OUTBOUND SERVICES Netgear, the maker of routers, switches and other Internet-connected equipment, is seeking a new investor, a person familiar with the matter said Tuesday.
The person, who asked not to be identified because the private discussions are private, said the firm is seeking investors in the range of $100 million to $200 million.
Netgear is seeking to expand its product portfolio by bringing in an outside investor, the person said, adding that it is in the final stages of discussing with a bank about the financing.
NetGear is seeking an outside investment in the $100-$200 million range, the source said.
The company is seeking financing to accelerate its turnaround after years of struggling to make money and to continue to expand the products it sells, the investor said.
Netgate CEO John D. Friesen, a former chief executive of CenturyLink, said in February he expects the company to generate $300 million to roughly $400 million in annual revenue by the end of 2019.
The Internet giant has seen its stock rise nearly 50% since late 2014, while its rivals have seen theirs fall.
Netgaet, which made a name for itself by designing network switches and routers, has struggled with revenue growth and cash burn amid a slowing economy.
In December, it reported its first profit in two years, bringing net income for the year to about $1.2 billion.