RESEARCH TRIANGLE PARK, North Carolina, June 1 /PRNewswire/ --
- Funding to Accelerate Market Expansion and Customer Support of Market-Leading Converged Packet Access Platforms
Overture Networks, a leading developer of converged packet access platforms, today announced the completion of a US$7.5 million third round of financing led by new investor Telecommunications Development Fund (TDF) in Washington, D.C.. Current investors, including Morgenthaler Ventures, Intersouth Partners, Armada Ventures and Gray Ventures, and another new investor, Legend Ventures, also participated in the round. The new funds will be used as growth capital to expand product development and customer support functions.
"Based on many conversations with their customers and partners, it is apparent that Overture Networks' market sense, positioning and execution are excellent," said Jim Pastoriza, managing partner of TDF. "In just a few short years, Overture Networks has built a solid customer base with top-tier carriers and I look forward to helping them expand into new opportunities."
Overture Networks provides high-speed networking platforms that allow carriers to economically reshape their networks and revenue streams by deploying uniform managed Ethernet and TDM services to every customer location. The ISG family of products helps service providers significantly enhance their service capabilities and customer responsiveness at the edge of their networks and allows providers to use both fiber and copper circuits; thereby increasing their footprint and revenue opportunities in an extremely cost effective manner.
"This investment in Overture Networks is a tremendous endorsement of our business performance and our position in this growing industry, especially considering today's competitive business environment," said Jeff Reedy, chief executive officer of Overture Networks. "The capital infusion will allow us to accelerate the deployment of our industry-leading multiservice access platforms to new markets and to new service providers looking for to a cost-effective method to add managed Ethernet services over any underlying infrastructure."
With over 60 customers, double-digit quarterly revenue growth, and a recent expansion into Europe, Overture Networks continues to demonstrate market penetration and build on its leadership position in packet access networks. The company provides solutions to traditional telecom carriers, cable operators and large enterprises. Recently announced customers include THUS, plc; Cypress Communications and Memphis Networx. The company's revenue is generated through direct sales of its ISG suite of converged packet access platforms and through partners such as Tellabs and ADC.
About Telecommunications Development Fund
Telecommunications Development Fund (TDF) is a specialized venture capital fund, focused on seed, early stage and select later stage investments in communications. The investment team at TDF brings over 60 years of operational and investing experience from previous assignments at AT&T Ventures, JP Morgan Capital, NEA, Spectrum Equity, Crosspoint Ventures, AT&T, Bell Labs, Nextel, and McCaw. TDF is a venture capital firm with US$50M under management in two funds for preferred equity investments between US$500k and US$2.5M. The fund is focused on investment opportunities in the Communications Sector, which include: Broadband Access, Digital Television and High Definition (HD) technology and services, Security Information, Continuity of Service, Public Safety, Disaster Recovery and Convergence.
About Legend Ventures
Legend Ventures is an early stage venture capital fund focused on New Media, Information Technology and Telecommunications opportunities. Legend takes an entrepreneur-centric approach and looks to partner with leading teams to help them build the most innovative companies in their industries. More information is available at www.legendventures.com.
Morgenthaler is a leading venture-capital and buyout firm, with offices in Menlo Park, CA, Boston, MA, Princeton, NJ, Boulder, CO, and Cleveland, OH. Its venture-capital team focuses on life science and information technology. Its Internet services investments include; NexTag, SNOCAP, Orb Networks, imeem, Digital Railroad, IGA Worldwide, and Rhythm New Media. The firm has approximately US$2.5 billion under management and has funded more than 225 companies over its 37-year history. For more information on Morgenthaler portfolio companies and the firm, please visit: www.morgenthaler.com.
About Intersouth Partners
Located in Durham, North Carolina and Reston, Virginia, Intersouth Partners is one of the largest, most active and most experienced early stage venture funds in the country, having invested in more than 80 private companies over the last two decades. Founded in 1985, Intersouth Partners manages more than US$750 million in seven venture capital limited partnerships. Intersouth seeks a broad range of seed and early-stage investment opportunities throughout the Southeast, focusing on the information technology and life sciences sectors. Visit www.intersouth.com for more information.
About Armada Venture Group
Founded by Daniel Aegerter, Armada Venture Group is an Atlanta-based venture capital fund with offices in Switzerland and US$250 million in committed capital. Armada is committed to helping exceptional entrepreneurs build innovative companies that change the way people work and communicate. Armada's vision is to co-create businesses by partnering with entrepreneurs and using its network to help its portfolio companies quickly build, scale and operate their businesses and revolutionize industries. Additional information is available at www.avcg.com.
About Gray Ventures
Gray Ventures has a track of record of successful early stage investing in Atlanta and Research Triangle Park. Gray's record of success includes Accipiter (acquired by Engage), Extensibility (acquired by TIBCO), Ganymede Software (acquired by NetIQ), Orologic (acquired by Vitesse) and SciQuest. The firm's web address is www.grayventures.com.
About Overture Networks Inc.
Headquartered in North Carolina's high-tech center, Research Triangle Park, Overture Networks has assembled a veteran team with extensive experience delivering edge solutions to carriers and enterprises-experience rooted in IP, Ethernet, and TDM technologies and dedicated to the specific problems metro service providers face in a hybrid packet/circuit world. The company's ISG products are converged packet access platforms that can deliver multiple managed services over any network infrastructure to any customer location at the customer edge.
For more information visit us at www.overturenetworks.com.
Overture Networks, the Overture Networks logo, All Services Any Wire, ISG and EdgeAware are trademarks of Overture Networks.
Web site: http://www.overturenetworks.com
SOURCE Overture Networks Inc.