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Natural Convergence Raises $10M

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OTTAWA -- Natural Convergence Inc., a supplier of VoIP (Voice over IP) application software for service providers, today announces it has secured US$10M in series 'C' financing. The five year old company also announces that, through its service provider customers, it has 10,000 active users of VoIP lines in small businesses. Service providers have deployed the silhouette software to businesses located throughout Canada, the United States, the United Kingdom, the Netherlands, and the Caribbean.

This round of funding, in which all existing investors participated, was led by Wesley Clover and BDC Venture Capital, and brings the total investment in Natural Convergence to US$29M. Wesley Clover is the venture capital company founded and chaired by telecommunications industry leader Terry Matthews. Other investors include VIMAC and Desjardins Venture Capital Group, as well as early investors Jefferson Partners, Primaxis Technology Ventures Inc., and Purple Angel.

"Our product was designed from day one to provide a simple, compelling offer ideally suited for mass market distribution. The small business market has been underserved and difficult to reach, yet our customers are reporting 25-50% growth rates in sales of silhouette, quarter over quarter," said David Cork, Chief Executive Officer, Natural Convergence. "The top priority use of these funds will be to assist our customers to continue to achieve these exponential growth rates through aggressive channel development and related marketing programs."

Natural Convergence Inc.

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