Overture expands with $8M in equity funding

Overture Networks Inc. says it has secured an initial equity investment of $8 million, with an opportunity to raise up to $11.7 million, to support new software, hardware, and service development initiatives.

The company says the new funds will accelerate the introduction of its Ensemble Open Service Architecture (OSA) software and services as well as ongoing development of its Carrier Ethernet product portfolio. Five of the top seven Carrier Ethernet service providers worldwide and eight of the ten USA-based Carrier Ethernet service providers deploy Overture’s products, the company claims.

Overture also announced the opening of two new development centers that will augment the company’s existing engineering team based in its Research Triangle Park, NC, headquarters. The new facilities are located in Westford, MA, and Bangalore, India, and are currently being staffed.

“Our industry is changing rapidly around advancements in software-defined and virtualized network services, initiatives that will enable us to advance Overture’s market leadership position in Carrier Ethernet,” said Mike Aquino, president and CEO, Overture. “We are energized by the investor commitment this funding represents. It will allow us to drive innovation to help service providers deliver a winning customer experience to their end users.”

For more information on Carrier Ethernet equipment and suppliers, visit the Lightwave Buyer’s Guide.