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New Global Telecom Launches Expansion With Series A Financing15 March 2006
New Global Telecom, Inc. (NGT), a leading provider of hosted Voice-over-Internet-Protocol (VoIP) services, today announced the completion of a $10.75 million Series A Preferred Stock financing round. The new funds enable NGT to support its expanding operations and will also provide a solid foundation for continued revenue and customer growth. The round was led by Comcast Interactive Capital and included new investors Centennial Ventures and Columbia Capital, as well as existing investor ICG Communications.
Commenting on the transaction, Rich Grange, President and CEO of New Global Telecom said, "The support we are receiving from this senior and experienced syndicate of investors is tremendous validation of our company and our business model. This capital injection will fund continued expansion in our sales and marketing efforts. It will also be used to facilitate further progress around key initiatives, such as operational support system developments we are undertaking to automate and streamline internal processes and interfaces with our community of customers."
Deepak Sindwani, Principal at Comcast Interactive Capital stated, "Hosted VoIP and IP Centrex services will play an important role as small-to-medium businesses migrate to next generation phone systems. Comcast Interactive Capital is excited by NGT's ability to manage complex VoIP networks for carriers and enterprises and by their prospects for growth through new channels and products."
"Delivering business quality VoIP service is no easy matter," stated Rand Lewis, Managing Director at Centennial Ventures. "But, the team at NGT has been able to leverage their extensive voice network management experience to develop and deliver a comprehensive set of high quality VoIP solutions."
John Siegel, Partner at Columbia Capital added, "As a firm with a number of investments in the communication services arena, we believe that New Global Telecom's management team has done an outstanding job building and scaling a compelling offering for their customers and, as such, are in a unique position in the market."
The new investment follows a year of key business milestones for New Global Telecom, including:
* Addition of 58,000 VoIP end-user seats through 2005, bringing the total
at year-end to over 61,000 seats;
* Development and implementation of an FCC-compliant Enhanced 911
solution, supporting emergency calling service for nomadic VoIP end-
users;
* Development and general availability of four (4) major product releases;
* Recipient of Internet Telephony Magazine 2004 Product of the Year award,
2005 SUPERQuest award, Frost & Sullivan 2005 Customer Service Leadership
award and Frost & Sullivan 2006 Service of the Year award.
Blue Beacon Capital, LLC acted as advisor to New Global Telecom in the capital raising process.
About New Global Telecom, Inc.
New Global Telecom, Inc. is the leading provider of wholesale hosted VoIP solutions and outsourced network management services. Through its New Global Telecom and General Telecom brands, the company delivers IP and TDM switch partitioning, outsourced network operations and VoIP services to carriers and service providers, including CLECs, ISPs, VPN providers and VoIP-centric companies worldwide. NGT's 6DegreesIP product suite of managed wholesale VoIP products offers service providers a highly effective, comprehensive solution to address residential and business end-user needs. 6DegreesIP includes a complete range of telephony features, extensive local & long-distance calling footprint, worldwide conferencing capability, E911 service, training and other support. TDM-to-IP and IP-to-IP switching services are also available. For more information, please visit http://www.ngt.com.
About Comcast Interactive Capital
Comcast Interactive Capital is a venture capital fund focused on broadband, enterprise and interactive technologies. CIC is affiliated with Comcast Corporation, a diversified global leader in cable, broadband services, telecommunications, and entertainment. CIC's primary goal is to generate superior financial returns from private equity investments in early-stage technology companies. To achieve this goal, CIC works to foster the success of its portfolio companies by bringing to bear the unique resources, experience, and insight of both CIC and the Comcast family of companies. Additional information is available at http://www.civentures.com.
About Centennial Ventures
For over 20 years Centennial Ventures has partnered with extraordinary entrepreneurs to build successful businesses. Centennial invests in network companies and related enabling software and technology enterprises, with the potential to be markets leaders. Centennial has over $1 billion under management and offices in Austin, Denver, and Houston. Visit Centennial Ventures at http://www.centennial.com.
About Columbia Capital
Columbia Capital is a venture capital firm specializing in the communications and information technology industries. Founded in 1989, Columbia Capital has helped establish more than 100 early stage ventures and currently manages more than $1.5 billion in capital. Columbia Capital has been an active participant in the wireless communications industry since its formative period nearly 20 years ago. In the wireless communications and entertainment categories specifically, Columbia Capital has been a founding investor in such notable successes as XM Satellite Radio, Nextel Communications, WNP Communications, Advanced Radio Telecom, NeoWorld Communications, and Digital Television Services. Columbia Capital has also helped establish numerous other successful wireless service providers including MetroPCS, Mobile Satellite Ventures, Revol Wireless, Coral Wireless, and WCS Wireless. For more information, visit Columbia Capital at http://www.colcap.com.
About ICG Communications
ICG Communications, Inc. is a Colorado-based telecommunications company that provides voice and Internet services to businesses, government agencies and resellers doing business in Colorado and Ohio. With its extensive network, ICG Communications delivers better bandwidth through fiber that is close to its customers. ICG products and services include Ethernet transport services; Private Line transport services; dedicated Internet access (DIA); PRI; VoicePipe(TM), ICG's hosted VoIP product; iConverge(TM), ICG's converged voice and data product; and Long Distance. ICG provides flexible and reliable services to Internet intensive businesses, carriers, ISPs, VARs, government agencies, Fortune(R) 500 companies, and small- and medium-sized businesses. For more information about ICG Communications and its services, visit the company's Web site at http://www.icgcomm.com or call ICG's customer service department at 1-888-424-4440. Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Richard C Grange http://profnet.prnewswire.com/ud_public.jsp?userid=482820 Tim Bradley http://profnet.prnewswire.com/ud_public.jsp?userid=10003546 Guy McAree http://profnet.prnewswire.com/ud_public.jsp?userid=10008607
Source: prnewswire
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