Digital ID Specialist UXP Raises Another C$8M
UXP Systems, an up-and-coming digital identity software startup, has attracted another C$8 million (US$6.1 million) in funding, taking its total raised so far to C$17.8 million ($13.6 million). (See UXP Systems Raises C$8M.)
The Toronto-based vendor's Series B round is led by its two primary external backers, cable industry heavyweights John Malone, the chairman of Liberty Global Inc. (Nasdaq: LBTY), and John Risley, a Canadian businessman who sold Columbus Communications to C&W Communications (now part of the Liberty Global empire) in 2015. (See Liberty Global to Buy CWC in $5.3B Deal.)
The company, which has developed software that enables communications service providers to provide customers with digital identities with which they can access and manage their services and applications, is growing quickly and attracting big-name customers. It now counts Vodafone Group plc (NYSE: VOD), CenturyLink Inc. (NYSE: CTL), Telus Corp. (NYSE: TU; Toronto: T), Rogers Communications Inc. (Toronto: RCI) and Liberty Global's Caribbean operations (14 countries) among its customers. (See Vodafone Group Selects UXP Systems and Cable & Wireless Picks UXP Systems .)
According to the company's CMO Jim MacDonald, the company now has about 120 staff, up from about 80 employees in April 2015, and will continue to expand its headcount "at an aggressive pace in order to increase our delivery capacity to support Vodafone, Liberty and others."
UXP is playing a role in one of the hottest trends in the communications industry -- digital transformation. Check out this interview with UXP CEO Gemini Waghmare to find out more:
— Ray Le Maistre, , Editor-in-Chief, Light Reading