Network routing and traffic analysis equipment maker Packet Design has raised a fourth round of funding, according to VentureWire.

This round, which Packet Design expects to be its last, will be used expand internationally.

This $12 million round following a $7.5 million third round secured in late 2006. An acquisition is the likely end game given the poor state of the IPO market, Packet Design board member Wes Raffel told VentureWire.

The Santa Clara, Calif.-based company was first financed in 2003. Advanced Technology Ventures, Masthead Venture Partners and Mayfield Fund led the round. Juniper Networks Inc., a new investor, also participated.

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