Technology Crossover Ventures Invests $50 Million in Fiberlink

BLUE BELL, Pa. - July 15, 2003 – Fiberlink Communications today announced it has secured $50 million in funding from Technology Crossover Ventures (TCV). TCV, a leading Silicon Valley-based provider of growth capital to technology companies joins previous investors Goldman Sachs, GE Equity, Edison Venture Fund and NewSpring Ventures. Fiberlink will use the new funds to further its technology development and acquisitions, and repurchase certain previously issued preferred shares.

"We are extremely excited with this opportunity to invest in Fiberlink. They have demonstrated a winning corporate vision and established themselves as a clear market leader addressing a tremendous opportunity in the remote access space," said John Drew, venture partner with TCV. "This financing is a strong example of TCV's investment strategy, which is to invest in successful later stage companies with a proven business model. It is also a validation of Fiberlink's outstanding management team, as they have already demonstrated the ability to grow both revenue and profitability."

Fiberlink is a leader in delivering true policy-based remote access solutions for the enterprise market. Unlike traditional network carriers, Fiberlink addresses the growing complexities of enterprise access brought on by the demands of an expanding business ecosystem. The company's policy-centric platform integrates best-of-breed applications, multi-network redundancy and end-to-end security to help customers increase productivity and mitigate the cost and risks associated with supporting a remote workforce.

"TCV's investment in Fiberlink is a tremendous endorsement of our business performance and our position in this growing industry, especially considering today's competitive business environment," said Jim Sheward, chief executive officer of Fiberlink. "The capital infusion will allow us to accelerate our ability to bring innovative solutions to companies looking to provide employees with secure, reliable connectivity to protected information assets while outside the traditional enterprise perimeter."

With seven consecutive profitable quarters, a healthy cash balance and double-digit quarterly revenue growth, Fiberlink continues to demonstrate financial viability and value to customers such as General Electric, BMC Software and Computer Sciences Corporation. The company has been consistently recognized by analysts at firms such as Gartner Group, Burton Group and The Yankee Group as a leader in their industry. Fiberlink was recently positioned by Gartner in the Leader Quadrant of its First Half 2003 North American Managed Remote Access Magic Quadrant report for the third consecutive year.

About Technology Crossover Ventures

TCV is a leading provider of growth capital to technology companies, providing funds to expansion, late-stage private, and public companies. Founded in 1995, with more than $2.5 billion under management, the firm has eleven partners and is headquartered in Palo Alto, California.

About Fiberlink

Fiberlink addresses the growing infrastructure complexities of enterprise access brought on by the demands of an expanding business ecosystem. Fiberlink's Enterprise Access Services System unifies worldwide remote access, management and enforcement within existing IT policy. From employees to partners, remote offices to extranets, dial-up to wireless to broadband, Fiberlink lets any organization securely create a transparent enterprise-class access bridge to virtually any extended business opportunity. Multi-network redundancy, best-of-breed application services and support, the lowest TCO and the least impact on IT help make Fiberlink a critical partner in moving businesses forward. For the first time, companies can manage every aspect of remote, mobile or wireless access with the same rigorous policy enforcement as for local users.

With over 300,000 corporate users, analyst firms such as Gartner, Burton Group and Yankee Group recognize Fiberlink as a leader and innovator in the industry. Customers such as General Electric, BMC Software, Computer Sciences Corporation, Royal Caribbean, The Gillette Company, and Sun Healthcare prove it with their business. Headquartered in Blue Bell, Pa., Fiberlink has offices throughout North America, Europe and Asia Pacific.

For Additional Information Contact:
Schwartz Communications
Joe Palladino or Lesley Cannata
MaaS360@schwartz-pr.com
(781) 684-0770

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