Covergence Secures $15 Million in Funding; Series C Financing Round Follows Year of Continuous Company Growth and Market Momentum.MAYNARD, Mass. -- Covergence, the leader in scaling, securing and controlling VoIP and other real-time services based on the Session Initiation Protocol (protocol) Session Initiation Protocol - (SIP) A very simple text-based application-layer control protocol. It creates, modifies, and terminates sessions with one or more participants. Such sessions include Internet telephony and multimedia conferences. It is described in RFC 2543. (SIP), today announced it has secured $15M in Series C funding. The round was led by new investor Globespan Capital Partners, with participation from existing investors 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. In conjunction with the announcement, Andy Goldfarb, executive managing director and a co-founder of Globespan Capital, has joined the company's Board of Directors. Over the past year, Covergence has experienced tremendous growth, highlighted by the October 2005 introduction of its 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. , the Eclipse(TM), the industry's first and only solution focused on scaling, securing and controlling access to VoIP and other real-time services, and significant customer and partner growth. This latest investment - elevating the Company's funding total to $31M since inception - provides Covergence with valuable resources to develop new sales and marketing opportunities, expand its sales channel strategy, and geographically expand further into international markets. "With VoIP and IP communications A general term for networks that use the IP protocol for voice (VoIP) and video traffic. See IP telephony. adoption rates rising, issues like security and reliability are becoming more prevalent, creating exciting opportunities for visionary technology companies like Covergence," said Andy Goldfarb of Globespan. "Covergence has proven its ability to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. these opportunities, evidenced by its expanding roster of customers and partners. The Company's value proposition to the VoIP and IP communications markets fits perfectly with our present portfolio of innovative, technology companies driving the communications revolution." Founded in Q4, 2003, Covergence has enjoyed steady corporate growth and market momentum in the last year within the VoIP and IP communications category, including: --Corporate Growth - Covergence has doubled its staff , primarily in sales and engineering operations, to meet corporate growth objectives. Additionally, Covergence has expanded its sales presence across the 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. , Canada, Europe, and the Asia Pacific region to meet the demands of global enterprises and service providers. --Industry Leadership - Covergence scored several key customer wins, including Vonage, 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 Times Digital Media, iTalk Global Communications and WorldxChange Communications, and forged strategic partnership, OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and and certification agreements with VoIP industry leaders including McAfee, Centillium, NETGEAR, Broadsoft, CounterPath, TCS (Transportation Control System) A widely used integrated information system for railroad transportation developed by the Missouri Pacific Railroad Company in the late 1960s and early 1970s. It was later implemented by Union Pacific when the companies merged. and RedSky. --Market Vision & Product Leadership -- In October 2005, Covergence introduced the Eclipse(TM), the industry's first SIP session manager to meet the needs of service providers and enterprises. The Company has also teamed with Centillium and NETGEAR to develop and deliver the VoIP industry's first completely secure, "Bullet Proof" VoIP security solution for consumer and residential VoIP offerings. "Our growth and continued success has mirrored the tremendous growth of the VoIP industry in general," said 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. of Covergence. "When we founded Covergence, we knew that the key to unlocking the potential of VoIP and IP-based communications lay in securing SIP and the edge of the network. Our success demonstrates that we hit the VoIP security sweet spot. Our investors' confidence in our strategy and team is evident by their participation in our third round of funding." About Globespan Capital Globespan Capital Partners is a leading global venture capital firm investing in information technology companies. The firm is focused on a balanced investment strategy Balanced Investment Strategy A portfolio allocation and management method aimed at balancing risk and return. Such portfolios are generally divided equally between equities and fixed-income securities. across all segments of the IT sector. With offices in Boston and 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. , as well as a business development office in Tokyo, Globespan is uniquely positioned in the US venture capital industry to provide portfolio companies access to global markets, customers, and partners. For more information, visit globespancapital.com. About Highland Capital Partners Highland Capital Partners was founded with the mission of helping great people build great companies. Since its inception in 1988, the firm has taken a sector-focused approach to investing in exceptional information technology, communications and healthcare companies. For more information, visit www.hcp.com. About North Bridge Venture Partners North Bridge Venture Partners is an active, early-stage venture capital fund based in the Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New area. For North Bridge, success is a partnership with management that produces leading public companies in large emerging markets. For more information, visit www.nbvp.com. About Covergence Covergence is the leader in scaling, securing and controlling VoIP and other real-time services based on the Session Initiation Protocol (SIP). The Covergence Eclipse(TM) session manager is purpose-built to address the challenges of the access edge, giving users the secure, instant, and reliable access to SIP services they expect while giving organizations the complete control and visibility they require. For more information, visit www.covergence.com. |
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