Covergence Secures $10 Million in Funding; Series B Financing Round to Support Go-to-Market Activities for Real-Time Services Enabler.MAYNARD, Mass. -- Covergence, innovators of a ground-breaking real-time services and applications management solution, today announced it has secured $10M in Series B funding, led by Highland Capital Partners Highland Capital Partners is a global venture capital firm with offices located in Boston, Silicon Valley, Geneva, and Shanghai. Since its inception in 1988, the firm has invested in more than 180 early and growth stage companies and taken a sector-focused approach to investing in and North Bridge Venture Partners. Highland and North Bridge led Covergence's first round of funding, which totaled $6M and closed in January 2004. In a related announcement, the company also named networking industry veteran, Bob O'Neil, 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. . "Businesses worldwide are eager to take full advantage of standards-based real-time communication services, such as Instant Messaging Exchanging text messages in real time between two or more people logged into a particular instant messaging (IM) service. Instant messaging is more interactive than e-mail because messages are sent immediately, whereas e-mail messages can be queued up in a mail server for seconds or (IM), Voice over IP (VOIP (Voice Over IP) A digital telephone service that uses the public Internet as well as private backbones instead of the traditional telephone network. Many companies, including Vonage, 8x8 and AT&T (CallVantage), typically offer calling within the country for a ) audio/video conferencing, and shared workspaces but cannot because these solutions lack the security, high availability Also called "RAS" (reliability, availability, serviceability) or "fault resilient," it refers to a multiprocessing system that can quickly recover from a failure. There may be a minute or two of downtime while one system switches over to another, but processing will continue. , performance, and reliability that they get today from existing PSTN (Public Switched Telephone Network) The worldwide voice telephone network. Once only an analog system, the heart of most telephone networks today is all digital. In the U.S. services," said Sean Dalton, general partner with Highland and Covergence Board member. "Finding an answer to these problems is critical to helping organizations embrace real-time environments. Our investment in Covergence is testament to our belief that the company has developed a solution for both service providers and enterprises looking to securely connect end users to real-time services and applications." The company will use this second round of funding to expand its sales, marketing, and business development initiatives. The company expects its solution, now in evaluation, to be available in Q3 2005. "NorthBridge Venture Partners has a track record of identifying entrepreneurs with disruptive technologies A new technology that has a serious impact on the status quo and changes the way people have been dealing with something, perhaps for decades. Music CDs all but wiped out the phonograph industry within a few years, and digital cameras are destined to eliminate the film industry. and partnering with them to establish new industry leaders," said Angelo Santinelli, general partner, NorthBridge Venture Partners and Covergence Board member. "The core team at Covergence has been together for more than nine years and has a well deserved reputation for building high-quality networking products. We are extremely pleased with the progress made by Covergence and believe the company is in an excellent position as it looks to launch its product line later this year." The company expects its solution, now in evaluation trials, to be generally available in Q3 2005. For more information about the company's solution or the early adopter program please contact Covergence at 978-823-5200 or visit the company's Web site at www.covergence.com. About Covergence Founded in 2003, Covergence is developing a ground-breaking real-time services and applications management solution for enterprises and service providers. Comprised of a team of industry veterans that have worked in the networking industries for the past 20 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time company's product line spans the needs of the Fortune 2000 up to the most demanding service provider requirements. Based near Boston, Covergence is funded by Highland Capital Partners and North Bridge Ventures. |
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