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PACTOLUS SECURES $6M IN VENTURE CAPITAL FINANCING
Two new venture capital firms participate in Financing - Commonwealth Capital Ventures and YankeeTek Ventures; Mid-Atlantic Venture Funds adds to investment
WESTFORD, Mass., June 18, 2001 -
Pactolus Communications Software, a leading provider of XML-based enhanced services solutions for SIP-enabled networks announced the completion of its second round of institutional financing, totaling $6 million. Commonwealth Capital Ventures (Boston, MA - www.commonwealthvc.com ) led the round, with additional investment coming from YankeeTek Ventures (Cambridge, MA - www.yankeetek.com ), and Mid-Atlantic Venture Funds (Reston, VA - www.mavf.com) .
"Pactolus made some technology and market decisions early in its life that turned out to be the right choices," said Michael Fitzgerald, General Partner and founder of Commonwealth Capital Ventures. From a technology perspective, SIP, XML, service creation tools, and pre-packed applications are resonating as the right approach from the market today. And while other companies were pursuing the access part of the network to deploy SIP-based infrastructure and services, Pactolus correctly decided on building trunk-side applications that attach to media gateways, such as prepaid calling card and conference calling. Next generation networks are not about bandwidth, they're about proven, value added services. Pactolus' technology is fundamental to making that happen."
"Pactolus is positioned very well in a rapidly developing market," comments Howard Anderson, Senior Managing Director, YankeeTek Ventures. "They have built many strong technical and business relationships with companies that have developed industry leading products in the converged network space. This is giving Pactolus a great deal of traction with service providers building out next generation networks, especially those providers converging on IP in the core of their networks."
"This funding validates Pactolus' technology leadership and market awareness," said Paul Blondin, Chairman and CEO of Pactolus. "The new capital will enable Pactolus to bring to market its fully developed RapidFLEXTM Application Server and trunk-side, enhanced services application suite."
About Pactolus Products
The Pactolus RapidFLEX TM Application Server and Service Creation Environment (SCE) is an open, extensible, Unix-based software platform that delivers high value, carrier-class enhanced services to converged networks. The RapidFLEX SCE enables service providers to create their own XML-based applications through a graphical, software component interface that can be directly deployed on a RapidFLEX Application Server. Pactolus offers several SCE-built, pre-packaged, trunk-side services including prepaid calling card, conference calling, and toll free number services for deployment in SIP-enabled networks.
About Pactolus Communications Software
Pactolus Communications Software, ( www.pactolus.com ) is the leading provider of XML-based enhanced service solutions for softswitch-enabled, converged networks. Pactolus is the first company to bring sophisticated, third-party call control capabilities to SIP-based networks using XML. The Pactolus RapidFLEX Application Server and Service Creation Environment (SCE) uses the power of its eXtensible Telephony Markup Language (XTML) to deliver enhanced services with the speed and flexibility seen in delivering XML-based Internet applications. Pactolus products are sold directly to carriers and through OEMs that develop media gateways, softswitches, media servers, and line side applications. Pactolus is a venture funded, privately held company headquartered in Westborough, Massachusetts.
For more information contact:
Ken Osowski
Pactolus Communications Software
508-616-0900 x 328
keno@pactolus.com
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