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Craig Elliott
Former President CEO & Director
Packeteer, Inc.
(NASDAQ: PKTR)
The Background
NEA had identified this groundbreaking Internet performance company in its very early stages. In fact, NEA co-founder Dick Kramlich not only invested at the Angel stage, but played a significant role working with CEO Craig Elliott on initial strategy and direction for the company.
Why We Invested
When the time came for their first round of institutional funding, Peter Morris, NEA General Partner based in Menlo Park, saw the clarity of the Packeteer founders' vision and the drive behind their passion.
He spearheaded their Series A funding and worked closely with the team to develop a plan that would indeed help improve the efficiency of the Internet. He was appointed to the board upon investment and, according to Craig, "demonstrated commitment and leadership" for many subsequent years.
The Result
Packeteer successfully transitioned from a pioneer to a global leader in WAN Application Traffic Management. Both from a financial and strategic perspective, Packateer and NEA have moved together from angel funding to institutional funding to IPO.
Today their solutions combine a family of scalable appliances with patented software capabilities to deliver unmatched visibility, control, acceleration and management of application traffic across WAN and Internet links. Packeteer solutions are sold through a global network of VARs, distributors and system integrators.
Why It Worked
A solid combination of ideas, strategy, people and financing allowed NEA to walk side-by-side with Packateer from start-up to a highly successful public company with sales of more than $92 million and a market value of nearly $400 million.
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