14 October 2003 Stockholm Lightwave--Transmode Systems AB, a supplier of transmission equipment, announced today that it has closed an additional $10 million (USD) round of funding, led by Pod Holding. Existing investors, Amadeus Capital Partners and European Equity Partners (EEP), also participated in the round.
"This additional capital injection will be used to further strengthen our product portfolio, develop new markets and reinforce Transmode's overall organization," says Isaac Olasoko, chief executive officer. "We now want to focus on augmenting our customer value proposition, and subsequently create enhanced value for our existing and new shareholders."
The financing round was completed on October 8, 2003 with a major share carried by Pod Holding, bringing the total funds collected to $28 million (USD) since 2000. Pod Holding was attracted to Transmode based on the company's strong business concept, its management, and by its track record.
"We are very pleased to welcome Pod Holding as investors in Transmode," says Transmode's chairman Rune Hurtig. "Pod Holding's unparalleled know-how will bring proven operational experience to our Board of Directors. Clearly, their extensive Nordic-U.S. network is a benefit for us."
"We are delighted to become part of Transmode's success story and I look forward to working with the company to build on its impressive foundation," states Tom Nyman, co-founder and managing director, Pod Holding. "We are convinced that as investors we will be one of the enabling forces to help Transmode move to the next stage in its development path. We will work actively with both the company and the other investors to unlock the company's full potential."
Transmode has grown over the past two years despite turbulent and tight market conditions, adding 25 new customers since Q1 2003. These developments further establish Transmode as a supplier of cost-effective, pay-as-you-grow optical access solutions. Additionally, the company recently strengthened its product portfolio releasing a family of aggregators and a next-generation transmission system based on managed pluggable transponders.
Existing investors Amadeus and EEP have again demonstrated their confidence in Transmode's business plan and the company's ability to execute its strategies by participating in this supplemental round.