BroadSoft Closes Series C Round With $32.5 Million.Business Editors/Hi-Tech Writers GAITHERSBURG, Md.--(BUSINESS WIRE)--Sept. 9, 2002 Additional Investment from Grotech Capital Group and RRE RRE Red Rock Eater (News Service) RRE Road Race Engineering RRE Remote Roof Easy RRE Residential Real Estate RRE Rise-And-Run-Length Encoding RRE Royal Radar Establishment (Great Britain) Venture Partners Will Enable Market Expansion; RRE's Rich McGinn and Grotech's Joe Zell to Join Board BroadSoft, Inc., the leader in voice applications and servers, today announced that it has received an additional $13 million in Series C funding, bringing the total for this round to $32.5 million and the total raised to date to $60 million. Grotech Capital Group, a leading venture capital group in the Mid-Atlantic and Southeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and RRE Ventures, a venture capital firm supporting entrepreneurial technology companies, provided the additional funding. Other investors in this round include Tekelec, Bessemer Venture Partners Bessemer Venture Partners is a private venture capital firm with offices in Silicon Valley, New York, Massachusetts, China, and India. It has backed such companies as Ciena, Flarion, Parametric Technologies, Skype, Staples, VeriSign and Veritas. , Charles River Charles River River, eastern Massachusetts, U.S. The longest river wholly in the state, it flows into Boston Bay after a course of about 80 mi (130 km). Navigable for about 7 mi (11 km), its estuary separates the cities of Boston and Cambridge. Ventures, Columbia Capital, and Crescendo Ventures. This additional funding comes at a time when BroadSoft's sales are increasing both in the United States and abroad. BroadSoft(R) will use the funding principally to expand its sales activities worldwide. BroadSoft is leading its market with the largest number of announced customer deployments, with nine customers announced to date. "Carriers worldwide are beginning to recognize the value of IP telephony The two-way transmission of voice over a packet-switched IP network, which is part of the TCP/IP protocol suite. The terms "IP telephony" and "voice over IP" (VoIP) are synonymous. services in terms of increasing revenue/profits while decreasing infrastructure and operations costs. BroadSoft offers the first carrier-class solution for these services, providing a level of operational support, management, reliability and scalability that the `tier one' carriers demand. With the largest installed base of customer deployments, BroadWorks is a field tested and proven product that delivers telephony services `day-in and day-out' to satisfied carrier customers throughout the globe," said Frank Dzubeck, president of Communications Network The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. Architects Inc., a leading communications analyst firm. "By providing carrier-class reliability and scalability, lower operations costs, and a comprehensive portfolio of business communications applications, BroadSoft is driving the acceptance of IP telephony services by US as well as global service providers and their enterprise customers," said Rich McGinn, general partner at RRE Ventures. "The company's strong management team, sound business strategy and superior product capabilities have convinced me that BroadSoft will realize its enormous growth potential and attracted RRE to make this investment." "BroadSoft offers service providers the opportunity to expand revenue streams with new and innovative services while lowering operations costs. This combination gives carriers what they need to be successful and maintain profitability," said Joseph R. Zell, general partner at Grotech Capital Group. "Grotech invested in BroadSoft because we have seen no other vendor that can offer the combination of carrier-class reliability along with cost-effective operations capabilities. We pride ourselves on investing in successful companies, and we believe that BroadSoft fits that requirement." McGinn and Zell, who are both joining BroadSoft's Board of Directors, have played major roles in bringing innovative new services to the carrier market. McGinn has spent more than 30 years in global communication systems, networking and technology industries. He is the former Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Lucent Technologies as well as president and CEO of AT&T's Network Systems Group and president of AT&T Computer Systems. He also served as president of AT&T's Data Systems Group. He is a member of the Business Council and Director of the American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. Company. Zell has more than 20 years of experience in communications and data networking. He spent nine years with US West Communications (now Qwest Communications
"The strong validation this significant investment provides BroadSoft is very, very encouraging - especially coming at such a challenging time for the economy in general and telecommunications in particular " said Michael Tessler, president and CEO of BroadSoft. "The depth of experience that Rich brings from Lucent and AT&T and that Joe brings from US West, Convergent Communications and Wiltel will be invaluable for BroadSoft." Award-winning BroadWorks is the industry's first integrated system of voice applications and servers enabling service providers to deliver basic and enhanced voice services to enterprises, such as call forwarding call forwarding n. A telephone service that enables a customer to have an incoming call automatically rerouted to another extension. Noun 1. , simultaneous ringing and unified messaging Having access to e-mail, voice mail and faxes via a common computer application or by telephone. For example, unified messaging may send faxes and digitized voice mail to a mail server that turns them into e-mail attachments. . BroadWorks' voice and media servers and telephony applications enable service providers to rapidly and cost-effectively deploy a comprehensive portfolio of carrier-class telephony services such as IP Centrex A telephone service in which an IP-based PBX is located in the telephone company's facilities. It connects to the customer via the LAN rather than by telephone wires. IP CENTREX offers voice over IP and other IP-based services as well as connectivity to the regular telephone system (PSTN). , hosted PBX (Private Branch eXchange) An inhouse telephone switching system that interconnects telephone extensions to each other as well as to the outside telephone network (PSTN). , voice VPN (Virtual Private Network) A private network that is configured within a public network (a carrier's network or the Internet) in order to take advantage of the economies of scale and management facilities of large networks. , and enhanced network applications. Using BroadWorks, service providers and customer administrators can manage administrative functions with BroadSoft's patented web-based portal, CommPilot(TM). The BroadWorks architecture can scale to support millions of subscribers and delivers 99.999% total system availability. ABOUT GROTECH CAPITAL GROUP Founded in 1984, Grotech Capital Group (www.grotech.com) is the largest private equity firm focusing exclusively on the Mid-Atlantic and Southeastern United States and has originated and created some of the most successful companies in America. With $1 billion in capital under management and offices in Maryland and Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. , Grotech originates and leads investments in emerging and traditional industries including communications, technology, healthcare, and business products and services. ABOUT RRE VENTURES New York-based RRE Ventures (http://www.rre.com) founded in 1994 by Jim Robinson Jim Robinson may refer to the following people:
With $500 million under management, RRE combines significant capital resources with a proven track record of successful managerial, financial and technical experience, in addition to corporate contacts that create value for its portfolio companies. ABOUT BROADSOFT BroadSoft, Inc., is the leading provider of voice applications and servers for service providers. BroadWorks, the company's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , allows service providers to rapidly and economically design and deploy web-enabled enhanced telephony services to their customers. BroadSoft holds the largest market share in the IP Centrex space with the most announced customers to date. BroadSoft has received extensive industry acknowledgement including recognition as a "Hot Start-Up" by America's Network and Telecommunications magazines, two of the leading telecommunications industry publications. Communications Solutions, Internet Telephony Another term for IP telephony and VoIP. In the late 1990s, some people made a distinction between Internet Telephony and VoIP: Internet telephony referred to voice over the public Internet, while VoIP referred to voice over private IP networks. and Network Magazine recognized BroadWorks as Product of the Year. BroadSoft is located near Washington, DC, in Gaithersburg, Maryland, and also maintains a research and development facility in Montreal, Canada. Additional information can be found at www.broadsoft.com. BroadSoft is a registered trademark and BroadWorks and CommPilot are trademarks of BroadSoft, Inc. All other names are trademarks of their respective companies. |
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