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May 31, 2011
Convergence specialist Mavenir Systems Inc. has raised $40 million in its fifth round of funding and announced plans to acquire mobile messaging firm Airwide Solutions for an undisclosed sum as it ramps up its Long Term Evolution (LTE) activities.
The new round brings Mavenir's total funding to $105 million since October 2005. The round was led by new investor August Capital and joined by another new investor, Cross Creek Capital, as well as existing investors North Bridge Venture Partners , Austin Ventures , Alloy Ventures and Greenspring Associates.
The new influx of funds will help Mavenir expand into new LTE markets and build its customer base, which is now more than 120 operators, according to the company.
The acquisition of Airwide will also boost Mavenir's growth plans by increasing the company's international footprint as well as enhancing its product portfolio. Mavenir says that Airwide's products will be integrated into Mavenir's portfolio.
Why this matters
Mavenir is targeting a market opportunity resulting from one of the biggest technological and strategic challenges yet for mobile operators -- delivering voice and messaging services over LTE networks. And with investor backing to the tune of $105 million, the company appears to be in the right place at the right time with its mOne convergence platform, to which a VoLTE edition was recently added. (See Mavenir Tackles VoLTE.)
Mavenir has been making moves on LTE recently and already has a foothold in the hot North American 4G market with customer MetroPCS Inc. (NYSE: PCS).
MetroPCS Taps Mavenir for LTE Messaging
Mavenir, Acme Tackle LTE Voice
Mavenir, Acme Team for LTE Voice
Mavenir Raises $13.6M
Mavenir Raises $17.5M
Mavenir Closes In on $20M
Mavenir Supports Rich Communications Services
Airwide Bags $25M
NSN, Airwide Win at du
Airwide Buys FirstHop
— Michelle Donegan, European Editor, Light Reading Mobile
Michelle Donegan is an independent technology writer who has covered the communications industry for the last 20 years on both sides of the Pond. Her career began in Chicago in 1993 when Telephony magazine launched an international title, aptly named Global Telephony. Since then, she has upped sticks (as they say) to the UK and has written for various publications including Communications Week International, Total Telecom and, most recently, Light Reading.
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