Norwest Venture Partners, the venture capital firm managing funds on behalf of financial services firm Wells Fargo, has exited US-based network virtualisation developer Pertino following its acquisition by software-defined networking producer Cradlepoint.
Financial terms of the deal have not been disclosed.
Founded in 2011, Pertino has created technology that allows businesses to set up and operate a secure cloud-based network by using third-party services such as Amazon Web Services, instead of investing in their own data centre hardware.
Cradlepoint’s technology enables business users to rely on LTE, the current generation of mobile phone networks, to always remain connected to the company network. It will integrate Pertino’s technology into its own offering to provide secure virtual networks that use LTE.
Norwest backed Pertino’s $20m series B round in 2013 alongside Jafco Ventures, which led the round, and Lightspeed Venture Partners. Pertino previously received $8.8m in series A funding in 2012 from Norwest, Lightspeed and assorted angel investors.