Wednesday, June 15, 2005

Azure Raises $15 Million for Revenue Assurance Systems

Azure Solutions, a spin-out from BT, raised $15 million in new venture funding for its revenue-assurance solutions. Azure enables service providers to reduce losses and safeguard profits from malicious and unintentional revenue leakage. The company estimates that global operator revenue losses are currently at 10.7% of turnover. This equates to over one hundred billion dollars of lost revenue and this figure is likely to increase with the emergence of next-generation telecoms services and technology. The company's existing customers include tier 1 operators such as BT, KPN, Vodafone, Telenor and Verizon.

The new round of funding was led by Doughty Hanson Technology Ventures with additional financing coming from Intel Capital. Existing investors New Venture Partners (NVP), AG Edwards and Hexagon Investments also contributed. NVP managed the spin-out of Azure from BT in 2003 and acted as the lead financial investor.

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