Montlake Capital is pleased to announce the sale of  portfolio company Veriwave, Inc. to Ixia (NASDAQ: XXIA).

Veriwave, based in Portland, Oregon, is a leading performance testing company for wireless LAN (WLAN) and Wi-Fi enabled smart devices and Ixia provides the industry's most comprehensive converged IP and wireless testing solutions in the U.S.  The acquisition of Veriwave is an integral component of Ixia's strategy to become a single-source solution for testing converged multiplay IP services and media-rich traffic over wireless and wireline networks.

When Montlake Capital completed its initial investment in November 2008, Veriwave was at a strategic crossroads and facing a very difficult economy.  The company needed to re-architect its strategy, select key technologies to turn into new products and grow in a capital efficient manner in order to succeed.  Montlake Capital helped the company to achieve a consensus on its strategic goals, including driving profitability, winning new customers, introducing new products and identifying potential acquirers.

"We were introduced to Veriwave by a valued friend of the firm and evaluated it as a part of our business services/growth technology thesis.  We saw strong growth potential and an experienced management team capable of executing, so we invested alongside existing investors USVP, TL Ventures, Woodside and Alloy, " said Rob Wiltbank, Montlake's Oregon Partner and member of Veriwave's board of directors.

"This investment validates our thesis around the strength of growth-stage investing in the Northwest region, and our ability to help companies achieve their objectives."

The sale was completed on July 18, 2011. For further information, click here . 

Montlake Capital is a leading growth equity firm dedicated to delivering superior returns for our investors by partnering with private companies across the Western U.S. with solid growth potential, proven management teams and $2-30 million in annualized revenue. Montlake invests across multiple sectors, including business and consumer products and services, financial services and growth technology.