Reef Point raises $25 million in funding
March 23, 2007
BURLINGTON, Mass. -- Reef Point Systems, the technology leader in convergence gateway platforms and solutions for fixed-mobile convergence (FMC) networks, announced today it has closed $25 million in its Series 2 round of funding led by new investor One Equity Partners LLC (OEP), the private equity investment arm of JPMorgan Chase & Co. (NYSE: JPM). Returning investors in the round include American Capital Strategies, Ltd. (NASDAQ: ACAS) and Jerusalem Venture Partners (JVP).
The new funds will be used to further build Reef Point's market profile and expand the distribution network of partners and integrators for its Universal Convergence Gateway (UCG) product line. The company also will make investments to expand its customer services and support organizations to speed the transition from telecommunications service provider trials to commercial deployments of its UCG-based solutions.
"This new investment validates the strength of Reef Point's market-ready offering and provides us the means to meet the explosive demand from service providers for FMC solutions worldwide," said Woody Ritchey, Chief Executive Officer of Reef Point. "The participation of JPMorgan and OEP brings more than financial capital. Their expertise in telecom and technology, deep relationships and growing portfolio of related investments opens up exciting possibilities during this dynamic evolution in the global communications industry."
Reef Point Systems Inc.
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