Net to Net Raises New Funds

PORTSMOUTH, N.H. -- Net to Net Technologies, Inc., a privately-owned provider of Ethernet-based IP DSL solutions for Triple Play broadband services, today announced that it has successfully raised a significant round of new capital. Net to Net will use the investment to further expand its Ethernet-based product portfolio in voice, data and broadcast video applications in both domestic and international Independent Local Exchange Carrier (ILEC) and Competitive Local Exchange Carrier (CLEC) markets. Existing investors Summit Partners and North Atlantic Capital led the new investment in Net to Net. Chris Oliver, an early angel investor in the company, also participated in the financing. The investment comes on the heels of fiscal year 2004 that marked significant growth for the company.

"We are pleased to report an 85 percent increase in ports shipped, in addition to record revenues, excellent gross margins, and a significant increase in new customers, in fiscal 2004, compared with our fiscal 2003 results," said Ken Latimer, president and CEO, Net to Net Technologies. "We are also delighted by the confidence our investors have shown in the Company since it was founded in 1998."

"Net to Net Technologies continues to grow and expand its product portfolio and customer base though the excellent efforts of its management team and employees," said Bruce R. Evans, a managing partner of Summit Partners, a leading private equity and venture capital firm with offices in Boston, Palo Alto, and London.

Net to Net Technologies Inc.