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GOLDMAN SACHS GROUP (GS)
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Goldman, Redpoint Add to $25 Million Funding Round for Networking Start-up Big Switch

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10/31/2012 | 01:13am CET

By Drew Fitzgerald

Big Switch Networks Inc. said funds run by Redpoint Ventures and Goldman Sachs Group Inc. (>> Goldman Sachs Group, Inc.) have joined existing venture-capital backers with a $25 million in Series B investment in the networking start-up, among the latest to attract attention in Silicon Valley.

Founded in 2010, Big Switch is among a fast-growing crop of start-ups rushing to offer tools for software-defined networking, or SDN, a concept that promises to dramatically simplify the way information-technology managers run the mesh of routers and switches that connects their data centers. The company raised $14 million last year from Index Ventures and Khosla Ventures, two other funds with experience in IT.

Software provider VMware Inc. (>> VMware, Inc.), no stranger to technology involved in giving programs more control of hardware, in July offered $1.26 billion to buy Nicira Inc., another SDN company founded by a former professor at Stanford University.

Big Switch Chief Executive Guido Appenzeller, who ran a Stanford lab that helped create new standards to form a base for the technology, declined to name his company's customers, though Big Switch says it has generated revenue since its inception.

Mr. Appenzeller said the software maker could have raised twice as much in the second round but didn't make deals with some potential backers to avoid diluting the founders' shares. Big Switch can operate on a much leaner budget than many traditional networking companies because of the nature of its technology, he said.

"We're simply building software," Mr. Appenzeller said."We don't have a single hardware engineer working for us."

Analysts say such software could threaten traditional network gear makers such as Cisco Systems Inc. (>> Cisco Systems, Inc.) and Juniper Networks Inc. (>> Juniper Networks, Inc.) by making the brand underlying software controllers less relevant, eating into their margins. Mr. Appenzeller said most major hardware companies in the sector have cooperated to help Big Switch's technology work with their products, though some have been slower to move.

Write to Drew Fitzgerald at [email protected]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article
ChangeLast1st jan.
CISCO SYSTEMS 2.47% 44 Delayed Quote.14.88%
GOLDMAN SACHS GROUP 2.04% 266.77 Delayed Quote.2.62%
JUNIPER NETWORKS 0.35% 26.12 Delayed Quote.-8.67%
VMWARE, INC. 0.95% 126.42 Delayed Quote.-0.07%
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Financials ($)
Sales 2018 33 196 M
EBIT 2018 11 636 M
Net income 2018 8 249 M
Debt 2018 -
Yield 2018 1,19%
P/E ratio 2018 12,36
P/E ratio 2019 11,03
Capi. / Sales 2018 2,99x
Capi. / Sales 2019 2,87x
Capitalization 99 355 M
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Mean consensus HOLD
Number of Analysts 28
Average target price 265 $
Spread / Average Target 0,65%
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Lloyd Craig Blankfein Chairman & Chief Executive Officer
Harvey Mitchell Schwartz Co-President & Co-Chief Operating Officer
David Michael Solomon Co-President & Co-Chief Operating Officer
R. Martin Chavez Chief Financial Officer & Executive Vice President
James A. Johnson Independent Director
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