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TMCNet:  Riverbed|Aternity Successfully Completes Recapitalization, Strengthening Financial Position to Fuel Next Phase of Growth and Innovation

[December 07, 2021]

Riverbed|Aternity Successfully Completes Recapitalization, Strengthening Financial Position to Fuel Next Phase of Growth and Innovation

Riverbed|Aternity (News - Alert) (the "Company") today announced that it has successfully completed its recapitalization, reducing debt by over $1 billion and bringing in $100 million of new cash, positioning the Company for growth and continued success over the long term. The recapitalization was completed through an expedited voluntary court-supervised process.

The Company is a critical technology provider, delivering leading end-to-end visibility and network performance and acceleration solutions, that provide actionable insights and help organizations maximize productivity and their digital and IT investments. In the most recent quarter, total bookings for the Company's visibility solutions grew 37% year-over-year. With a stronger financial foundation, Riverbed (News - Alert)|Aternity will be able to further invest in the business and innovation to better meet the needs of customers and empower their success.

"We are pleased to have completed our recapitalization on an accelerated timeline, significantly simplifying our balance sheet and positioning Riverbed|Aternity for a new phase of sustained growth and success," said Dan Smoot, President and CEO of Riverbed|Aternity. "The future of the workplace is digital and hybrid, and we look forward to discussing our evolving strategy as we ensure Riverbed|Aternity is best positioned to capitalize on new market opportunities and deliver disruptive innovations for our customers. We appreciate the support of our customers and business partners throughout this process, and we thank our talented team for their continued focus and hard work."

Mr. Smoot continued, "We are also grateful to our investors for their trust and guidance throughout this process. Their confidence in our company is a testament to the quality of our business model, solutions, and team, and has enabled us to finalize our recapitalization quickly and efficiently. We look forward to having them on board as our strategic partners moving forward."

"Riverbed|Aternity is an industry leade and through this recapitalization has a stronger financial position to invest in core technologies, continuously improve the customer experience and pursue profitable growth," said Apollo Partner Chris Lahoud. "We're pleased to support the Company as a long-term investor and to see Dan lead this great team in its next chapter."




As previously announced and concurrent with the emergence, an ad hoc group of institutional investors led by Apollo (the "Ad Hoc Group") have become the majority owners of Riverbed through their managed funds.

Riverbed's advisors include Kirkland & Ellis LLP as legal counsel, AlixPartners as restructuring advisor, and GLC Advisors & Co. as investment banker.

The Ad Hoc Group's advisors include White & Case LLP as legal counsel and Centerview Partners as financial advisor. Davis Polk & Wardwell LLP is acting as counsel to certain members of the Ad Hoc Group.

About Riverbed|Aternity

Riverbed|Aternity enables organizations to maximize visibility and performance across networks, applications and end-user devices, so they can fully capitalize on their cloud and digital investments. Riverbed|Aternity solutions enable organizations to visualize, optimize, remediate and accelerate the performance of any network for any application, while supporting business objectives to mitigate cyber security risk and enhance the digital experience for all end-users. The Company offers two best-in-class product lines: end-to-end visibility - including NPM, APM and EUEM - that delivers actionable insights; and network and acceleration solutions, including application acceleration (SaaS (News - Alert), client and cloud acceleration), WAN optimization, and enterprise-grade SD-WAN. Riverbed|Aternity's 30,000+ customers include 95% of the Fortune 100. Learn more at riverbed.com.

Forward-Looking Statements

This press release contains "forward-looking statements" related to future events. Forward-looking statements contain words such as "expect," "anticipate," "could," "should," "intend," "plan," "believe," "seek," "see," "may," "will," "would," "target," and similar words or expressions. Forward-looking statements are based on management's current expectations, beliefs, assumptions and estimates and may include, for example, the Company's ongoing and future business operations. These statements are subject to significant risks, uncertainties, and assumptions that are difficult to predict and could cause actual results to differ materially and adversely from those expressed or implied in the forward-looking statements, including potential adverse effects on the Company's liquidity and results of operations; employee attrition and the Company's ability to retain senior management and other key personnel due to the distractions and uncertainties; and the Company's ability to comply with financing arrangements; the Company's ability to maintain relationships with suppliers, customers, employees and other third parties and regulatory authorities. These risks and uncertainties may cause actual future results to be materially different than those expressed in such forward-looking statements. The Company has no obligation to update or revise these forward-looking statements and does not undertake to do so.


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