Wednesday, May 22, 2013

Overtures Raises $8 Million for its Carrier Etherent

Overture announced an initial equity investment of $8 million, with an opportunity to raise up to $11.7 million, to support new software, hardware and service development initiatives.

Overture said the new funds will accelerate the introduction of the company’s Ensemble Open Service Architecture (OSA) software and services as well as ongoing innovation of its Carrier Ethernet product portfolio. The company's customers include five of the top seven Carrier Ethernet service providers worldwide and eight of the ten USA-based Carrier Ethernet service providers deploy Overture products.

In addition, Overture has opened two new development centers: Westford, Massachusetts and Bangalore, India.

“Our industry is changing rapidly around advancements in software-defined and virtualized network services, initiatives that will enable us to advance Overture’s market leadership position in Carrier Ethernet. We are committed to providing our customers a competitive edge through the optimization of their service creation, activation and assurance,” said Mike Aquino, president and CEO, Overture. “We are encouraged by the endorsement of industry analysts and customers around our direction. We are further energized by the investor commitment this funding represents. It will allow us to drive innovation to help service providers deliver a winning customer experience to their end users.”