Corsair Communications Announces $20 Million Equity Financing; Cellular fraud prevention company acquires private funding for expansion, R&D.PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--Nov. 4, 1996--Corsair Communications announced today that it has completed a $20 million private equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for additional market expansion and research and development. The third round of funding for the Palo Alto-based company involves several first-time investors in Corsair corsair: see Barbary States; piracy. , including U.S. Trust; T. Rowe Price T. Rowe Price (NASDAQ: TROW) is an independent global investment management firm and mutual fund manager based in Baltimore, Maryland. It was founded in 1937 by Thomas Rowe Price, Jr.. T. Threshold Funds; Columbia Capital; Spinnaker Technology Fund, LP; Andbach Capital; SoundView Financial Group, Inc.; Hambrecht & Quist Partners; and Comdisco Ventures. Corsair provides radio frequency (RF) fingerprinting systems to control fraud for cellular service providers. The company also received additional investments from participants in previous rounds. Those investors include Kleiner Perkins Caufield & Byers, Sevin Rosen Funds Sevin Rosen Funds (SRF) is a venture capital firm that was established in 1981 by L.J. Sevin and Ben Rosen. SRF was involved in the financing of ArQule, CIENA, Citrix, Cypress Semiconductor, Electronic Arts, Lotus Development Corporation, Silicon Graphics, and Vitesse. , Norwest Venture Capital, Accel Partners, Technology Crossover Ventures, Integral Capital Partners, and Needham & Co. Corsair's PhonePrint cellular fraud control system uses a signal intelligence technology known as RF fingerprinting to detect and disconnect calls from cloned cellular phones. The system is installed in over 20 cellular markets in the U.S. and Mexico, including Los Angeles, San Diego, Chicago, Milwaukee, Boston, Connecticut, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Philadelphia, Baltimore, Washington, D.C., and Mexico City. The most widely used system of its kind, PhonePrint has disconnected over 50 million fraudulent cellular calls. According to Corsair president 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. Mary Ann Byrnes, the company is currently undergoing a period of rapid market expansion with PhonePrint. "The last several months have seen a tremendous growth in our installed base, which is a direct result of our product's success in reducing fraud for cellular service providers," said Byrnes. "As that demand continues to build, we need to grow our organization to ensure the highest level of support for our customers. We're also developing follow-on products that will leverage carriers' investment in the PhonePrint platform." With core expertise in radio signal analysis and distributed system design, Corsair Communications provides technology-intensive applications to the wireless telecommunications industry. CONTACT: Corsair Communications Bill Taliaferro, 415/842-3263 |
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