SPOKANE, Wash. -- World Wide Packets, the leading provider of Carrier Ethernet solutions, announced today that it has successfully completed a round of funding for $25.5 million. The round was co-led by Eagle River Holdings, LLC and Rally Capital, LLC. These new investors join existing shareholders Argo Capital, Azure Capital Partners, Madrona Venture Group, Northwest Venture Associates and Entrepia Ventures. The proceeds from this financing will enable World Wide Packets to further develop its innovative Carrier Ethernet solutions, increase its sales capacity and product adoption with carriers, as well as expand its international market base.
World Wide Packets is changing the economics for service providers, cable operators, emerging carriers and municipalities by dramatically reducing the capital expenditure and operating costs associated with the deployment of and migration to Carrier Ethernet. The World Wide Packets solution has been globally adopted as it provides the most comprehensive characteristics of circuit-switched solutions; flexibility, resiliency and Hard QoS (quality of
service) for every application. This unique combination, while compatible with any standards based Ethernet, makes possible the creation and rapid deployment of a full range of service types including IPTV, VOIP and mission critical data over a common service delivery infrastructure. During the past year, World Wide Packets grew its customer base with the addition of several new partners and carrier customers including international network vendor Marconi and leading UK service provider ntl.
Eagle River and Rally Capital have a long, successful history investing in start up telecommunications companies. The new investors will provide additional telecommunications expertise with the addition of Eagle River's Rob Mechaley and Rally Capital's Dennis Weibling to the World Wide Packets Board of Directors.
"Rally Capital invests in companies well positioned to take advantage of emerging market opportunities and who have established themselves as the premier supplier in their market. We look forward to supporting World Wide Packets as they continue their growth," said Dennis Weibling, managing director, Rally Capital. "We anticipate World Wide Packets' ongoing success toward shaping the marketplace."
"We are delighted that Eagle River and Rally Capital have joined our trusted group of investors at this exciting time in the Company's history" said Dave Curry, president and CEO of World Wide Packets. "The continued confidence of top-tier investors in World Wide Packets is a testament to the company's role as one of the fastest growing companies for Carrier Ethernet solutions.
This round of funding marks a major milestone for World Wide Packets as we experience an impressive success rate and development in a market poised for burgeoning growth and demand."
"As the market demand for Carrier Ethernet rises, vendors that provide innovative engineering and understanding of the evolving market trends, will stand apart. World Wide Packets has demonstrated this form of leadership through its quality of products," said Rob Mechaley of Eagle River. "Their unique value proposition and approach is why we made the decision to invest in the company."
"2006 is projected to be a high- growth period for Carrier Ethernet providers, and World Wide Packets is poised to spearhead the movement by delivering network solutions that meet the demands of this rapidly expanding market," said Douglas Schrier, senior partner, Argo Capital. "As one of World Wide Packets' previous investors, we have always been impressed by the company's execution. They have an impressive track record of pioneering
innovative solutions and garnering significant customer traction."
World Wide Packets Inc.