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Transmode closes “growth acceleration” funding round
This latest internal round of funding takes Transmode’s total investment to date to approximately $93 Million and includes all existing major investors in the company. The new funds will be used to significantly increase resources across the company but particularly in the Sales and Research and Development groups.
“Following our excellent growth and performance in 2006, the time is right for Transmode to take advantage of market conditions and to invest to further increase our market share,” said Rune Hurtig, Transmode’s Chairman and acting Chief Executive Officer. “As the company is EBITDA positive already, this funding will be purely used to focus additional resources in sales and R’n’D activities to take advantage of our current strong position.” “This internal round includes all our major investors and is also open to employees,” continued Mathias Ackermand, Transmode’s Chief Financial Officer. “This unusual move shows that Transmode is innovative in more than just technology and also shows the trust in the company’s future held by all the team here at Transmode.” Transmode recently announced sales growth in 2006 of over 150% from approximately $20 Million in 2005 to $54 Million in 2006. This was through both continued growth within existing customer accounts and the addition of a further 40% to the customer base, taking the total number of customers to over 150. In a further announcement today, Transmode announced the appointment of Eva Lindqvist as an additional independent member of the Transmode Board of Directors. About Transmode
Transmode is a leading provider of Optical Networking solutions. Innovations such as intelligent WDM (iWDM), which dramatically lowers operational cost, and highly modular multi-reach DWDM, which reduces network CAPEX and complexity, have contributed to success at a global level, with a customer base of more than 150 network operators, service providers, enterprises and public institutions across Europe, the Americas and Asia. Transmode’s product portfolio addresses Optical Networking requirements from regional networks, through metro core and access networks, all the way down to the customer premises, without compromising on functionality or cost-efficiency. For more information about Transmode, please visit http://www.transmode.com
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