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Summit Partners 2011

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Page 1: Summit Partners 2011
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Summit Partners seeks outstanding management teams that have self-financed their companies

to profitability and market leadership. These successful companies have strong business models,

records of revenue and earnings growth, and the leadership capacity to sustain that growth.

Since our founding in 1984, Summit Partners has raised more than $11 billion in capital, and

has invested in more than 320 profitable, rapidly growing businesses across North America,

Europe, and Asia. These companies have completed 125 successful public offerings and more

than 130 strategic sales or mergers.

Whether Summit takes a minority or majority ownership position, our approach is the same.

We view ourselves as a hands-off investor that provides strategic guidance to help proven,

existing management teams reach their companies’ full growth potential.

PRIVATE EQUITY AND VENTURE CAPITAL FOR GROWTH COMPANIES

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Substantial Capital to Invest We have raised more than $11 billion in capital

to invest in growing businesses. In 1984, we

introduced our first equity fund totaling $160

million. Since then, we have added nine funds

focused on private equity and venture capital,

and four subordinated debt funds.

Track Record in Driving GrowthSummit Partners has more than 25 years of

proven experience in helping companies increase

the value of their growing businesses. As board

members, we support management teams with

strategic guidance to enhance infrastructure,

assist in executive and board recruiting, and

provide financial advice.

Large, Experienced TeamLed by one of the largest teams in the business,

we offer considerable depth and expertise. Today,

Summit Partners employs more than 90 investment

professionals in our Boston, Palo Alto, and

London offices. In addition, our managing

directors collectively bring more than 200 years

of private equity and venture capital experience,

and individually average more than 14 years.

International PresenceWith portfolio companies headquartered across

North America, Europe, and Asia—along with

major operations around the world—we are

ideally positioned to help your company expand

internationally. Our London office is staffed

with European nationals who collectively speak

more than a dozen languages.

In the pages that follow, we provide insights into

companies’ rationales for raising capital, explain

the investment profile we seek, and introduce

business owners with whom we have worked.

Our Value to Your Growing Company

Summit Partners offers equity and subordinated debt financing to meet your company’s capital needs.

Our investment team brings you considerable depth and proven experience in growing businesses.

Page 5: Summit Partners 2011

CUMULATIVE CAPITAL RAISED

$1 billion

$2 billion

$3 billion

$4 billion

$5 billion

$6 billion

$0

1984

1986

1988

1992

1996

2000

1990

1994

2004

1998

2002

$7 billion

$8 billion

$9 billion

2006

2008

$10 billion

$11 billion

$12 billion

$ in billions

PRIVATE EQUITY, VENTURE CAPITAL, AND SUBORDINATED DEBT FUNDS

1984 $160M Summit Ventures

1988 $230M Summit Ventures II

1992 $280M Summit Ventures III

1994 $140M Summit Subordinated Debt Fund

1995 $610M Summit Ventures IV

1997 $335M Summit Subordinated Debt Fund II

1998 $1.12B Summit Ventures V

1999 $170M Summit Accelerator Fund

2001 $2.08B Summit Ventures VI

2004 $465M Summit Subordinated Debt Fund III

2006 $3.10B Summit Partners Private Equity Fund VII

2006 $310M Summit Partners Venture Capital Fund II

2008 € 1.05B Summit Partners Europe Private Equity Fund

2008 $840M Summit Partners Subordinated Debt Fund IV

Since 1984, Summit Partners has raised more than $11 billion to meet the capital needs of entrepreneurs.

Size and structure of investments We can invest as little as $5 million to more than $500 million per company from our combined equity and subordinated debt funds. To meet your capitalneeds, we offer three financing vehicles:

Private Equity Funds: Growth equity, shareholder liquidity, recapitalization, and management buyoutinvestments of $30 million to more than $500 million

Venture Capital Funds: Growth equity and shareholderliquidity investments of $5 million to $30 million

Subordinated Debt Funds: Mezzanine debt financingof up to $125 million, available in conjunction with aSummit Partners equity investment

Page 6: Summit Partners 2011

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4

Reasons Companies Take Capital

Uses of CapitalWhether we invest as a minority or majority

partner, entrepreneurs and management teams

can use our equity and subordinated debt

financing to achieve a variety of objectives.

Growth equity

Growth equity allows a business to expand

more rapidly or take advantage of opportunities

that require immediate capital. Your company

can use growth capital to finance product

development, operations upgrades, new sales or

marketing initiatives, geographic expansion,

and other growth objectives. Furthermore, you

can use this capital to strengthen your balance

sheet, pay down debt, or finance organic and

acquisition-based growth strategies. Typically,

Summit Partners will take a minority ownership

position in your company. That way, your

management team can retain strategic and

operational control of the business, while

tapping new resources that can take your

company to the next level.

Shareholder liquidity

Shareholder liquidity provides cash for

founders and other shareholders seeking to

sell a minority stake in a business and diversify

their financial holdings, while remaining at the

helm of the business. With this liquidity, you

can reap the rewards of your hard work and

diversify your personal wealth—without giving

up control of the business. Shareholder liquidity

financing often is used in conjunction with

other objectives, such as growth capital and

acquisition financing.

We provide flexible financing options to help you achieve your immediate and long-term goals.

“Many firms can provide you with money, but Summit Partners offers

more. Summit is different because they will help you formulate ideas

without trying to run your business. They talk you through what you

are trying to accomplish with your organization and then provide the

expertise, contacts, and resources to make it happen.”

— T O M FAY, F O R M E R P R E S I D E N T, E M E D C O . , I N C .

Page 7: Summit Partners 2011

55

Recapitalizations

Recapitalizations provide liquidity for

shareholders seeking to sell the majority of

a business, while allowing them to retain

operational leadership or work with Summit

to bring in a new management team. Business

owners may use recapitalization financing to

fund ownership transitions in their companies

or to sell a majority interest in their firms. A

recapitalization transaction also may be viewed

as an alternative to an initial public offering

(IPO) or merger. Through recapitalizations,

Summit Partners has helped many business

owners sell a significant portion of their

holdings and diversify their personal wealth,

while continuing to manage and retain

ownership of the company.

Management buyouts

Management buyouts allow a management

team to buy the business, while creating

ownership incentives for new shareholders.

In buyouts, Summit works with management

to purchase a majority of the business—

generally combining equity, subordinated

debt, and senior debt financing. Management

buyouts can be useful in transferring ownership

from retiring or inactive founders, a corporate

parent, or other significant shareholders

to the current management team and

Summit Partners. To ensure that cash flow

is available to fund future growth initiatives,

we structure transactions with modest debt.

Page 8: Summit Partners 2011

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Our Approach

Building Long-Term ValueWe identify exceptional companies with great

management teams and support them as they

grow. At Summit, we believe that our investor

role has three key components:

Driving growth

We provide entrepreneurs and management

teams with strategic guidance to help deliver

continued profitability and increased earnings.

Enhancing infrastructure

We help you build a valuable infrastructure of

systems, processes, controls, and reporting

mechanisms. This not only provides you with

valuable feedback on drivers of success, but also

helps you focus on the most critical challenges.

Fortifying your leadership position

We offer you a broad perspective of the market

environment—identifying trends, opportunities,

challenges, and competitive issues. We then help

you apply these insights to build on your

company’s strengths, fill management gaps,

and expand your competitive position.

Summit Partners can help you strengthen your

core business and provide advice on long-term

growth strategy in a number of key areas,

including:

• Entering new distribution channels, markets,

or geographies

• Expanding through acquisitions

• Recruiting experienced management and

board candidates

• Establishing stock option, compensation,

and incentive programs

• Laying the groundwork for an eventual

initial public offering or merger

We believe that great companies are built by great management teams—not by investors.

“Summit provided the capital and strategic advice that helped my

business evolve from a small physician’s office into a leading

management organization for neonatal and perinatal physicians.”

— R O G E R M E D E L , M D , C E O , P E D I AT R I X M E D I C A L G R O U P, I N C .

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7777

“Summit Partners allowed us to do

what we do best—manage our

business—while adding important

insight into the issues that growing

companies face.”

— N E D B E N N E T T, D AV I D K A LT,

A N D J I M G R AY

C O F O U N D E R S

Summit helped optionsXpress, an online stock

and options brokerage, build an infrastructure

for growth and prepare for a successful IPO.

In 2000, Ned Bennett, David Kalt, and Jim Gray founded optionsXpress in Chicago. The

company was created to fill an underserved yet growing niche in online brokerage—retail

equity options trading. With innovative tools to automate options education, evaluation,

and execution, optionsXpress grew rapidly, reaching more than 100,000 accounts and

generating $93 million in revenues and $52 million in pre-tax income during 2004.

The firm was recognized as the leading online securities brokerage by Barron’s for four

consecutive years. Yet, the founders were not primarily looking for capital when they

began evaluating private equity partners. Instead, they sought assistance in managing

the company’s explosive growth and in adding the infrastructure and management talent

needed for an eventual initial public offering.

In 2004, Summit Partners invested approximately $90 million in optionsXpress, providing

liquidity to early shareholders and allowing the firm time to fully consider its IPO strategy.

“Summit helped us formalize our management team and process, and made sure we

had the infrastructure to handle very rapid growth,” explained Gray. Summit assisted

optionsXpress in building its board and helped recruit an experienced CFO. Next, Summit

helped the optionsXpress team understand the IPO process and provided introductions

to key players in the public markets.

optionsXpress (NASDAQ: OXPS) went public in January 2005. The company continues

to provide innovative securities brokerage products and services for investor education,

strategy evaluation, and trade execution. Currently, the company serves more than

285,000 customers.

O P T I O N S X P R E S S H O L D I N G S , I N C .

C H I C A G O , I L L I N O I S

Page 10: Summit Partners 2011

“Summit Partners supported our growth initiatives, provided

valuable strategic advice, and offered access to U.S. acquirers

and investment banks—dramatically increasing our company’s

value.” — M A R C S A M W E R , C O F O U N D E R , J A M B A ! A G

8

A Global Presence

Growing businesses are becoming increasingly

international in scope, with operations,

customers, and partners situated around the

world. With offices on both sides of the

Atlantic Ocean—and serving portfolio

companies with worldwide operations—

Summit Partners brings the investment

expertise, strong relationships, and global

perspective needed to help your company

expand internationally.

Our portfolio companies are headquartered

across North America, Europe, and Asia—

and have major operations in Russia, Eastern

Europe, China, Japan, India, Australia, and

other countries—giving us a global network

of business owners, industry experts, and

financial institutions. Coupled with our

cross-sector industry expertise, this invaluable

network provides the tools and strategic insights

needed to fuel the growth of your business.

Whether your company is based in Europe

or North America, Summit Partners is ideally

positioned to assist you in expanding beyond

your home markets into new geographies, both

organically and by acquisition. Our London

office is staffed with European nationals who

collectively speak more than a dozen languages,

giving us the ability to help your business

move into European markets. For European

companies seeking to expand into North

America, Summit also is an ideal partner,

with broad industry connections throughout

the United States and Canada.

Our €1.05 billion Europe private equity fund,raised in 2008, provides a dedicated pool of

capital for investment in rapidly growing

European companies.

When you work with Summit Partners, you have access to a strong network of entrepreneurs and

financial advisors across North America, Europe, and Asia.

8

Page 11: Summit Partners 2011

“When Summit invested in our

business, we were immediately

perceived as a more substantial

company. Customers, vendors,

potential partners, and acquisition

candidates all viewed us more

positively, simply because a firm

of Summit’s caliber had confidence

in us.”

— G E R H A R D WAT Z I N G E R

F O R M E R C E O

Summit’s financing helped SafeBoot accelerate its

growth in the encryption software market, while

allowing the company to retire early shareholders.

SafeBoot Holdings established itself as a pioneer in central management for end-point

security. Launched in 1991, the company answered the growing corporate demand for

encryption software and management systems on laptops and other mobile data security

applications. By 2005, SafeBoot had rapidly grown to become the vendor-of-choice

for leading global organizations, serving an extensive list of Fortune 1000 clients. As

information security became a top corporate priority, the management team saw

tremendous growth potential. To that end, SafeBoot sought a financial partner that

could provide liquidity for early shareholders without compromising the company’s

growth strategy.

Summit Partners invested €39 million in a recapitalization in October 2005, retiring early

investors. Over the next several years, Summit and the company’s management worked

to enhance SafeBoot’s growth, upgrade its systems and reporting to public company

levels, and recruit a new independent board member. Summit supported SafeBoot’s

continued expansion by advising the company’s management team on both operational

and strategic issues. More important, Summit’s involvement raised SafeBoot’s profile

among its customers, vendors, and acquisition candidates.

By 2007, SafeBoot had become a leading mobile data security provider, delivering its

state-of-the-art encryption and access control technologies to 5 million users in more than

75 countries. Its base of 4,200 customers included more than 150 of the Fortune 500

companies. After achieving 20 consecutive quarters of growth and profitability, SafeBoot

began to pursue an initial public offering. At the same time, McAfee (NYSE: MFE) offered

to buy the company for $350 million. When the acquisition was completed in November

2007, SafeBoot became the cornerstone of McAfee’s Data Protection Product Business

Unit led by SafeBoot’s Gerhard Watzinger.

S A F E B O O T H O L D I N G S B V

N I E U W E G E I N , T H E N E T H E R L A N D S

Page 12: Summit Partners 2011

Why Summit

We recognize that selecting the right investor

to fund your company’s continued growth is

a vital decision. You want a seasoned investor

with extensive financial resources, as well as a

committed long-term partner who shares your

goals and values. At Summit Partners, we support

our entrepreneurs not only with capital, but also

with perspective and experience.

Strategies for GrowthAs board members, we have more than two

decades of experience providing strategic advice.

Summit can help your company build a strong

board, augment your existing management team,

and source and evaluate acquisitions, joint

ventures, and partnerships. We have helped many

companies implement best practices in finance,

corporate organization, product development,

and sales and marketing.

Flexible Financing OptionsMost business owners and management teams

eventually reach a crossroads, as they consider

taking on outside capital to fund the company’s

future growth. Summit offers both equity and

subordinated debt financing that can be used to

achieve a broad range of personal and business

objectives: growth capital, shareholder liquidity,

recapitalizations, and management buyouts.

Further, we are equally comfortable investing

in minority or majority positions.

Industry ExperienceWe have invested in more than 320 companies

and bring deep industry experience across many

sectors. Since 1984, Summit has primarily invested

in business services, communications technology

and services, consumer products, education,

energy, financial services, healthcare and life

sciences, industrial products, Internet and

information services, media and entertainment,

semiconductors and electronics, and software.

We invest as partners with management teams—and then work together to build long-term value.

10

“Summit Partners helped us to augment our financial department,

hire a CFO, and establish sophisticated financial reporting systems.

As a result, we already had much of the required financial

infrastructure in place by the time we did go public in 2006.”

— I N G R I D J A C K E L , C E O A N D C H A I RW O M A N O F T H E B O A R D ,

P H Y S I C I A N S F O R M U L A H O L D I N G S , I N C .

Page 13: Summit Partners 2011

1111

“Summit Partners supported our

strategy to ramp up a new, unproven

product line that grew to 60 percent

of total revenues in a single year.”

— M I C H A E L F I T Z PAT R I C K

F O R M E R C H A I R M A N , P R E S I D E N T,

A N D C E O

Summit Partners’ financing and strategic advice

helped E-TEK Dynamics expand its fiber optics

business through new product offerings and

acquisition growth.

When Michael Fitzpatrick was recruited by Summit Partners to join Silicon Valley-based

E-TEK Dynamics as president and CEO in 1997, this family-owned optical components

manufacturer had been in business for 14 years. Summit Partners led a $120 million

recapitalization of E-TEK, allowing cofounders J.J. and Theresa Pan to diversify their net

worth, while enlisting Summit as an active and experienced partner to help them build

a senior management team and rapidly expand their business.

Fitzpatrick quickly recruited a world-class management team, rebuilt the company’s

infrastructure, and reformulated a strategic plan. Together with Sanjay Subhedar,

COO of E-TEK, he then proposed a new direction to the board.

“We saw that E-TEK’s major products were becoming commodities, while a new

technology called Wavelength Division Multiplexing (WDM) held promise,” says

Fitzpatrick. WDM technology allows network operators to increase the capacity of

their existing fiber optic networks. The only complication: E-TEK could not buy several

critical components, which were distributed only through a competitor, to complete

the WDM process.

Summit Partners supported E-TEK’s move into WDM technology and its plan to build

low-cost manufacturing facilities in Asia. “Summit provided support, advice, and contacts,

yet allowed us to run the company,” says Subhedar. Over the next three years, Summit

assisted management through initial and follow-on public offerings and two strategic

acquisitions. During that period, E-TEK grew from $70 million to $1 billion in revenues,

and from 300 to 5,000 employees. E-TEK merged with JDS Uniphase (NASDAQ: JDSU)

in an $18.4 billion transaction in June 2000, which at the time represented the second-

largest technology merger in history.

E - T E K D Y N A M I C S , I N C .

S A N J O S E , C A L I F O R N I A

Page 14: Summit Partners 2011

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Representative Investor BaseAdvisors, Family Offices, and Funds of Funds Location

Adams Street Partners Chicago, Illinois

Commonfund Capital Wilton, Connecticut

HarbourVest Partners Boston, Massachusetts

J.P. Morgan Asset Management New York, New York

Pantheon Ventures San Francisco, California

Performance Equity Management Greenwich, Connecticut

Corporate Pension Funds

Corning Incorporated Corning, New York

General Mills Minneapolis, Minnesota

General Motors Greenwich, Connecticut

SBC Master Pension Trust San Antonio, Texas

Financial Institutions

Goldman Sachs & Co. New York, New York

KeyCorp Cleveland, Ohio

Liberty Mutual Group Boston, Massachusetts

SVB Capital Palo Alto, California

Foundations and Universities

Georgia Tech Foundation Atlanta, Georgia

The William and Flora Hewlett Foundation Menlo Park, California

The Andrew W. Mellon Foundation New York, New York

University of Notre Dame Notre Dame, Indiana

International

Allianz Private Equity Partners Munich, Germany

BP Investment Management Ltd. London, United Kingdom

Finama PE-Quartilium Paris, France

Irish National Pensions Reserve Fund Dublin, Ireland

LGT Capital Partners Pfaeffikon, Switzerland

The Wellcome Trust Ltd. London, United Kingdom

Public Pension Funds

California State Teachers’ Retirement System Sacramento, California

Canada Pension Board Toronto, Ontario, Canada

Los Angeles County Employees Retirement Association Pasadena, California

Minnesota State Board of Investment St. Paul, Minnesota

Pennsylvania State Employees’ Retirement System Harrisburg, Pennsylvania

Virginia Retirement System Richmond, Virginia

Page 15: Summit Partners 2011

“Summit Partners helped AmeriPath

successfully execute its acquisition

strategy by providing invaluable

expertise and capital. So when

I needed financing for my new

company, Aurora Diagnostics,

I immediately turned again

to Summit.”

— J I M N E W

C E O

Summit’s financing and advice helped AmeriPath

pursue an aggressive M&A campaign that led

to more than 50 pathology laboratory acquisitions

in just three years.

Founded by three physicians in 1982, American Laboratory Associates—later known

as AmeriPath—specialized in dermatopathology, or the viewing and interpretation of

biopsies. The company’s specialization enabled its labs to read biopsies faster and more

effectively than other providers, leading to a strong reputation in the market. By the mid

1990s, the founders realized that they needed a more seasoned management team and

additional capital to grow. While the company had developed a strong and loyal physician

customer base in the southeastern United States, the founders aspired to expand the

business to a national scale.

In 1994, the company turned to Summit Partners for financing and strategic guidance.

Summit not only provided growth capital and subordinated debt, but also arranged for

a bank line of credit. Two years later, Summit helped recruit CEO Jim New—a seasoned

healthcare executive who had run both public and private companies. With a new

management team in place, the company changed its name to AmeriPath and began

executing an acquisition strategy, extending its reach into new geographic markets

through the acquisition of more than 50 pathology practices.

AmeriPath went public in 1997 with an $89 million initial public offering. After a

secondary offering in 2001, the firm went private, and New retired in 2003. Seeing

continued opportunity in the laboratory industry, he came out of retirement in 2006 to

launch Aurora Diagnostics LLC, and again chose Summit as his financial partner. With

Summit’s financing and strategic guidance, Aurora Diagnostics has grown even more

rapidly than its predecessor, partnering with eight high-quality labs in its first year. Today,

the company continues to execute on an aggressive national acquisition program, with

a full pipeline of candidates across the United States.

A M E R I PAT H , I N C .

F O RT L A U D E R D A L E , F L O R I D A

Page 16: Summit Partners 2011

14

Representative Portfolio CompaniesAcademic Management Services, Inc. Tuition Budgeting and Student Loans

AltoCom, Inc. Communications Software/ IP

AmeriPath, Inc. Pathology Laboratory Services

B&W Loudspeakers, Ltd. Premium Home Loudspeakers

Belkin Corporation Connectivity Solutions

CDB Infotek, Inc. Information Services Provider

Clontech Laboratories, Inc. Life Sciences Research Tools

Commnet Wireless, LLC Wireless Telecommunications Carrier

E-TEK Dynamics, Inc. Optical Components and Subsystems

EMED Co., Inc. Safety Signage Products

Finisar Corporation Optical Subsystems and Test Equipment

FleetCor Technologies, Inc. Fleet Card Processing

Global Cash Access Holdings, Inc. Cash Access Services for the Gaming Industry

HealthCare Partners Holdings, LLC Healthcare Services

Hemophilia Resources of America, Inc. Hemophilia Treatment Products

Hittite Microwave Corporation High-Performance Integrated Circuits

HMT Technology Corporation Storage Media

Hyperion Software Corporation Business Information Software

Infor Global Solutions, Inc. Enterprise Software

iPayment, Inc. Payment Processing Services

Jamba! AG European Mobile Internet Content

Keystone RV Company Towable Recreation Vehicle Products

Lincare Holdings, Inc. Home-Care Services

M-Audio, Inc. Digital Audio and MIDI Solutions

McAfee, Inc. Network Management and Security Software

MECON Associates, Inc. Hospital Information Services

NameMedia, Inc. Direct Search and Premium Domain Marketplace

NightHawk Radiology Holdings, Inc. Off-Hours Teleradiology Services

optionsXpress Holdings, Inc. Online Stock and Options Brokerage

Pediatrix Medical Group, Inc. Physician Practice Management

Physicians Formula Holdings, Inc. Mass-Market Color-Corrective Cosmetics

Postini, Inc. Electronic Communications Message Management

Powerwave Technologies, Inc. Wireless Infrastructure Equipment

SafeBoot Holdings BV Encryption Software and Management Systems

Sirenza Microdevices, Inc. High-Performance RF Components

Somero Enterprises, Inc. Laser-Controlled Screeding Equipment

Splash Technology Holdings, Inc. Color Server Systems

Suburban Ostomy Supply Company, Inc. Disposable Home Healthcare Products

Superior Services, Inc. Waste Management Services

Sybari Software, Inc. Security Software Products

Triton Systems, Inc. Automated Teller Machines

vente-privee.com Internet-Based Sales of High-End Consumer Products

Web Reservations International Limited Online Reservations for Budget Accommodations

WebEx Communications, Inc. Web-Based Collaborative Meeting Services

Our industry focusWe bring industry expertise in many sectors, including but not limited to:

Business services

Communications technology and services

Consumer products

Education

Energy

Financial services

Healthcare and life sciences

Industrial products

Internet and information services

Media and entertainment

Semiconductors and electronics

Software

Page 17: Summit Partners 2011

“We chose Summit because of their

track record as investors, their grasp

of our opportunities and needs,

and their philosophy that the

entrepreneur should manage the

company, while the investor should

provide perspective and support.

This complementary relationship

was a tremendous advantage for

us and a big part of our success.”

— B R I A N S C H U C H M A N

F O U N D E R

Summit Partners’ financing and hands-off

strategic support enabled Commnet to drive

the growth of its wholesale wireless service

and expand into new markets.

Brian Schuchman began his career in 1986 as a car phone installer, working his way into

sales, distribution, and finally network operations. He noticed that wireless spectrum

lottery winners often had trouble getting networks up and running. After partnering

with numerous lottery winners to build and sell networks for more than $100 million,

Schuchman founded Commnet Wireless in 2000. His goal was to build wireless roaming

networks in partnership with wireless carriers such as Cingular and AT&T Wireless.

By the late 1990s, the Global System for Mobile Communications (GSM), a European-

based digital technology for wireless communication, began taking hold in the United

States. Schuchman realized that establishing a GSM network would allow Commnet to

accelerate its growth rate and penetrate new markets.

In 2003, Summit Partners provided Commnet with growth capital to fund its build-out

of a GSM network, which eventually served markets in 14 states. Summit assisted

Schuchman in hiring industry veterans to serve as president, COO, and CTO. In

addition, Summit provided strategic and financial analyses to help the company focus

on maximizing growth and profitability in core markets, while assisting management

in exiting less profitable, noncore markets.

After five consecutive years of rapid growth in markets served, cell sites, and minutes of

use—and more than 125 percent growth in both revenues and earnings—the company

merged with Atlantic Tele-Network (NASDAQ: ANTI) in an all-cash transaction in 2005.

Today, Commnet operates as a subsidiary of Atlantic Tele-Network, serving national

wireless carriers by providing feature-rich, low-cost wireless voice and data roaming

services. Brian Schuchman continues to serve as a board member.

C O M M N E T W I R E L E S S , L L C

AT L A N TA , G E O R G I A

Page 18: Summit Partners 2011

16 Summit Partners invests in growing, profitable companies with proven business models, records of

revenue and earnings growth, and the leadership capacity to sustain that growth. If your company

fits this description, we would like to speak with you about a potential partnership. We also speak

with many companies before they need capital. Summit offers deep resources and broad experience

to address immediate needs and long-term opportunities.

To learn more, please call the Summit Partners office nearest you or contact us via email at

[email protected].

F O R M O R E I N F O R M AT I O N

©2002, 2008 Summit Partners, L.P. All rights reserved. The Summit Partners Logo®, Summit, Summit Partners®, Summit Accelerator Fund,

Summit Ventures®, Summit Partners Europe Private Equity Fund, Summit Partners Private Equity Fund®, Summit Partners Subordinated Debt Fund®,

Summit Subordinated Debt Fund, and Summit Partners Venture Capital Fund® are trademarks and/or service marks of Summit Partners L.P.

and/or its licensors.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this brochure is issued by

Summit Partners Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered

in England and Wales with company number 4141197, and its registered office is at 20-22 Bedford Row, London, WC1R 4JS, UK. This document is

intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.

The cover for this brochure was printed on paper containing 30% post-consumer recovered fiber. The text was printed on FSC-certified paper harvested from a well-managed sustainable forest and contains

20% post-consumer recovered fiber. All paper was manufactured with electricity in the form of renewable energy (wind, hydro, and biogas). The brochure was printed using vegetable-based inks.

Page 19: Summit Partners 2011

W W W. S U M M I T PA R T N E R S . C O M

B O S T O N

Summit Partners222 Berkeley Street, 18th FloorBoston, Massachusetts 02116-3755United StatesTelephone: +1 617 824 1000Facsimile: +1 617 824 1100

PA L O A LT O

Summit Partners499 Hamilton AvenuePalo Alto, California 94301-1831United StatesTelephone: +1 650 321 1166Facsimile: +1 650 321 1188

L O N D O N

Summit Partners LimitedQueensberry House, 3rd Floor3 Old Burlington StreetLondon W1S 3AEUnited KingdomTelephone: +44 (0)20 7659 7500Facsimile: +44 (0)20 7659 7550

“ F O R T U N E FAV O R S T H E

B O L D . ”

— V i r g i l .

Page 20: Summit Partners 2011

W W W. S U M M I T PA RT N E R S . C O M

REHAB MANAGEMENT SERVICES � AMX � TGV SOFTWARE � SABER SOFTWARE � INTELLICHEM

SOFTDESK � DSET � OPNET TECHNOLOGIES � SIMULATION SCIENCES � HEALTHCARE PARTNERS

BOCA RESEARCH � POSTINI � HEMOPHILIA RESOURCES OF AMERICA � FIBER OPTIONS � COMPS.COM

WEBEX COMMUNICATIONS � FLEETCOR TECHNOLOGIES � ACADEMIC MANAGEMENT SERVICES

NAVIS � NAMEMEDIA � SUPERIOR SERVICES � PARAGON VISION SCIENCES � CARD CAPTURE SERVICES

DORN TECHNOLOGY GROUP � SPLASH TECHNOLOGY � LITCHFIELD FINANCIAL � ACTIVE VOICE

PSC INFO GROUP � INTELLIQUEST INFORMATION GROUP � PROMPT ASSOCIATES � SENIOR HOME CARE

UNICA � MICROBANK SOFTWARE � IMPAC MEDICAL SYSTEMS � INFOR GLOBAL SOLUTIONS � EMED CO.

S A F E B O O T � C A L LT E C H C O M M U N I C AT I O N S � R I G H T N O W T E C H N O L O G I E S � F U T U R E D O M A I N

SOFTWARE SPECTRUM � BELKIN � CDB INFOTEK � BURST MEDIA � HARRIS RESEARCH

XYLAN � INSTALLSHIELD SOFTWARE � SOFTWARE 2000 � IPAYMENT � WEBSIDESTORY

G L O B A L C A S H A C C E S S � E L U M E N S O L U T I O N S � P L AT I N U M S O F T WA R E � H I T T I T E M I C R O WAV E