AWR Posts Record Sales, Closes Third Round Financing
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Applied Wave Research Inc.
1960 E. Grand Ave., Suite 430
El Segundo, CA, 90245
Press release date: February 9, 2006
Third Round of Capital Investment, Including Intel and Dow Pension Funds, Will Fund Future Growth in Key Areas
EL SEGUNDO, Calif. - Feb. 9, 2006 - Applied Wave Research, Inc. (AWR®), a leading provider of high-frequency electronic design automation (EDA) tools, today announced the completion of a Series C preferred stock financing totaling $6.4 million. The company's existing investors, including Synopsys Inc. (NASDAQ:SNPS) and CMEA Ventures, were joined in this funding round by key new investors Intel Capital (Intel Corporation's strategic investment program), Dow Pension Funds, and the Southern Ute Growth Fund. The investment funds will be used to finance future acquisitions, broaden research and development (R & D) efforts in new technologies, and continue the expansion of the company's worldwide sales and support networks.
AWR also announced today that, following the close of its quarter ending in December, the company has achieved the most successful year in its history, posting unprecedented product bookings and revenue growth. All product lines (Microwave Office®, Visual System Simulator(TM), and Analog Office(TM) design suites) have grown significantly, as well as the product lines from recently acquired APLAC Solutions. Overall year-to-year product bookings and revenue growth is over 30%.
Founded in 1994 with a small amount of capital from angel investors, AWR successfully "bootstrapped" its way to a market-leading position and a profitable business with significant revenues and an established product and brand name. Over the past five years AWR has gone against the business trend of conservative spending, and invested heavily in developing new technologies and expanding into new markets, as well as increasing its investment in existing markets. Building on this aggressive growth strategy, in 2005 AWR had its best year to date, completed its first major acquisition, and is now poised to reap the benefits of its vision.
"The wireless telecommunications market has enjoyed explosive growth over the past decade," said Shishpal Rawat, director of EDA investments for Intel Capital. "AWR's integrated design solutions help engineers architect and build next-generation products for this dynamic market in a timely manner."
"Last year was the most successful in AWR's history, and our numbers are even more impressive this year," said James Spoto, president and CEO of AWR. "We offer a unique solution that is gaining steady adoption and recognition in the marketplace. AWR has built a growing business and loyal customer base around our advanced and open high-frequency design platform, which enables engineers to choose best-in-class tools for each part of the design process. We believe our steady sales growth and solid business infrastructure had inspired investment confidence and resulted in this very successful funding effort."
About Applied Wave Research, Inc.
Applied Wave Research is a leading supplier of high-frequency electronic design automation (EDA) products for the design of wireless telecommunications equipment, semiconductors, high-speed computers, networking systems, automotive mobility systems, and a variety of other electronics-based products. AWR is a privately-held company and has global development offices, sales offices, training centers, and distribution channels. AWR acquired APLAC Solutions in September 2005, an emerging leader in simulation and analysis software for analog and radio-frequency (RF) design. APLAC's RF design technology has been used in designing over 30 percent of all mobile phone RF integrated circuits (ICs) worldwide. AWR today has over 700 customers worldwide, including virtually every major high-frequency electronic component and system supplier. The company is headquartered at 1960 East Grand Avenue, Suite 430, El Segundo, California 90245. For more information about AWR and its products, please visit www.appwave.com or call 310-726-3000.
AWR, the AWR logo, Microwave Office, Visual System Simulator, and Analog Office are either registered trademarks or trademarks of Applied Wave Research, Inc. All other registered marks are the property of their respective holders.