Shenick Secures €2.5M

Test systems developer Shenick closed €2.5M in a first round of private equity funding, with Trinity Venture Capital as new investor

October 6, 2003

2 Min Read

DUBLIN -- Shenick, which has released its diversifEye™ integrated network+application emulation and performance analysis test system, has closed €2.5 million in a first round of private equity funding. The new investor is Trinity Venture Capital, part of the Reihill Venture Capital Group. Shenick has also received substantial grant funding from Enterprise Ireland. This also follows the May 2003 signing of a strategic partnership agreement with Mitsui who are leading the sales and marketing of diversifEye in Japan.

Mr. Don Harrington, an Investment Director of Trinity Venture Capital, will join the board of Shenick. He is also a board member of two other Trinity investments, Mapflow and Havok. "We are delighted to make this investment in an emerging player in the network performance assurance test market," said Mr. Harrington. "We believe that Shenick is the leading provider of integrated network and application test products targeting key growth sectors such as Ethernet Services, combining a strong management team with the proven capability to deploy massively scalable, best-of-breed solutions to customers such as those already secured in North America, Europe and Asia-Pacific"

Shenick CEO, Mr. Alan Robinson, describing the company's plans, said, "Shenick has a strong balance sheet and this funding will facilitate Shenick's global growth as we take advantage of the opportunities in the network performance assurance test marketplace particularly in the rollout of Ethernet Services. diversifEye is a unique product that is creating a lot of excitement in Europe, North America, and Asia where it has been deployed by leading network equipment vendors offering NG-SDH, MPLS and RPR solutions and IP oriented service providers for combined network service and flows/application performance assurance testing. For example, in our key target segment of Metro Ethernet services and applications testing, network equipment vendor revenue forecasts are set to grow from over €2.5 billion in 2002 to €5.9 billion in 2006 (source: Infonetics), Shenick is set to take advantage of this strong marketplace and the quality of service test requirements."

Robinson added, "We will be using this investment to build our sales presence in the Asia Pacific marketplace, as well as to strengthen our existing European and North American business operations while enabling us to invest in the re-emerging US market for next generation network services."

Shenick develops test systems that enable communications equipment vendors, service providers, integrators and large enterprises to successfully roll out new services and applications with a high degree of confidence using diversifEye™, a key test element in ensuring carrier grade quality of service. diversifEye offers per-customer, per-service, per-flow/application emulation, real time and long run performance analysis and complete automation that ensures increased productivity, reduced OPEX and a higher return on investment. Founded in 2000, Shenick is headquartered in Ireland and has offices in San Francisco, CA.

Shenick Software Systems Ltd.

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like