Accedian Raises $4M

Accedian has received US$4 million in Series A financing from Skypoint Capital Corporation and Solidarity Fund QFL

March 9, 2006

1 Min Read

MONTREAL -- Accedian Networks Inc., developers of the EtherNID(TM) Ethernet Services Demarcation Point, announced today that it has received US$4 million in Series A financing from Skypoint Capital Corporation and Solidarity Fund QFL ("The Fund").

"Skypoint and The Fund are not only financial partners in Accedian Networks but also bring strong technology validation, an unmatched network of industry contacts, strong corporate governance, and local support," said Patrick Ostiguy, founding President and CEO of Accedian. "Their investment in Accedian gives us a solid runway to bring our products to market."

Accedian's Carrier-Grade technology for Ethernet Services Delivery and OAM (Operations, Administration and Maintenance) uses a unique, innovative, and standards-based approach. Part of an Ethernet Service Access Platform (ESAP), Accedian's flagship product, the EtherNID(TM) creates an Ethernet Services Demarcation Point defining a clear boundary between the Customer's and the Carrier's Ethernet Network.

"The rapid emergence of Ethernet Services is creating new growth opportunities in the Private Line Business Services market and we see Accedian Networks playing a key role in that space," said Claude Haw, General Partner, Skypoint Capital. "Accedian's purpose-designed products and Intellectual Property fill an important missing-link between traditional Ethernet technology and the requirements of Telecom Carriers. We see Accedian's platform as an enabler and an accelerator for the deployment of new revenue generating Ethernet Services." On his part, Jacques Bernier, Senior Vice-President, Information Technologies, Telecommunications and Industrial Innovations added: "The Solidarity Fund is very proud of this investment because Accedian is a leader in its sector and has a clear vision of its development. With the high demands of technology, Accedian is the kind of company that The Fund is looking for in its portfolio."

Accedian

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