$500,000 unregistered debt financing and first close reported by CirrusWorks

cirrusworksCirrusWorks disclosed hitting the market to raise $500,000 via debt issuance. $75,000 has already been subscribed by one financial backer. The non-brokered placement started on February 24th. An additional $425,000 in funding is to be raised until the offering draws to a close in February 2015. This is the first debt financing done by the company under a registration exemption.

CirrusWorks is a hardware and software company marketing its network management solution. It is designed to allow IT personnel to classify users, apply session rules and dynamically allocate network bandwidth based on users and needs. The company offers two products. The plug-and-play Governor series is for data congestion control and wide area network (WAN) optimization. The Edge series is a next generation cloud-managed network access control and user policy enforcement tool.

The company, headquartered in Washington DC, is led by David Giannini (Founder and CEO). Cirrusworks kept its revenues undisclosed.
The executive team includes Michael Lovett (Founder and President).
The board of directors includes Bradley C Harrison and John Lapides.

Offering recap
Status: First close
Company: CirrusWorks
Industry: Other Technology
Amount offered: $500,000
Amount placed: $75,000
First sale: 02-24-2014
Data as of: 03-10-2014


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