Monday, August 2, 2010

Accedian Raises $19 Million for Carrier Ethernet Solutions

Montreal-based Accedian Networks raised $19.5 million in new funding for its "High Performance Service Assurance" solutions for Carrier Ethernet and IP networks.

Since inception, Accedian has sold over 55,000 platforms to over 150 service providers and enterprise customers worldwide. The company said it will use the funding to grow its global sales force, as well as its product development, marketing, and administrative support organizations. These additions will support the company's customer base of international telecommunications service providers, multi--system cable operators (MSOs) and mobile operators.

The new round of financing was led by Summit Partners, a growth equity firm with offices in Boston, Palo Alto and London. Rho Ventures and Skypoint Capital, existing investors in Accedian, participated in the round as well. The funds raised will primarily be used to accelerate Accedian's commercial efforts and support its continuing global market share expansion, as evidenced by four years of 100%-plus, year-over-year growth and profitability.

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