Hong Kong -- July 23, 2002. CommVerge Solutions (Asia) Ltd., a privately-held leading integrator of technology and business solutions for Asian telecommunications service providers, recently announced the closing of its third or venture financing for US$45 million.
Along the Company's existing investors, Silicon Valley-based Oak Investment Partners, Worldview Technology Partners, Pacific Technology & Investment Group (P.T.I. Group) and Wireless Facilities Inc. (WFI), five new investors are added to the list, namely: Meritech Capital, Walden International, Sumitomo Corporation, Newton Technology Partners, and Presidio Corporation. The Company was also successful in bringing in the Applied Research Council of the Hong Kong Government as a co-investor of the Walden Group.
"Since our inception in 1999, industry players have witnessed how CommVerge has established itself, making it one of the best-positioned integrators in the industry. And with our unique business model and strong track record, the additional funding of US$45 million is a significant milestone as it expresses the investors' strong confidence in us," said Edmund Wei, President and Chief Executive Officer (CEO).
With strong customer demand for its services, CommVerge has expanded to 10 offices covering the Asia Pacific region, a U.S. liaison office, and a team of over 170 employees. As a commitment to its partners, the additional funds will be used to further strengthen its existing operations in the region, and for future expansionary activities.
"We have been successful in establishing our name and earning the trust and confidence of our customers, and CommVerge is proud of its increasing number of projects throughout Asia. We believe that with the strong business relationships we have established, and with the track record we have made for ourselves, Service Providers will continue to come to us as long as there is a demand for telecommunications and Internet services," Mr. Wei added.
CommVerge Solutions is committed to bring its values to its customers and help them meet their business objectives. With the support of its investors, who share their mission to bridge the gap between service providers and best-of-breed business and technologies solutions, CommVerge will be able to continue assisting the advancement of the Asian telecommunications industry.
About CommVerge Solutions:
CommVerge Solutions is a unique integrator of next generation technology and business solutions serving Telecommunications Service Providers throughout Asia. Launched in June 1999, CommVerge has offices in Bangkok, Beijing, Brunei Darussalam, Kuala Lumpur, Hong Kong, Manila, Seoul, Shanghai, Singapore, Taipei, and Silicon valley (San Jose, California).
The mission of CommVerge is to assist their customers in maximizing value and reducing risk by developing integrated solutions designed to realize business, technical and operational objectives. CommVerge's team of professionals assist service providers in reviewing new business models, defining next-generation service offerings, developing a budget and network design before qualifying, selecting and implementing best-of-breed products from an array of vendor solutions. For more information, please visit the CommVerge Solutions website at http://www.commverge.com
About Our Investors:
Meritech Capital
Meritech Capital is a later-stage venture capital fund that was co-founded and sponsored by five leading venture firms: Accel Partners, Brentwood Venture Capital, Oak Investment Partners, Redpoint ventures and Worldview Technology Partners. Meritech is capitalized at US$2.1 billion. It seeks to lead investments in later-stage information technology companies from the Accel, Brentwood, Oak, Redpoint and Worldview portfolios. It pursues traditional growth companies as well as co-investments in corporate buy-offs and spin-offs of information technology companies with proven technology, market-tested business models and seasoned management teams. Meritech focuses on several technology sectors: wireless and wireline communications equipment and services as well as Internet enabling technologies and components. For more information, please visit the Meritech website at http://www.meritechcapital.com
Newton Technology Partners
Newton Technology Partners is a venture capital firm located in Seoul, Korea, that targets its investments at what it terms "e-infrastructure" companies, those firms that supply the communications hardware and software that make up the Internet. Newton is looking for promising companies in Korea and all over Asia to invest funds in, to provide technology consulting to, device strategies for, and bring them into its new network contracts. For more information, please visit their website at http://www.newtontp.com
Oak Investment Partners
Oak Investment Partners was founded in 1978 and is one of the oldest and largest venture capital firms, funding high-growth entrepreneurial ventures while assisting and guiding them to industry leadership. Oak has raised ten venture capital partnerships with a total of US$4.3 billion in committed capital. Oak has sponsored over 350 companies with aggregate annual revenues in excess of US$100 billion. Its portfolio companies include: Airspan Networks, Caspian Networks, Inktomi, InterNap, Metawave and Movaz. For more information, please visit the Oak Investment Partners website at http://www.oakinv.com
Pacific Technology & Investment Group (P.T.I. Group)
Pacific Technology & Investment Group (P.T.I. Group) was founded in 1997, dedicated to helping new enterprises emerge as tomorrow's industry leaders. The companyhas about US$150 million of capital under management and a strong network of industry executives at leading high-tech companies in Asia. Using their branch offices in Silicon Valley and Japan, the P.T.I. Group acts as a bridge between Silicon Valley and the Asia Pacific. For more information, please visit the P.T.I. website at http://www.pta.com.tw
Presidio Venture Partners
Presidio Venture Partners, LLC is a venture capital firm based in Silicon Valley that invests in Information Technology. Backed by Sumitomo Corporation, one of the world's leading integrated trading and investment firms, Presidio acts as the early stage IT investment vehicle for Sumitomo Corporation and its affiliates. For more information, please visit the Presidio Venture Parnters' website at http://www.presidiovp.com
Sumitomo Corporation
Sumitomo Corporation not only conducts commodity transactions in all industries utilizing worldwide networks, but also provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in businesses from the information industry to the retailing industry. Sumitomo Corporation shows great diversification as an Integrated Business Enterprise. For more information, please visit the Sumitomo Corporation website at http://www.sumitomocorp.co.jp
Walden International
Established in 1987, Walden International ("WI") is a group of international venture capital funds in the U.S. and Asia Pacific region, with approximately US$2.1 billion in assets under management. WI provides seed and start-up capital for emerging growth companies, as well as capital for expansion financing and acquisitions. The current portfolio includes companies in the fields of communications, Internet, semiconductors, implementation services, electronics, enterprise software, and consumer products and services. Since its inception, Walden International has established 37 venture capital funds in the U.S. and Asia and invested in more in more than 310 companies in the U.S., Asia Pacific, and Israel. In striving towards a global presence, WI has built a substantial network and foundation in the Asia Pacific region, and formed strategic alliances with major investment companies in Australia, Japan and Europe. By leveraging this worldwide network of manufacturing and strategic partners, WI's principals aim to add significant value to its portfolio companies by maximizing global market opportunities as well as minimizing costs. This has earned WI a solid reputation and the ability to achieve consistent superior investment performant. For more information, please visit the Walden International website at http://www.waldenintl.com
Wireless Facilities Inc.
A global leader in telecommunications outsourcing, Wireless Facilities, Inc. designs, deploys and manages wireless networks for some of the largest cellular, PCS and broadband wireless carriers and equipment suppliers worldwide. Specializing in network architecture and dimensioning of mobile and high speed wireless data systems, including third generation (3G) networks, WFI provides a complete range of network services - from business and market planning to RF engineering, fixed network engineering, IP and data engineering, site acquisition and development, installation, optimization and maintenance. Headquartered in San Diego, WFI has performed work in over 100 countries sine the Company was founded in late 1994. The Company has offices in Dallas, Chicago, Seattle, Reston, Montvale, London, Gothenburg, Mexico City, Sao Paolo, and Beijing. News and information are available at http://www.wfinet.com
Worldview Technology Partners
Worldview Technology Partners, a Silicon valley venture capital firm with more than US$1.75 billion under management, has over 80 companies in its portfolio. The investment team blends operating and venture experience to help portfolio companies succeed in global markets. In January 2000, Worldview closed a billion-dollar fund, it's fourth fund in five years. Founded in 1996, Worldview combines a focused investment strategy in emerging technologies, including telecommunications and infrastructure software, with international value-added services. Worldview's international team enables its portfolio companies to more easily penetrate the Asia market for customer, supplier and manufacturing relationships and serves as a valuable source of market information and customer feedback. Worldview has an investment office in Palo Alto, and business development offices in Tokyo, Singapore and London. More information about Worldview can be found at http://www.worldview.com
Media Contacts:
Jimmy Cheung
VP, Technology Solutions
CommVerge Solutions (Asia) Ltd.
Tel: +852 2820 6789
Fax: +852 2808 0321
email: jimcheung@commverge.com
Anne Ilagan
Marketing Communications Manager
CommVerge Solutions (Asia) Ltd.
Tel: +63 2 752 7219
Fax: +63 2 893 1194
email: arilagan@commverge.com
Investor Contact:
Dilip Chopra
Chief Financial Officer
CommVerge Solutions (Asia) Ltd.
Tel: +852 2820 6706
Fax: +852 2808 0321
email: dchopra@commverge.com