Mavenir Bags $40M, Buys Airwide
Convergence specialist Mavenir Systems Inc. has raised $40 million in its fifth round of funding and announced plans to acquire mobile messaging firm Airwide Solutions for an undisclosed sum as it ramps up its Long Term Evolution (LTE) activities.
The new round brings Mavenir's total funding to $105 million since October 2005. The round was led by new investor August Capital and joined by another new investor, Cross Creek Capital, as well as existing investors North Bridge Venture Partners , Austin Ventures , Alloy Ventures and Greenspring Associates.
The new influx of funds will help Mavenir expand into new LTE markets and build its customer base, which is now more than 120 operators, according to the company.
The acquisition of Airwide will also boost Mavenir's growth plans by increasing the company's international footprint as well as enhancing its product portfolio. Mavenir says that Airwide's products will be integrated into Mavenir's portfolio.
Why this matters
Mavenir is targeting a market opportunity resulting from one of the biggest technological and strategic challenges yet for mobile operators -- delivering voice and messaging services over LTE networks. And with investor backing to the tune of $105 million, the company appears to be in the right place at the right time with its mOne convergence platform, to which a VoLTE edition was recently added. (See Mavenir Tackles VoLTE.)
Mavenir has been making moves on LTE recently and already has a foothold in the hot North American 4G market with customer MetroPCS Inc. (NYSE: PCS).
- MetroPCS Taps Mavenir for LTE Messaging
- Mavenir, Acme Tackle LTE Voice
- Mavenir, Acme Team for LTE Voice
- Mavenir Raises $13.6M
- Mavenir Raises $17.5M
- Mavenir Closes In on $20M
- Mavenir Supports Rich Communications Services
- Airwide Bags $25M
- NSN, Airwide Win at du
- Airwide Buys FirstHop
— Michelle Donegan, European Editor, Light Reading Mobile