Overture Networks Raises Additional Capital to Accelerate Growth Plans
Research Triangle Park, April 22, 2010 – Following a series of impressive announcements related to the growth of the business, Overture Networks, the industry’s trusted Carrier Ethernet solutions provider, today made known the closing of an additional $17.2M round of equity funding in an oversubscribed round. This round of funding sees a new lead investor, QuestMark Partners, who joins existing investors, including Intel Capital, Intersouth Partners, Morgenthaler Ventures, Tenaya Capital, TDF Fund and Gray Ventures. In addition, Tim Krongard, Partner, QuestMark Partners will take a seat on Overture’s Board.
“We are extremely pleased with the intense interest in Overture Networks from the investment community. This oversubscribed financing round further validates our progress, success and expectations in this growing market,” said Jeff Reedy, CEO, Overture Networks. “Overture Networks is already a financially sound company but with this additional capital, we will be able to more quickly implement our growth plans from both a product enhancement and global expansion perspective.”
The Carrier Ethernet market continues to grow as evidenced by the most recent Infonetics report on Carrier Ethernet. The report forecasts revenues from Carrier Ethernet equipment manufacturers to reach $34 billion by 2013—that is nearly double the reported revenues for 2008 and an increase of $2 billion since the report was first published in April of 2009. The total amount spent on Carrier Ethernet over the next five years is projected to be $146 billion.
“Overture Networks’ value proposition is unique as it offers a cost-effective, flexible and manageable solution that supports and enhances the deployment of both Ethernet and legacy services to any size location and any network,” said Krongard. “The demand for Carrier Ethernet has continued to explode and we believe that Overture Networks has the team, technology and customer relationships in place to take full advantage of this market opportunity.”
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About Overture Networks
Overture Networks is the preferred Carrier Ethernet edge and aggregation partner to more than 225 service providers and enterprise customers worldwide, including 10 of the top 15 US Carrier Ethernet service providers. Its innovative solutions have proven to be integral to a service provider’s ability to fully leverage Carrier Ethernet to multiply service revenues and streamline operational costs. Headquartered in Research Triangle Park, NC, with a technology center in Richardson, TX, Overture Networks is relentlessly focused on providing solutions at the ever-expanding edge of the network. With its patent-protected, award-winning family of products for both business services and cell site backhaul, Overture Networks uniquely combines the packet-switched and circuit-switched worlds into a single architecture—at cost points that make it extremely attractive to offer Carrier Ethernet services to any size location—over optical fiber or copper transport. For more information, visit http://www.overturenetworks.com.