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IKANO News:

Title: IKANO Scores $15 Million in Third Round Funding
By: John Sullivan, ISPworld News
Date: June 27, 2001
URL: http://www.ispworld.com/finance/TS_061501b.htm

Network Infrastructure company Ikano Communications announced early Friday that it has received $15 million in its third round of venture funding. The latest round was led by Insight Capital Partners.

Ikano said the latest round will be used to fully fund the company�s business plan. The company did not provide a specific date for reaching profitability, saying only that it will happen "in the near term."

"We are extremely pleased with the financial support provided by Insight Capital Partners", said Henry Smith, Ikano�s founder and CEO. "Considering the current turbulent market situation, venture capital firms have to be much more judicious in funding companies. Insight's gesture says a lot about their confidence in IKANO and its future."

Smith added, "These funding dollars will help us to further strengthen our rapidly growing market presence."

When asked what the company did differently in order to gain the funding in a down market, Smith replies, "We identified a niche and then spent several years developing products to fulfill that niche. We currently have 250 customers, and $60 million dollars worth of business in the pipeline."

"We are redefining the Internet access market by helping any company, affinity group, ISP, or association provide Internet access and related services to its customers or members on a private-label basis," said Garth Howard, Ikano�s president. "Ikano has essentially created a new customer relationship model for companies to better communicate with their customers."

Michael Triplett, Insight Capital Partners' principal, commented, "Our investment in Ikano is a validation of their financial accomplishments and innovations during the past two years. Ikano is clearly differentiated among its competitors as the unquestioned market leader."

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