OpenCloud Secures Significant £5 Million Investment.
Nokia Siemens Networks makes a £4 million investment complimented by an additional £1 million from existing investors.
Cambridge, UK, 8 September 2010 – OpenCloud Limited, the supplier of real-time application server software for next-generation convergent telecommunications services, has today announced that it has received an investment of £4 million from Nokia Siemens Networks (NSN), one of the largest telecommunications hardware, software and services companies in the world plus an additional £1m from its existing investors Advent Venture Partners and No 8 Ventures.
In addition to the investment by NSN OpenCloud has secured an OEM agreement that will see OpenCloud’s Rhino Telecom Application Server and Service Interaction Server becoming integrated into NSN’s charge@once unified product suite – a modular, highly scalable and flexible convergent charging solution.
For the last two years, OpenCloud and NSN have enjoyed an increasingly successful working partnership securing 13 joint customers in that time.
The investment will be used by OpenCloud to further its expansion across the Globe. It will also allow OpenCloud to extend its partner and application portfolios, as well as assist in the development of future products. This announcement comes at a time when the market demand for OpenCloud’s Telecoms Application Server and Service Broker products is increasing.
In the last year, OpenCloud’s successful growth has exceeded projections. Revenues have tripled year-on-year and the company has acquired 13 customer wins in the last year alone. OpenCloud’s client roster includes some of the telecom industry’s biggest players, such as BT, Vodafone, and T Mobile amongst its customer base of over 30 mobile and fixed network telecom operators.
“We are continuing with our quest to open up the telecoms service layer, to provide compelling technology to the expanding community of telecoms software developers and deliver better value and increased innovation” says Jeff Gordon, CEO of OpenCloud. “Naturally, we are clearly delighted to be making this announcement – in particular receiving an investment from NSN is a strong endorsement of OpenCloud’s products and strategy, and it will help to support our continuing rapid growth. This move elevates our relationship with NSN to that of a truly strategic partner and will enable us to address the considerable Service Layer and Converged Charging opportunities in the market.”
“This investment will allow NSN to address the considerable Converged Charging and Service Delivery Platform opportunities in the market”, says Rick Centeno, head of Charging, Billing and Care, Nokia Siemens Networks. “We will be able to better provide our customers with an integrated offering to fit their end-to-end needs around service development, delivery, control and charging”.
Regent Partners LLP acted as exclusive Corporate Finance advisor to OpenCloud.