OpenCloud Completes a Funding Round with No 8 Ventures, Existing Shareholders and Directors
May 18 2006, Wellington, New Zealand
OpenCloud Limited, a supplier of a next generation services platform to the telecommunications industry, today announced that it has completed their first venture capital funding. The new capital will be used to support further development of the OpenCloud sales and marketing teams in Europe, the US and Japan as it continues to deliver significant projects to leading mobile operators and creates partnering and licensing agreements with leading suppliers to the telecoms industry.
“We have been tracking the progress of OpenCloud for some time,” said Jenny Morel of No 8 Ventures. “Development of the JAINSLEE platform was a very bold call for a small New Zealand company. OpenCloud has deployments with some very significant international telecos, and we believe they are now poised to take advantage of their technological leadership and build a great business.”
Murray McNae, Chairman of OpenCloud, said “This investment by No 8 Ventures is a stepping stone for the company. With the first venture capital funding in the company, and the recent appointment of an internationally experienced CEO, OpenCloud can move ahead more rapidly.”
Gartner, the leading US analyst group, recently highlighted OpenCloud’s leadership of a new global software standard for open Event Driven Applications Servers as a “visionary contribution to the software industry,” and that the JAINSLEE standard it champions “is positioned to help establish openness, agility and lower costs in the telecommunications traffic-management software systems*.
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About No 8 Ventures
No 8 Ventures is a New Zealand venture capital firm which invests in early stage technology companies. This is the 8th investment from No 8 Ventures No 2 Fund and VIF Seed Fund. For further information, see www.no8ventures.co.nz.
About OpenCloud
OpenCloud was formed in 2000 to create software technology that would revolutionise the portability and interoperability of services in telecommunications specifically in the evolution to 3G IMS. The company was founded on the vision that the use of a Java in telecommunications would stimulate innovation, interoperability and simplicity in telecommunication systems. OpenCloud works with partners to deliver, integrate and support end-to-end solutions incorporating OpenCloud products to global network operators and service providers. OpenCloud has representatives in London, Madrid, Tokyo and San Francisco. More information is available at www.opencloud.com.
Media Queries
No 8 Ventures contact:
Jenny Morel
jenny@no8ventures.co.nz
Office +64 4 499 2029
Mobile +64 21 456 086
OpenCloud contact:
David Long
david.long@opencloud.com
+64 21 666162