Halifax, Nova Scotia -- Core Networks, a global leader in Cable OSS solutions, today announced that it
has closed on additional funding, bringing the total it has raised in this institutional
round to $5.7M (USD). Participating in the round are current investors ACF Equity,
RBC Capital and Skypoint Capital, as well as a new investor, MM Venture Partners.
Core Networks will utilize the proceeds from this current round of funding
to accelerate development of its next generation OSS platform as well as further
the market penetration of its recently announced network assurance solution:
CoreMeterä.
"We are pleased to welcome further investment from MM Venture Partners
and our existing investors," said Craig Soderquist, CEO of Core Networks.
I view the investment as a strong vote of confidence by a world-class group
of investors in Core's product strategy and a validation of our leading position
in Cable OSS solutions. Receiving additional financing in the current economic
climate is testament to the validity of Core Networks business and product strategy
as well as the success of our worldwide deployment of broadband OSS solutions."
As evidenced by recent National Cable Television Cooperative and Casema (Tier
1 MSO in Europe) success, Core Networks is experiencing strong demand.
"As the industry continues to push for comprehensive OSS tools, we expect
the momentum to continue and strengthen in the months ahead" said Amit
De, General Partner, MM Venture Partners. "We are impressed by Craig and
his team and remain extremely bullish on the future prospects of Core Networks
and its strategic positioning" Mr. De continued.
About Core Networks Inc.
Core Networks, a global leader in the cable OSS space delivers a suite of powerful
next generation applications, including provisioning, network assurance and
home networking solutions for the cable industry. The company's flagship product
CoreOSä has been deployed at global customer sites for over four years.
Core Networks, a member of CableLabs and tComLabs, works with major CMTS and
cable modem vendors, as well as other industry partners to ensure advanced feature
support and compatibility.
Established in 1998, Core Networks is based in Halifax, Nova Scotia, with its
global headquarters in Silicon Valley, California and European head office in
The Netherlands. For further information please visit www.corenetworks.com
John Glass, Sr. VP Marketing and Business Development
Tel: (805)-444-4613
155 Chain Lake Drive, Suite 19
Halifax, Nova Scotia B3S 1B3
About MM Venture Partners
MM Venture Partners is a privately held; venture-debt fund that focuses exclusively
on private technology companies in Canada. MMVP focuses specifically on Canadian
information technology and biotechnology companies. Fort further information
please visit www.mmvp.com.
Amit De, Senior Vice President
Tel: (416)-977-9718 ext.24
Wellington Street West, 22nd Floor
Toronto, Ontario M5J 2N7