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Date: 7th June 2004
Title: Transmode Targets Storage Extension Market with High Capacity GFP/VCAT Data-Centre Interconnect Solutio

PacketFront, the next generation broadband infrastructure provider, has announced that it has successfully completed a 15 million Euro round of venture funding, led by new investor Amadeus Capital Partners. The company's two existing investors, European Equity Partners (EP) and TLcom Capital Partners, also participated in this third round of financing. The new capital is equivalent to 137 million Swedish kronor, making it one of the largest venture capital investments this year in Sweden.

This financing will allow PacketFront to expand its international organisation and invest in further strengthening its product portfolio and marketing efforts.

"In today's market, only companies that can show strong customer interest and high demand for their products are able to attract funding from new investors," said Martin Thunman, CEO at PacketFront. "Therefore, we are especially delighted to have such a distinguished venture firm as Amadeus join our group of investors. Closing this round of financing is a milestone for PacketFront, and will allow us to grow our global sales organisation and further increase our investments in product development and marketing."

After considerable success in the European market, PacketFront's expansion strategy involves increased focus on international markets such as North America and Asia-Pacific. PacketFront already has customers in a range of countries, including Sweden, Canada, Malaysia, Dubai, France, Denmark, the Netherlands, and Iceland. To consolidate and build on this success, PacketFront plans to develop a greater local presence overseas - the first step was taken in May when the company opened up its Tokyo office. Another office will be opened in Boston in June.

Since its inception in 2001, PacketFront has positioned itself at the cutting edge of broadband technology. The key component of PacketFront's solution is BECS, its award-winning service control and provisioning system. BECS enables operators to build and manage fully automated 'true broadband' networks with on-demand, self-provisioning functionality. The PacketFront solution also enables operators to deliver 'triple play' services (TV/video, telephony and Internet) from multiple providers over the same IP infrastructure.

"Network owners around the world are starting to understand the revenue potential from triple play services over high-speed broadband - this creates a massive opportunity for PacketFront, which delivers a unique solution into this fast-growing marketplace," said Amadeus venture partner Simon Cornwell, who now joins the PacketFront board.

"PacketFront has a track record of customer wins that has made it a market leader in Europe. We believe the company has the potential to become a global force in creating the infrastructure for the broadband networks of the future. We are delighted to invest in the company at this stage and enable it to accelerate the momentum it is building," concluded Cornwell.

"This funding round is of critical importance for PacketFront in order to strengthen its technological leadership and allow for aggressive expansion, particularly in Japan and Korea," said Hans Blomberg, chairman of PacketFront. "We are particularly pleased to have added Amadeus Capital Partners to our list of investors during this round of funding. Amadeus' unparalleled experience in building the profile of international technology companies will further help PacketFront to achieve continued market penetration."

About Amadeus Capital Partners:
Amadeus Capital Partners Limited is a venture capital company specialising in high-technology investments in Europe. An independent fund management firm, Amadeus Capital Partners Limited advises on the investment of £288 million, raised through three funds. Amadeus Capital Partners Limited was established in 1997, raising its first fund, Amadeus I, in that year. This fund, which has invested £50 million in 24 companies, is now closed to new investments. A second fund, Amadeus II, was raised in 2000 and continues to invest in all stages of financings of high-technology companies. In 2001, Amadeus Capital Partners Limited established the Amadeus Mobile Seed Fund (AMSF) to invest in the mobile telecommunications sector. AMSF completed its first investment in 2002. Amadeus is committed to nurturing its companies with a combination of management support and a global network of other technology investors and leaders. The Amadeus team brings to its portfolio companies a track record of building superior technology companies.

About European Equity Partners:
European Equity Partners (EEP) is a British 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 and IT opportunities and has recently begun actively pursuing investments in healthcare.

About TLcom Capital Partners Limited:
TLcom Capital Partners Limited is a pan-European venture capital firm, based in London, investing in growing companies in the European communication and information technology sector. TLcom Capital Partners Limited was founded in 1999 by Maurizio Caio, former founding partner of Bain & Co in Europe. The TLcom management team represents over 100 years of combined experience in finance and strategy of the communications industry in Europe and Silicon Valley.

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