November 13, 2006
Acopia Networks has announced that it has appointed Maurice "Moe" Castonguay to the position of executive vice president of finance, chief financial officer (CFO). In this newly created position, Castonguay will report to Christopher Lynch, Acopia's president and CEO. He will be responsible for directing all financial activities for the company, including accounting, legal, facilities, human resources, as well as banking and investment community relations.
"Few companies ever reach Acopia's level of customer traction, and fewer still do so in a marketplace with the extraordinary potential of intelligent file virtualization," said Castonguay. "I am delighted to join at such an important time in Acopia's development, and look forward to being part of a company that is going to help to reshape how the world views file storage management."
"Moe joins Acopia at a critical and exciting time in the company's evolution," said Lynch. "With the company experiencing significant growth, funding of over $86 million secured to date, and over a billion files served for over 100,000 users at marquee customers such as, Bear Sterns, Goldman Sachs, Merrill Lynch, Pitney Bowes, United Rentals, and Warner Music -- it's time to drive Acopia to the next level. Moe will be instrumental in taking us there."
In a recent IDC press release dated August 1, 2006 entitled, "IDC Study Finds Disk-based Data Protection Market to Generate More Than $50 Billion Over the Next Five Year Period" it was announced that the company's research had predicted that disk-based data protection will reach $8 billion in user IT spending in 2006 and is poised to generate more than $50 billion in software and hardware purchases through 2010. Said Laura DuBois, research director, Storage Software at IDC and a co-author of the research report, "Indeed, IDC predicts functions such as storage virtualization, migration, and tiered storage will continue to evolve and enjoy a significant portion of this market opportunity due to their ability to offer IT administrators the ability to recognize significant cost and time savings via the ability to use the functionality to more easily manage increasing amounts of data, standardize replication approaches, and offload resources to other tasks."
Castonguay brings over three decades of financial and high technology industry experience to Acopia Networks, including over 15 years as CFO of both public and private companies. Prior to joining Acopia, Castonguay held the position of executive vice president, finance & chief financial officer for Broadbus Technologies Inc. where he was instrumental in the recent acquisition of the company by Motorola Inc. He also served as CFO of NASDAQ-listed MatrixOne Inc. which he took public in March 2000, CFO of NYSE-listed Stratus Computer, Inc. (acquired by Ascend Communications), and CFO of NASDAQ-listed Xylogics Inc.
Castonguay began his career in high tech at Prime Computer where he held tax, treasury, corporate development, and division controller positions. He started his career in public accounting at Coopers and Lybrand (now part of PriceWaterhouseCoopers) and Peat Marwick (now part of KPMG). Castonguay serves on the Board of Directors of Cedar Point Communications, Inc. as chairperson of the Audit Committee. He is a CPA and holds a bachelor's of science in Accounting and a master's of science in Taxation from Bentley College, as well as an MBA from Babson College.
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