When David Hughes first started Silver Peak in 2004, neither the term nor the concept of software-defined WAN, SD-WAN had been invented. When Silver Peak started, it was all about WAN optimization, which in many respects, is the predecessor of the SD-WAN movement.
On June 26, Silver Peak announced that it raised $90 million in funding from TCV to help continue the evolution of WAN optimization to SD-WAN.
"With more than $100 billion spent on the WAN every year by enterprises, much of it on technology that pre-dates the cloud, Silver Peak has an enormous opportunity as we deliver disruptive new WAN edge solutions for enterprises," Silver Peak Founder and CEO, David Hughes, wrote in a statement.
The core of Silver Peak's SD-WAN efforts started with the company's Unity initiative in 2014. In 2015 the company announced its Unity Edge Connect solution for SD-WAN, which remains the foundation of the company's SD-WAN efforts.
Unity Edge Connect has steadily evolved over the years and on June 12 was enhanced with new segmentation and multi-vendor service chaining capabilities.
"Enterprises are quickly embracing a segmented security model and reevaluating their network security requirements from the inside out," Damon Ennis, senior vice president of products for Silver Peak stated. "EdgeConnect enables enterprises to centrally define and automate security policy governance across any combination of users, application groups and WAN services with advanced segmentation capabilities and seamless service chaining to multi-vendor security architectures."
The SD-WAN market itself is growing rapidly with first quarter 2018 industry revenues reported at $162 million, according to IHS Markit.
Silver Peak holds a 12 percent market share for SD-WAN and is surpassed only by VMware and Aryaka.
"After researching all the players in the multi-billion-dollar SD-WAN market and speaking with enterprise CIOs, it is clear that Silver Peak has the most complete solution, clear market differentiation and traction, and a unique vision for the future of the new WAN edge," Tim McAdam, general partner at TCV, stated.
Sean Michael Kerner is a senior editor at EnterpriseNetworkingPlanet and InternetNews.com. Follow him on Twitter @TechJournalist.