This round of funding will drive Versatel's goal to dominate the independent telephone company and top-tier carrier markets

September 16, 2005

2 Min Read

GATINEAU, Quebec -- Versatel Networks, a leading provider of VoIP gateway and service delivery solutions for telecommunications service providers, today announced that it has secured $10 million in new funding. Existing investors participated in this round of funding, which will drive Versatel's goal to dominate the independent telephone company and top-tier carrier markets with its Enhanced Services Platform.

Versatel Networks' VoIP switching platforms and personalized service delivery solutions have been embraced by the telephony community as one of the most innovative and cost-effective solutions for carrier-grade networks. With its new infusion of capital, Management will further expand the EdgeIQ product family with cutting-edge personalized services and exciting technology to drive the next wave of convergence.

"We are pleased to invest in this next phase of commercial growth at Versatel Networks. VoIP has demonstrated that significant changes are required in the approach which service providers use for their business models. With its proven and unique technology, Versatel is well positioned to become the dominant player in this emerging market, allowing industry leading returns on their investment," said Andre Vaillant, Managing Partner, Multiple Capital Inc.

"The explosion of personalized telephony has created a very exciting market for Versatel, it allows service providers to fully realize the benefits of our patented IMS service delivery platforms and continues to be driven by an almost insatiable consumer demand," said Robert Mimeault, President and CEO of Versatel Networks. "Versatel intends to remain at the forefront of the next generation telephony market and we are delighted to have an influential and innovative group of investors as our partners in this adventure."

"We continue to see momentum building in service provider investments to deliver enhanced services using all forms of transport including VoIP. Versatel has had a good track record of delivering on this promise to service providers and is well poised to lead the market with this new round of funding," said Jacques Bernier, Senior Vice-President, Investment, for Fonds.

Over the last year, Versatel has extended its EdgeIQ suite of products to include a universal service delivery platform for carriers. "We have been a leader in the evolution of VoIP from its infancy and are very pleased with our recent successes in extending the reach of our customers networks through convergence," said Ray Vilis, VP, Product Line Management. "Versatel's new class of VoIP solutions have been recognized as the product of choice by our customers and other industry leaders."

Versatel Networks

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