Early in 2009, we made an investment in Boise-based Cradlepoint. For a variety of reasons, we’ve kept this below the radar until now. We are very excited to finally announce our investment in this fast-growing company. Cradlepoint designs and manufactures 3G/4G wireless broadband routers and is a leader in this emerging space. Cradlepoint boasts the largest and most diverse product line for enterprise, small/medium business, and consumers.
Pat Sewall, Ryan Adamson and Gary Oliverio founded Cradlepoint and we have known Pat and Ryan for almost a decade now. They are two of Boise’s most successful serial entrepreneurs and we’ve stayed close with them since the company’s early days and have been very impressed with the team, product, technology and customer traction. The company has experienced tremendous growth and when they were finally ready to raise institutional capital, we were very proud that they chose to work with us. Obviously, mobile is everywhere these days and with the advent of 3G, and now business class 4G, the rollout and proliferation will only increase.
Consumers who own products like the iPad want to be connected to the internet, but they only want to pay for one data plan with the carriers. Cradlepoint WiFi hotspots, via a mobile internet connection, allow multiple products to access the internet. For business, these products provide everything from primary access for small business, secure connections for remote/home offices, and backup solutions for retail, restaurant, and enterprise customers.
We are very excited to be a part of Cradlepoint and look forward to our partnership and the future success of the company.