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Archive 2001

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Pactolus Secures $6M in Venture Capital Financing

June 18, 2001 - Westford, MA

Pactolus Communication Software, Inc., a leading provider of XML-based enhanced services solutions for SIP-enabled networks announced the completion of its second round of institutional financing, totaling $6 million. Commonwealth Capital Ventures (Boston, MA - www.commonwealthvc.com) led the round, with additional investment coming from YankeeTek Ventures (Cambridge, MA - www.yankeetek.com), and Mid-Atlantic Venture Funds (Reston, VA - www.mavf.com).

"Pactolus made some technology and market decisions early in its life that turned out to be the right choices," said Michael Fitzgerald, General Partner and founder of Commonwealth Capital Ventures. From a technology perspective, SIP, XML, service creation tools, and pre-packed applications are resonating as the right approach from the market today. And while other companies were pursuing the access part of the network to deploy SIP-based infrastructure and services, Pactolus correctly decided on building trunk-side applications that attach to media gateways, such as prepaid calling card and conference calling. Next generation networks are not about bandwidth, they're about proven, value added services. Pactolus' technology is fundamental to making that happen."

"Pactolus is positioned very well in a rapidly developing market," comments Howard Anderson, Senior Managing Director, YankeeTek Ventures. "They have built many strong technical and business relationships with companies that have developed industry leading products in the converged network space. This is giving Pactolus a great deal of traction with service providers building out next generation networks, especially those providers converging on IP in the core of their networks."

"This funding validates Pactolus' technology leadership and market awareness," said Paul Blondin, Chairman and CEO of Pactolus. "The new capital will enable Pactolus to bring to market its fully developed RapidFLEXTM Application Server and trunk-side, enhanced services application suite."

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