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Cyan Expands Strong Leadership Team, Announces Mark Floyd as CEOAs President, Founder Michael Hatfield Drives Strategy to Extend Company's Innovative Lead (May 15, 2012)
PETALUMA, CA -- (Marketwire) -- 05/15/12 -- Cyan today announced that chairman Mark Floyd will assume the role of chief executive officer to help the company capitalize on the tremendous growth opportunities it sees around the world. Cyan has seen its business expand by more than 100 percent in each of the last two years and enjoys strong inroads in several international markets. Floyd joined the Cyan board in 2007 and was appointed chairman in January of this year; he will retain his seat on the board. Earlier in his career, Floyd was CEO at SafeNet, Entrisphere, Efficient Networks, and Siemens ICN US. Cyan founder Michael Hatfield remains the company's president, overseeing overall solution strategy and driving development, engineering, product management, and marketing.
"There is little question that network operators around the world not only see unprecedented pressure to scale network capacity but also to do so with fundamentally more cost-effective approaches," said Floyd. "With a solution that directly addresses these challenges, Cyan has seen significant growth in the U.S. and has begun to expand in Europe and Latin America. We now see an even greater opportunity to increase our investment in international markets and accelerate our growth."
Added Hatfield, "Mark has made meaningful contributions to Cyan since joining the board five years ago. With Cyan's rapid global expansion underway, the timing is perfect for Mark to expand those contributions by joining us on a full-time basis. I am excited to have Mark on board; his track record scaling companies in global markets, his success in working with global tier-one network operators and his experience leading a large software solutions provider will serve Cyan well."
Floyd has had a long and highly successful career within the telecommunications industry. He has extensive experience helping companies make the transition from startup to global player. Most recently he was CEO at SafeNet, board chairman at NetSocket, and a director at Riverbed. Previously, Floyd was CEO at Entrisphere, now part of Ericsson. He was also founder and CEO of Efficient Networks, which went public in 1999 and was ultimately sold to Siemens for $1.5 billion 2001. Floyd has also worked within the venture-capital industry as a partner at El Dorado Ventures and an executive at Crosspoint Ventures. He has also held executive positions at NetWorth, Interphase, Scott Instruments, and Texas Instruments.
"We welcome Mark to Cyan in his new role as CEO. Mark has served on Cyan's board for several years and his insights and relevant operational experience at leading companies have been invaluable to Cyan," said Promod Haque, managing partner of Norwest Venture Partners (NVP) and Cyan board member. "We believe that the combined skill sets of Michael, with whom we have been involved in three successful ventures, and Mark, who brings many years of successful experience with relevant software companies, will provide additional leverage to continue Cyan's strong growth."
Cyan's solutions, which allow network operators to transform their metro networks, are deployed by more than 90 service providers with networks spanning three continents and serving millions of end users. Carrier customers include three of the five largest wireline service providers in the U.S. and one of the world's five largest wireline service providers.
Cyan is global supplier of software-defined metro network solutions that include multi-layer packet-optical transport platforms, software and SaaS systems, and comprehensive professional services. With deployments around the world, Cyan customers include multi-million-line local-access service providers as well as operators of regional transport, business Ethernet, wireless backhaul, data center, and cable MSO networks. Cyan helps service providers scale, extend, and simplify packet-based networks for more profitable service offerings. For more information, please visit www.cyaninc.com or follow Cyan on Twitter at http://twitter.com/CyanNews.
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