Cazenove Private Equity Backs PacketExchange.DUBLIN, Ireland -- Cazenove Private Equity is the latest top investor to back network service provider PacketExchange. Its GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 3 million investment, in exchange for a minority stake in the company and a Board seat, builds on successive 2004 inward funding from multiple investors, including Bank of Scotland Bank of Scotland plc is a commercial and clearing bank, based in Edinburgh, Scotland. With a history dating to the 17th century, it is the oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to Equity and GPX GPX - Early system on UNIVAC II. Listed in CACM 2(5):16 (May 1959). Ltd. The investment is testament to the breadth of PacketExchange's critical networking products and the Company's 600 strong client base, which includes industry leaders such as Microsoft, Telewest, Yahoo! and Blue Square. Since its 2002 launch, PacketExchange has gained a solid reputation for developing and delivering 'intelligent connection' services that allow companies to efficiently, cost effectively and securely manage Internet data flow delivered over an Ethernet connection. "This additional key investment justifies the faith investors have in PacketExchange and the results to come," said Chief Executive Kieron O'Brien. "These newly secured assets will help us to maintain our strong business momentum and nearly 100% year-on-year sales growth. They will also be used to integrate and exploit our recent acquisition of XchangePoint." For 2005, the Company plans to launch several new products and to grow internationally through organic expansion and potential further acquisitions. Commenting on the deal, Cazenove Private Equity's Investment Director Simon Cook Simon Cook may refer to:
"PacketExchange is definitely one of the telecoms industry's bright prospects. It's driven by an excellent management team with the vision and ambition to dominate its sector. We're very familiar with the challenges faced by companies at this stage and strongly believe our investment will help PacketExchange grow to become an even more valuable corporation." For more information about PacketExchange, visit the company's website at www.packetexchange.net. About PacketExchange PacketExchange provides faster, cheaper and more cost effective Internet connectivity and data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. to service providers and corporate users. The company has developed innovative services to minimise the inefficiencies of the public Internet, by enabling customers to create direct Internet connections with one another, thus increasing the speed of communication, lowering costs and significantly improving quality. Launched in 2001, PacketExchange was cash-positive after 22 months and has been profitable ever since. The company's turnover for the last financial year will be in excess of $10 million and is expected to more than double again in the coming year. Its clients include Microsoft, Telewest, KPN KPN Koninklijke PTT Nederland (Royal Dutch Telecom) KPN Konfederacja Polski Niepodleglej (Polish conservative party) , Blue Square and Yahoo!. www.packetexchange.net About Cazenove Private Equity Cazenove Private Equity (CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment ) manages a GBP234m venture capital fund raised from a combination of leading European institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. and Cazenove itself. CPE operates as a division of Cazenove Capital Management Limited, with the sole objective of producing superior returns for its investors. The Fund is partially invested in over 20 companies in the UK and Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). and is actively making new investments. CPE comprises nine investment professionals who work closely with our portfolio companies. We look to invest in the brightest prospects in the UK and European technology, media and telecoms sectors. The companies we back will operate in proven or high-growth markets and will be driven by exceptional management teams with the vision and ambition to dominate their chosen sectors. Our average investment size is GBP3-10m. We typically fund companies that have market ready products and demonstrable de·mon·stra·ble adj. 1. Capable of being demonstrated or proved: demonstrable truths. 2. Obvious or apparent: demonstrable lies. customer traction. www.cazenoveprivateequity.com |
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