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Pactolus Communications Software Completes First-Round Funding.
Investment Speeds Development and Deployment of Rapid-FLEX Enhanced Services Platform and Applications for Next-Generation Networks, Based on Extensible Telephony Markup Language (XTML)
FRAMINGHAM, Mass. - June 5, 2000 -
Pactolus Communications Software, the leading provider of XML-based enhanced services solutions for next-generation communication networks, today announced the completion of its first-round of institutional financing led by Mid-Atlantic Venture Fund (MAVF) and The Hatch Group.
Dave Horton, Pactolus founder, President and CEO said, "We are delighted to be working with venture partners such as Mid-Atlantic and Hatch, their commitment is a major milestone for Pactolus that enables us to continue our growth, deliver new applications on the Rapid-FLEX platform and support our customer deployments."
"Pactolus has created a breakthrough approach with Rapid-FLEX and XTML-Extensible Telephony Markup Language that is re-defining the way new communications services are created and delivered. We see that Pactolus is clearly positioned as the leader in service creation for next-generation networks and are pleased to be backing their vision.," said Tom Smith, partner of Mid-Atlantic Venture Fund.
"Service creation solutions must become available before next-generation communication networks can be deployed in mass. We believe Pactolus and their XTML-based Rapid-FLEX enhanced services platform will accelerate service provider deployment of enhanced services on these new networks and we're excited to be part of the Pactolus team," said Robert Markovich, managing partner of The Hatch Group.
About Pactolus Communications Software
Pactolus Communications Software, based in Framingham MA, is the leading supplier of XML-based enhanced service platforms, applications and service creation solutions for next-generation communications networks. Pactolus' RapidFLEX application server and eXtensible Telephony Markup Language (XTML) bring the Internet's service delivery model to next-generation enhanced communications services. With XTML, Pactolus enables service providers to rapidly create and deploy value-added business-to-business and residential enhanced services that are customized to meet each subscriber's specific needs.
About Mid-Atlantic Venture Fund
The Mid-Atlantic Venture Funds is a venture capital investor in early-stage high growth technology oriented businesses. Mid-Atlantic currently manages approximately $200 million and is investing from its fourth fund. Founded in 1985, Mid-Atlantic has been recognized by Red Herring as one of the 25 premier venture capital firms in the country. Mid-Atlantic's current investment interests include: communications and telephony infrastructure, internet-related technologies and services, wireless technologies or services and health-care information technology. Mid-Atlantic's primary investment interest is to be the lead investor in early-stage, high growth businesses located in the Mid-Atlantic region. Investment capital has been provided by approximately one hundred leading institutions and individuals. Mid-Atlantic Venture Funds has offices in Bethlehem, PA and Reston, VA. For more information visit www.mavf.com
About The Hatch Group LLC
The Hatch Group LLC provides seed and early stage capital to technology-related businesses. The fund is managed by successful entrepreneurs that have executed on business ideas from inception to profitable, publicly-traded ventures. Leading technology entrepreneurs and financiers has provided the group's investment capital. In addition to providing early stage funding, The Hatch Group actively advises and offers access to key relationships to the businesses it invests in. The Hatch Group's current investment interests include: communications and telephony infrastructure, internet-related technologies and services, wireless technologies or services. The Hatch Group is based in the Greater Washington DC area. For more information visit www.thehatchgroup.com
For more information contact:
Gordon A. Arthur
Vice President of Business Development
Pactolus Communications Software
508-620-5519 x 219
garthur@pactolus.com
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