Caw Networks Announces $16 Million in Series B Financing; Investors Bullish on the Leader in Layer 4-7 Capacity Assessment Space.

Business Editors/High-Tech Writers

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Oct. 29, 2001

Caw Networks, the authority in real-world capacity assessment, today announced that it has raised $16 million in its Series B funding round. The new capital will fund further development of its leading edge technology in layer 4-7 real-world capacity assessment, sales expansion and allow new market segment development. Closure of the round brings the total investment in the company since its formation in November 1999 to a total of $25 million. The Series B funding, led by Spirent Communications, a wholly owned business group of Spirent plc. (NYSE:SPM), also included returning investor Menlo Ventures (which led the Series A funding), XML Fund, as well as the original angel investors. Gil Cabral, president of the SmartBits Division of Spirent Communications, will gain a seat on Caw Networks' board.

"In an incredibly difficult environment in which to raise money Caw Networks closed an up round at nearly twice our previous valuation. The investment by Spirent, a leader in Layer 2-3 testing, validates the need for realism in capacity assessment and testing -- our core competency. This clearly shows the confidence that both the investment community and the industry have in our company and our technology," said Andrew Foss, CEO and president of Caw Networks.

"This investment is a component of an overall strategic relationship between our two companies, which we are announcing separately. Spirent and Caw will present a unique integrated solution and will be a major force in the performance testing and capacity assessment marketplace," said Gil Cabral, president of the SmartBits Division of Spirent Communications.

About Caw Networks

Caw Networks was founded in November 1999 to develop and deliver real-world capacity assessment products. Caw delivers customized architectures and interfaces optimized for addressing these challenges. Caw Networks' products are robust, customer-ready, highly scalable appliances that deliver unmatched performance and ease of deployment, use, maintenance, and administration. Caw Networks' investors include Menlo Ventures, Cisco Systems and a notable group of angel investors, including founders of Sun Microsystems, Network Appliance and Network Translation, as well as former executives of Cisco Systems. The company is located in Mountain View, Calif. For more information, visit www.caw.com.

About Spirent Communications

Spirent Communications unites the best in performance analysis technology with network operations expertise. The company's award-winning solutions enable customers to accelerate the development, deployment and assurance of next-generation network equipment and services worldwide.

Spirent Communications designs and manufactures Adtech, DLS, Edgcumbe, GSS, Hekimian, Net-HOPPER, SmartBits, TAS and Zarak products. More than 2,500 of the world's leading network and terminal equipment manufacturers, network service providers, corporate enterprises and test laboratories rely on our first-to-market products to verify and measure the performance and services of networks and communications devices.

Spirent plc is listed on the London Stock Exchange (ticker:SPT). The company is also listed on the New York Stock Exchange through a Level 2 American Depository Receipt program, through which one ADR represents four Spirent shares (ticker:SPM); (CUSIP number:84856M209). Further information about Spirent plc can be found at www.spirent.com.

About Menlo Ventures

Menlo Ventures provides long-term capital and management support to early stage and emerging growth companies. The firm looks for combinations of management, market opportunity, products or services that create the potential for an exceptional rate of return. Since its inception in 1976, Menlo Ventures has organized and managed nine venture funds with combined capital of $2.7 billion. Menlo has invested in over 235 companies since it's founding, including Ascend Communications, F5 Networks, UUNET Technologies, and Efficient Networks. For more information, visit www.menloventures.com.

About XMLFund

XMLFund is a leading technology-centric venture fund that focuses on promising companies that are developing next-generation XML-based enabling technologies and Web Services. David Pool, a pioneer in the Internet industry, formed XMLFund in 1999. Pool previously started DataChannel in October 1996 to provide the first XML solution for building an Enterprise Information Portal (EIP) and in 1989, he founded SPRY Inc., an Internet software company responsible for Internet In A Box, the world's first Internet software suite http://www.xmlfund.com.