine’s success demonstrates that venture returns can be had in Canada by backing a great founding team with deep domain expertise and an ambitious, shared vision. We believe that Dave is an ideal recipient for this Entrepreneur of the Year award".
Mr. Caputo was honoured at the Gala Evening at CVCA’s 2007 Annual Conference in Halifax last night, on Tuesday May 29, 2007.
The CVCA - Canada’s Venture Capital & Private Equity Association, was founded in 1974 and is the association that represents Canada’s venture capital and private equity industry. Its over 1200 members are firms and organizations which manage the majority of Canada’s pools of capital designated to be committed to venture capital and private equity investments. The CVCA fosters professional development, networking, communication, research and education within the venture capital and private equity sector and represents the industry in public policy matters.
Lauren Linton Director of Marketing, CVCA, 416 487-0519 email@example.com
Richard Kinlough Chair of CVCA’s Entrepreneur of the Year Committee 416 507-5106 firstname.lastname@example.org
Kathryn Schwab Celtic House Venture Partners, 613-858-4407: email@example.com
Tanieu Tan Sandvine, 519-880-2232 : firstname.lastname@example.org