Affirmed Networks Acquisition, Valuation, Funding & Investors

Affirmed Networks was acquired by Microsoft for $1.4B in March 2020.

Affirmed Networks acquisition price

$1.4B

Acquired by Microsoft · Mar 2020

Cumulative funding Affirmed Networks raised

$89M

across 2 funding rounds

Key investors in Affirmed Networks

  • Bessemer Venture Partners
  • Lightspeed Venture Partners
  • CRV
  • Qualcomm Ventures
  • Matrix Partners
  • Employee Stock Option Fund
  • DTCP
  • Eastward Capital Partners

Affirmed Networks Overview

About Affirmed Networks

Affirmed Networks is a Burlington, Massachusetts-headquartered provider of virtualized mobile network solutions. Founded in 2010, the company delivers cloud-native 5G core infrastructure serving telecom operators worldwide before its acquisition by Microsoft in 2020.


Founded

2010

HQ

United StatesBoston, MA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$1.4B (acquired Mar 2020)

Affirmed Networks Acquisition

Affirmed Networks was acquired by Microsoft for $1.4B on 26 March 2020.

Before the acquisition Affirmed Networks had raised $89M across 2 funding rounds.

Affirmed Networks acquisition details
AcquirerDateTypePrice
26 Mar 2020Strategic M&A$1.4B

Affirmed Networks Funding History

Affirmed Networks has raised a total of $89M across 2 funding rounds.

Affirmed Networks' first fundraising round was a $51M Series C in June 2013. The most recent completed round was a $38M undisclosed-stage round in February 2019.

Affirmed Networks funding rounds

Affirmed Networks funding rounds
DateStageInvestorsRaisedDeal Summary
Feb 2019Undisclosed stageCenterview Capital (lead); Qualcomm Ventures; Bessemer Venture Partners; Employee Stock Option Fund; Eastward Capital Partners$38MAffirmed Networks, a leader in virtualized and cloud-native mobile network solutions, raised $38 million in a strategic funding round on February 25, 2019, led by Centerview Capital Technology, with participation from Qualcomm Ventures, Eastward Capital Partners, and existing investors including Bessemer Venture Partners. The company specializes in software that enables mobile network operators to create, monetize, and deliver 5G-styled services across 3G, 4G, 5G, and Wi-Fi. At the time, Affirmed had over 100 customers worldwide, including Tier 1 and Tier 2 mobile service providers, reflecting significant customer growth and market momentum. The funding was intended to capitalize on this momentum, expand network transformation capabilities into more global regions, invest in product development, grow the customer base, and accelerate 5G network services. Investors highlighted Affirmed's disruptive technology, deep domain expertise, and unique position to help operators innovate revenue-generating services in the 5G era. Centerview Capital Partner Ned Hooper emphasized the company's vision for mobile network transformation, while Qualcomm Ventures' Quinn Li noted shared goals in unlocking 5G value and adoption. This round built on prior funding, including a $51 million Series C in 2013 led by Bessemer Venture Partners with Vodafone Ventures, T-Venture, KCK Group, Charles River Ventures, Lightspeed Venture Partners, and Matrix Partners, and an initial $52 million emergence from stealth in 2012. Affirmed's total funding reached approximately $155 million across multiple rounds by 2019. The company was later acquired by Microsoft on March 26, 2020.
Jun 2013Series CBessemer Venture Partners (lead); KCK; Matrix Partners; Vodafone Ventures; Lightspeed Venture Partners; DTCP; CRV$51MAffirmed Networks was founded in 2010 and provided virtualized mobile network solutions, with particular focus on mobile core virtualization and Network Function Virtualization (NFV) technologies. The company operated from Acton, Massachusetts and had grown to approximately 320 employees across 14 countries by 2013. The Series C round of $51 million was led by Bessemer Venture Partners and included participation from KCK Group, Charles River Venture Partners, Lightspeed Venture Partners, Matrix Partners, T-Venture (Deutsche Telekom's corporate venture unit), and Vodafone Ventures. This round brought total funding to approximately $163 million across three rounds of venture capital. The company had secured significant customer traction with Tier 1 mobile operators, including AT&T as a Domain 2.0 supplier, along with announced deployments or trials with Telus, Vodafone, Saudi Telecom, Etisalat, and LGU+. By the time of the Series C round, Affirmed Networks reported 40 deployments of its Mobile Content Cloud (MCC) vEPC solution and over 40 trials with mobile and fixed operators. The funding was directed toward meeting substantial demand from mobile operators for the company's network virtualization solutions.

Who has invested in Affirmed Networks?

11 investors have backed Affirmed Networks across its funding rounds, including Bessemer Venture Partners, Lightspeed Venture Partners, CRV, Qualcomm Ventures, Matrix Partners and Employee Stock Option Fund.

Lead investors include Centerview Capital and Bessemer Venture Partners.


Affirmed Networks Investors

Investors in Affirmed Networks by funding rounds participated
InvestorHQRoundsRoleFirst check
Bessemer Venture PartnersUnited StatesSan Francisco, CA2LeadJun 2013
KCKUnited StatesNew York City, NY1ParticipantJun 2013
Qualcomm VenturesUnited StatesSan Diego, CA1ParticipantFeb 2019
Matrix PartnersUnited StatesBoston, MA1ParticipantJun 2013
Centerview CapitalUnited StatesSan Francisco, CA1LeadFeb 2019
Vodafone VenturesUnited StatesSan Francisco, CA1ParticipantJun 2013
Lightspeed Venture PartnersUnited StatesSan Francisco, CA1ParticipantJun 2013
Employee Stock Option FundUnited StatesSan Francisco, CA1ParticipantFeb 2019
Eastward Capital PartnersUnited StatesBoston, MA1ParticipantFeb 2019

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Affirmed Networks Competitors

Affirmed Networks competitors include listed companies like Rai Way, Cordiant Digital Infrastructure, China Bester Group and Sarana Menara Nusantara, and private ones like Helium and Reggefiber.

Public and private companies comparable to Affirmed Networks
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Rai WayItalyItalyPublicly listed$326M$214M$1.4B4.2x
Cordiant Digital InfrastructureUnited KingdomUnited KingdomPublicly listed$221M-$1.3B6.5x
China Bester GroupChinaChinaPublicly listed$484M$98M$1.4B3.7x
Sarana Menara NusantaraIndonesiaIndonesiaPublicly listed$751M$537M$1.5B5.1x
HeliumUnited StatesSan Francisco, CAPrivate--$1.2B-
ReggefiberNetherlandsEnschedePrivate--$1.8B-

Affirmed Networks Public Comps

Affirmed Networks is no longer listed, but its public comps include Rai Way, Cordiant Digital Infrastructure, China Bester Group, Sarana Menara Nusantara, Anterix, Priortech, Cetc Potevio Science, Service Stream, SUNeVision and Liberty Latin America.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Rai Way$326M$214M4.3x4.2x6.5x6.3x
Cordiant Digital Infrastructure$221M-6.9x6.5x--
China Bester Group$484M$98M3.7x3.7x18.3x27.1x
Sarana Menara Nusantara$751M$537M5.3x5.1x7.4x6.4x
Anterix$7M($29M)216.3x103.4x(47.7x)(46.7x)
Priortech$883K-1431.4x---
Cetc Potevio Science$728M$25M2.0x-57.6x-
Service Stream$1.7B$101M0.6x0.6x10.7x9.0x

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Common questions about Affirmed Networks

When was Affirmed Networks founded?Affirmed Networks was founded in 2010.
Where is Affirmed Networks headquartered?Affirmed Networks is headquartered in Boston, MA, United States.
Is Affirmed Networks publicly listed?No, Affirmed Networks was acquired by Microsoft in March 2020.
Who acquired Affirmed Networks?Affirmed Networks was acquired by Microsoft in March 2020.
How much was Affirmed Networks acquired for?Affirmed Networks was acquired for $1.4B in March 2020.
How much funding has Affirmed Networks raised?Affirmed Networks has raised $89M across 2 funding rounds.
What was Affirmed Networks' last funding round?Affirmed Networks' last funding round was a $38M undisclosed-stage round in February 2019, led by Centerview Capital.
Who are Affirmed Networks' investors?Affirmed Networks' investors include Bessemer Venture Partners, KCK, Qualcomm Ventures, Matrix Partners, Centerview Capital, Vodafone Ventures, Lightspeed Venture Partners, Employee Stock Option Fund, Eastward Capital Partners, DTCP and 1 other.
Which companies are comparable to Affirmed Networks?Companies comparable to Affirmed Networks include Rai Way, Cordiant Digital Infrastructure, China Bester Group, Sarana Menara Nusantara, Helium and Reggefiber.

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