Equipment startup also announced key hires

March 7, 2001

2 Min Read

Hatteras Networks, an emerging developer and manufacturer of high-performance broadband and optical communications equipment, today announced it has closed on a second round of venture funding, bringing the company¹s total equity financing to $28 million. Hatteras Networks¹ president and CEO, Thomas R. McPherson, made the announcement in Atlanta during the company¹s presentation at Red Herring¹s annual Venture Market South conference. Hatteras Networks also announced the addition of two veteran executives to its management team.

The second round financing was provided by the same premiere venture capital firms that invested in the company¹s first round: Bessemer Venture Partners, Columbia Capital, and ComVentures. ³This funding is a resounding vote of confidence from our current investors,² said McPherson. ³It further validates the strength of our team and the size of opportunity we¹re going after.² McPherson added that the financing would be used primarily to continue to grow the product development team.

Peter Savage, former president and CEO of Applied Digital Access, has been named vice president of business development at Hatteras Networks. Mr. Savage will be responsible for all business development activities including vendor and equipment provider partnerships and initial sales. Mr. Savage previously served on the board of directors of Atmosphere Networks, a developer of advanced telecommunications systems for public networks and has more than 20 years experience in both startup and established telecommunications companies, including Xylogics, Alliance Telecommunications and Commterm.

Joe Jager has been named vice president of product development. Mr. Jager is responsible for product development activities, including hardware and software engineering. Mr. Jager has over 20 years of experience developing and leading the development of carrier class hardware and software platforms. Prior to joining Hatteras Networks, Mr. Jager worked for Nortel Networks, where he served most recently as a vice president of product development. Before joining Nortel, Mr. Jager served as a software developer for Perkin Elmer and CN Telecommunications.

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