NETWORK ELEMENTS SECURES $77 MILLION FOR ITS 10 GBPS OPTICAL MODULES
Network Elements, a start-up based in Beaverton, Oregon, secured $77 million in venture capital, bringing its total funding to $100 million.  The company offers a line of Optical Networking Modules (ONM) for 10 Gbps equipment, IP switch equipment, SONET/SDH and DWDM termination equipment. The products provide optical-electrical-optical conversion, clock/data recovery, transmit clock frequency multiplication, de-serialization and serialization.   Strategic investors include Intel Communications Fund and Nortel Networks.  Additional investors include Credit Suisse First Boston Private Equity, Western Technology Investment, New Enterprise Associates and Alloy Ventures.  http://www.networkelements.com/
Network Elements, January 4, 2001  

360NETWORKS SIGNS GIANTLOOP FOR BANDWIDTH CAPACITY
360networks will be GiantLoop Networks' preferred provider of North American and transatlantic broadband network services.  The company also acquired a minority interest in GiantLoop, which plans to offer managed optical services to large enterprises.  http://www.360networks.com
360networks, January 4, 2001

• GiantLoop Network is deploying Nortel Networks' OPTera Metro 5200 Multiservice Platforms. The one-year agreement with Nortel Networks is valued at up to US$50 million. 
  
• Giant Loop was co-founded by Mark Ward, formerly VP of Global Marketing and Professional Services at EMC Corporation; Chris Riley, previously President of Comdisco's Network Services Division; and Randy Seidl, formerly Chairman and CEO of Workgroup Solutions LLC, an open systems integration and services company. 
  
• The company has received $40 million in funding from Greylock, Roger Marino (one of the founders of EMC Corporation) and Optical Ventures LLC, among others.  GiantLoop is headquartered in Waltham, Mass.

QWEST SIGNS $32 MILLION CONTRACT WITH MYSMART.COM
Qwest Communications was awarded a three-year, $32 million contract to supply bandwidth services to mysmart.com, an ISP offering low-cost Internet access via a unique mouse pad with online shopping and simplified Web navigation buttons.  Mysmart's mouse pad incorporates a smart card for storing user preferences, passwords, and personal information. http://www.qwest.com/about/media/story.asp?id=357
Qwest, January 4, 2001

• mysmart.com is backed by $30 million in funding from SOFTBANK Capital Partners LP and SOFTBANK Capital Advisors Fund LP.

KPNQWEST CONNECTS DELL WITH 21-SITE EUROPEAN VPN
KPNQwest will provide Dell with 21-site IP VPN linking its offices, manufacturing facilities, and call centres across Europe.  Several of the key sites within the IP VPN network will be supplied with dedicated 34 Mbps connections.  Financial terms were not disclosed.  http://www.kpnqwest.com/ 
KPNQwest, January 4, 2001

OMNISKY ACQUIRES NOMADIQ FOR LOCATION-BASED SERVICES
OmniSky Corporation, a provider of wireless services for handheld devices, has acquired NomadIQ, a privately-held provider of location-based applications and services, for 2.5 million OMNY shares (valued at $14.75 million, Jan. 4 prices), plus an additional one million OMNY shares based on performance incentives.  NomadIQ is developing a unified communications platform for the delivery of location-based services that leverages both online and cached data on handheld devices.  The capabilities will be integrated with Omnisky's wireless Internet and email service. http://www.omnisky.com
OmniSky Corporation, January 4, 2001

• NomadIQ is based in Israel and has 50-plus software engineers. 
  
• OmniSky currently provides its service on the Palm V and Palm Vx handheld mobile devices, Handspring Visor Platinum and Visor Prism, and the Jornada 540 Series Pocket PC.
  
• OmniSky was formed as OpenSky in June 1999 by former executives from 3Com and Infoseek, with private funding from 3Com and Aether Systems. OmniSky is based in Palo Alto, California.