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Converged Access Closes $8 Million Series C Round
Billerica, MA —January 17, 2006 - Converged Access Inc., the leader in delivering intelligent application performance control for converged VoIP, data and video applications, today announced that it closed an $8 million Series C Round. SpaceVest Capital, a venture capital firm that invests in companies that leverage advanced technologies, led the round, which will be used to bring Converged Access’ unique opportunity to the application performance control market by expanding sales and marketing efforts worldwide and increasing new product development. All existing investors participated in the round, including Ashford Capital Management, Flagship Ventures, MC Venture Partners, North Atlantic Capital and SI Ventures. Ransom Parker, Managing Director of SpaceVest Capital will join the Converged Access board of directors.
“Converged Access has the intellectual property, technical innovation and veteran leadership team to bring intelligent application performance control of converged voice, data and video to the mainstream enterprise, taking advantage of a tremendous market opportunity,” stated Ransom Parker, Managing Director of SpaceVest Capital, based in Reston, Virginia. “This unique value proposition is further validated by the Company’s growing list of influential strategic partners who recognize how its application-aware platforms will deliver on the promise of VoIP, and other emerging technologies. We are excited to partner with the Converged Access team to bring its products more rapidly to market.”
“Converged Access is thrilled to bring the management and industry experience of SpaceVest Capital and our other investors into our fold to help us leverage the huge market potential for intelligent application performance control solutions,” said Per Suneby, CEO of Converged Access. “We have assembled a team of networking industry veterans to tackle one of the toughest challenges in the current networking space: making converged applications perform as promised as customer demand increases. Converged Access is now uniquely positioned to take a leadership role.”
Founded in May 2004, Converged Access is a rapidly growing provider of application performance management solutions that assure performance with lowest total cost of ownership for converged IP WANs. With the Converged Access solutions, enterprises and service providers can turn their existing IP (Layer 3) networks into an application-aware (Layer 7) network that offers precise per session, per user guarantees for the most business-critical IP voice, data and video applications. Converged Access solutions have been deployed by hundreds of service provider and enterprise customers around the globe. The company is headquartered in Billerica, Massachusetts. For more information, visit www.convergedaccess.com.
SpaceVest Capital is a proven venture capital firm managing approximately $270 million for global limited partners. For more than a decade, SpaceVest Capital has been investing in companies that leverage a broad range of advanced technologies to provide compelling solutions for diverse, rapidly growing markets. The firm relies on its deep operational understanding to build lasting value and its comprehensive network within national research centers to gain unique access to ground breaking technologies. SpaceVest Capital is a trusted partner of entrepreneurs and global limited partners and has developed strong co-investment relationships with other top venture capital firms and industry leaders. For more information, please visit www.spacevest.com.
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