14 October 2003 Stockholm -- Transmode Systems has closed an additional USD 10 million round of funding, led by Pod Holding. Existing investors, Amadeus Capital Partners and European Equity Partners, also participated in the round.
The financing round was completed on 8 October 2003 with a major share carried by Pod Holding, bringing the total funds collected to USD 28 million since 2000. Pod said it was attracted to Transmode because of its "strong business concept, its management and by its track record".
Transmode has grown over the past two years despite turbulent and tight market conditions, adding 25 new customers since Q1 2003.
The company recently strengthened its product portfolio releasing a family of aggregators and a next-generation transmission system based on managed pluggable transponders. These deliver dramatic cost efficiencies and redefine the price/performance benchmark for metropolitan and access networking.
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.
"We are very pleased to welcome Pod Holding as investors in Transmode", said Transmode's chairman Rune Hurtig. "Pod Holding's know-how will bring experience to our Board of Directors. Clearly, their extensive Nordic-US network is a benefit for us."
Pod Holding's md, Tom Nyman said, "We are delighted to become part of Transmode's success story. 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."
Isaac Olasoko, Transmode's CEO, said, "This capital injection will strengthen our product portfolio, develop new markets and reinforce Transmode's overall organisation."