Cayman Systems, Inc. Closes $10 Million in Financing.Business/Technology Editors BILLERICA, Mass.--(BUSINESS WIRE)--July 12, 2000 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 Leads Latest Round of Financing; Furthers Company's Momentum in Promoting Digital Freedom in the Home and Small Office Cayman Systems, Inc., a global provider of broadband gateway solutions that deliver intelligent, secure and multi-user access to broadband services, today announced securing an additional $10 million round of private financing. Charles River Ventures led the financing round that also included Anaconda Anaconda, city, United States Anaconda (ănəkŏn`də), city (1990 pop. 10,278), seat of Deer Lodge co., SW Mont.; inc. 1887. Capital Management L.L.C., a private equity partnership and Proxim, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PROX n. 1. "The ticket or list of candidates at elections, presented to the people for their votes." Adj. 1. prox - in or of the next month after the present; "scheduled for the 6th prox" proximo ) a leading provider of wire-free networking solutions. Cayman also secured a $5.0 million Working Capital line of credit with Silicon Valley Bank. "Cayman combines all the elements to play a key role in the rapidly expanding wireless DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary marketplace," said Richard Burnes, General Partner, Charles River Ventures. "Equipped with a high-quality wireless broadband High-speed wireless transmission of data. What is "high" speed is always a changing number. Wireless systems are typically slower than land-based, wireline networks. In the past, wireless broadband started at 250 Kbps, whereas land-based broadband was generally considered to start at T1 gateway product and an experienced management team, Cayman is well-positioned to capture a significant share of the market," added Burnes. Cayman will use the investment to further the Company's strategic momentum in bringing digital freedom to the home and small office. This will include expansion of sales and customer care over the next six months. In addition, the Company will continue its aggressive hiring goals at all sales, marketing and engineering levels. Cayman expects to double its employees across the U.S. in the next six to nine months. "Cayman's intelligent broadband gateway is well positioned to become the 'Digital Front Door' to small offices and residences," said Peter N. Vicars, 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 Cayman Systems. "This investment will allow Cayman to leverage its success and exploit opportunities in the broadband market." Additionally Cayman announced that they have added the outside services of the international law firm McDermott, Will and Emery to its team. Vicars further commented, "We are excited to have a relationship with John Egan JOHN EGAN John Egan may refer to:
About Cayman Systems Cayman Systems, Inc., a global provider of broadband gateway solutions, is the leader in enabling the delivery of high-speed voice, video and data to the 21st century small office and home. Cayman calls this Digital Freedom...changing the way people work, live and play. Cayman develops and delivers intelligent, problem-free solutions that enable broadband service providers to deliver revenue-generating services while maintaining tight cost controls. By working closely with leading international telecommunications service providers and manufacturers, Cayman is helping millions of customers experience true digital freedom. Cayman's web site is www.cayman.com. Cayman Systems and the Cayman logo are trademarks of Cayman Systems, Inc. All other trademarks, brand and product names are the property of their respective holders. |
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