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News and Information Article
Funding to Accelerate Market Expansion and Customer Support of
Market-Leading Converged Packet Access Platforms
RESEARCH TRIANGLE PARK, N.C., June 1 // -- Overture Networks,
a leading developer of converged packet access platforms, today announced
the completion of a $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 todays 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 companys
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 $50M under management in two funds for preferred equity investments
between $500k and $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 http://www.legendventures.com.
About Morgenthaler
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 $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:
http://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 $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 http://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 $250 million in
committed capital. Armada is committed to helping exceptional entrepreneurs
build innovative companies that change the way people work and communicate.
Armadas 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 http://www.avcg.com.
About Gray Ventures
Gray Ventures has a track of record of successful early stage investing
in Atlanta and Research Triangle Park. Grays record of success includes
Accipiter (acquired by Engage), Extensibility (acquired by TIBCO), Ganymede
Software (acquired by NetIQ), Orologic (acquired by Vitesse) and SciQuest.
The firms web address is http://www.grayventures.com.
About Overture Networks Inc.
Headquartered in North Carolinas 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
companys 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 http://www.overturenetworks.com.
Overture Networks, the Overture Networks logo, All Services Any Wire,
ISG and EdgeAware are trademarks of Overture Networks.
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