02/27/2024
Citizens JMP Advises cPacket on $67 Million Investment by Morgan Stanley Expansion Capital and Trinity Capital
PROVIDENCE, RI – Citizens JMP announced today that it served as the exclusive financial advisor to cPacket Networks in a $67 million transaction, including primary and secondary equity investment by funds managed by Morgan Stanley Expansion Capital and a debt refinancing by Trinity Capital Inc. (Nasdaq: TRIN). cPacket is a leading provider of network-aware application and security assurance solutions serving large blue-chip clients and governmental agencies around the world.
cPacket will use the funds to accelerate product development, including 400 Gbps Observability nodes, expanding its cloud and hybrid footprint and introducing innovative use of artificial intelligence and machine learning to drive deep, but business relevant insights from customers’ packet data. In addition, the company will continue to scale its sales and marketing efforts globally.
Morgan Stanley Expansion Capital is a private investment platform targeting late-stage growth equity and credit investments in technology, healthcare, consumer, digital media and other high-growth sectors, predominantly investing in North America and Western Europe. Its focus is on late-stage private companies, largely with established products and services addressing established markets seeking capital to scale revenue and expand business operations.
Trinity Capital, an internally managed business development company, is a leading provider of diversified financial solutions to growth-stage companies with institutional equity investors. Trinity Capital's investment objective is to generate current income and, to a lesser extent, capital appreciation through investments, including term loans, equipment financings and equity-related investments.
cPacket Chief Executive Officer Brendan O’Flaherty said, “The Citizens JMP team was instrumental in completing this transaction. The team was responsive and active with respect to our prospects and the company. We spent a good deal of time creating models and presentations that hit the mark, and we were very happy with the result.”
Citizens JMP Managing Director Satya Bajpai said, “cPacket has demonstrated consistent and highly efficient growth led by Brendan O’Flaherty and an amazing team. The company has found great long-term partners in Morgan Stanley Expansion Capital and Trinity Capital. Citizens JMP was able to provide sound advice and execution and the $67 million raised by these marquee investors will help cPacket achieve its goal to sustain growth well into the future.”
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $222.0 billion in assets as of December 31, 2023. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
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