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Date:
11th October 2002
Transmode
Systems AB secures 8 million USD in third round funding
Transmode Systems AB, a pioneer of CWDM technology and a major
supplier of CWDM systems, has secured its third round of funding lead
by the existing investors Amadeus Capital Partners and European Equity
Partners (EEP).
Transmode Systems has developed a world leading Coarse Wavelength Division
Multiplexing (CWDM) system and is now experiencing strong growth in sales.
This follow on round provides an injection of 8 million USD, which will
be used to develop new features on the existing product, as well as expand
the global sales organisation and allow Transmode to continue to take
market shares from its competitors. In spite of, and to some extent because
of, the depressed state of the telecoms equipment market, CWDM is gradually
gaining acceptance as a low cost and efficient alternative to DWDM in
cities and towns.
"This is another demonstration of confidence in Transmode by two
quality investors. I am pleased that Transmode continues to execute aggressively
in these turbulence times", says Rune Hurtig, Transmode's Chairman.
"Customers are turning to Transmode because we have a product that
satisfies their requirement for low whole life costs, scalability and
transparency. We are going to build on this foundation by adding new features
to our product and be even more aggressive in pursuing the opportunities
that our CWDM system is opening up for us. This is good news for our customers,
suppliers and staff", says Isaac Olasoko, CEO at Transmode.
"Transmode is a very impressive company that has developed a product
that is suitable for a large number of applications, including media and
enterprise networks, as well as applications from the traditional telecom
sector. We are confident that Transmode can continue to win quality customers
across the globe", says Hans Blomberg, General Partner of European
Equity Partners.
Commenting on the company's growth and prospects, Amadeus Director Hermann
Hauser said: "Here is a company achieving sales of its products in
a very difficult market because it is focusing on cost effective and fast
ways of transmitting data in metropolitan environments that enterprises
and carriers, cutting costs as they are, cannot afford to ignore. I am
hugely impressed with Transmode's dedication to and achievement of growth
in this market. We believe the company has a strong future and look forward
to helping them achieve their objectives".
For further information, please contact:
Transmode Systems
Lars Bergström
Segment Marketing Manager
Phone: 8-506 88 225
Email: lars.bergstrom@transmode.se
Fax: 8-506 88 299
About Transmode Systems Transmode Systems is a CWDM pioneer, with
expertise in datacom and telecom networking, optical technologies and
network management systems. Since 2000, Transmode has focused on CWDM
as a key optical technology to fully exploit the existing networking protocols.
Transmode has been shipping CWDM systems since March 2001 and has today
customers on the European, US and Asian markets.
About Amadeus Capital Partners Amadeus is a specialist venture
capital firm backing new technologies. Founded in 1997, Amadeus manages
450 million and has backed 36 companies in the UK and continental Europe,
covering computer hardware and software, mobile and fixed communications
technologies and new media. The firm has established a reputation among
entrepreneurs for silicon valley-style, hands on assistance and 'door
opening', and among investors for proving that early stage technology
investing can be profitable in the long term.
About European Equity Partners European Equity Partners (EEP),
with offices in London and Paris, is a venture capital firm providing
capital to companies in Northern Europe. EEP pursues a thematic approach
to investing, focusing on sectors where significant growth opportunities
exist. To date, EEP has focused on telecoms, IT and healthcare opportunities
where the companies have international scope and world leading products.
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