Evergreen, CO--Wowza Media Systems, LLC announced that growth equity investor Summit Partners has completed a minority investment in Wowza.
This investment positions Wowza for continued strong global growth and opens up opportunities to expand the company's product offering.
Wowza Media Systems' CEO and Cofounder David Stubenvoll and CTO and Cofounder Charlie Good remain majority owners of the company and lead the Wowza board of directors. Greg Goldfarb, a Summit Partners Managing Director, has joined the board. The transaction was completed on March 1, and financial terms of the transaction were not disclosed.
Summit Partners, which has raised more than $14 billion in capital since inception, has invested in a number of industry-leading companies in the software, Internet, and media sectors.
"The investment by Summit Partners affirms Wowza's leadership position within the fast-growing and ever-evolving streaming media space," said Stubenvoll. "Summit has deep expertise and a strong track record in supporting rapidly growing technology companies, as well as a history of investing in companies with proven business models, records of revenue and earnings growth, and the leadership capable of sustaining that growth. Summit's support will help us continue to provide outstanding service and innovative products to our customers, as well as expand beyond our current offerings."
Since the release of its first version of Wowza Media Server software in 2007, the company has reached more than 100,000 licensees in more than 150 countries. Customers include service providers, radio and TV broadcasters, media properties, enterprises, educational institutions, OEMs, government agencies, and other organizations that need reliable, extensible, affordable delivery of video to any digital screen.
"Wowza is a market leader in the streaming media industry, providing an expansive product portfolio to a diverse range of organizations around the world. The company offers customers an unprecedented user experience and dependable, uninterrupted streaming of their media," said Goldfarb of Summit Partners. "As a long-time investor in media technology and software companies, Summit Partners is pleased to support this strong team of entrepreneurs that has built a rapidly growing and profitable company poised for significant expansion."