Pelago Grabs $32M

Advent leads $32 million Series B investment in Pelago Networks

April 1, 2002

1 Min Read

BOSTON -- Advent International, the global private equity investor, today announced that it has led a $32 million Series B equity and debt financing for Pelago Networks, Inc. This latest investment follows Pelago's initial $17 million Series A venture financing in June 2000. Founded in 1999 and based in Marlborough, Massachusetts, Pelago provides the industry's first Converged Service Node for delivering enhanced voice and IP-enabled services across converged (wireline/mobile and TDM/packet) networks. A new investor in the company, Advent was joined in the funding by all of Pelago's first-round institutional investors: Charles River Ventures, Columbia Capital, Brooktrout, Inc. and Bessemer Venture Partners. Debt financing was provided by Dominion Ventures and Silicon Valley Bank. Proceeds will be used to further develop the company's operational infrastructure to support product rollout expected later this year. "Pelago is a relatively unusual company in that it can simultaneously offer carriers three benefits", said Andy Fillat, Managing Director of Advent International. "The first is a modern, cost-effective platform to deliver existing enhanced services, thus removing scaling barriers the old equipment imposes. The second is a revenue-generating opportunity by adding new services that are familiar in nature to the carriers. The third is the built-in capability of the Converged Service Node to incorporate packet networks into their existing service structure. Very few equipment companies these days can offer such a compelling case for adoption even in capital-constrained times, which is why we led the investment round." Pelago Networks

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