Storm Telecommunications announces unique 'o-commerce' strategy following management buy out; Affiliates of Soros Private Equity Partners invest in first optical networking services venture.
M2 PRESSWIRE-14 February 2000
London, UK -- Storm Telecommunications Limited (Storm) announces its goal to be the first international Optical-switched Service Provider (OSP) offering unique intelligent optical networking solutions which move business for the first time into the 'o-commerce' arena.
'o-commerce' is Storm's bandwidth-on-command approach that meets the needs of event-driven, high growth communications and e-business companies.
The Storm management today completed the purchase of Storm with the backing of Affiliates of Soros Private Equity Partners. This strategic investment by Soros will enable Storm to launch a revolutionary intelligent optical mesh network across Europe and the US.
In the coming months Storm will market StormWave - a differentiated portfolio of switched optical services, offering flexible, scaleable and re-routable bandwidth to match the demand of modern day volatile data traffic flows.
"It is extremely rare that the opportunity to be 'first' presents itself in the dynamic and evolving communications sector," said Steve Sanderson, Chief Executive Officer of Storm.
"Riding on the back of the revolution in optical switched technology, Storm's strategy will deliver flexible, affordable services that scale.
Moving away from 'Dumb' WDM networks, we will deliver valuable intelligent optical networking solutions that will enable new e-business markets by providing practical solutions that enhance growth." -more- Storm customers will also enjoy unprecedented levels of service and control offered by Storm's intelligent web-based network provisioning and management system.
Ramez Sousou, of Soros Private Equity Partners added, "We are fully committed to this new strategic direction for Storm and are backing this exceptional management team to deliver the intelligent optical bandwidth products that customers are demanding. The pan-European and US fibre network that the management have secured is the first step towards this goal."
By implementing its intelligent optical network, Storm continues to demonstrate its commitment to meeting the evolving needs of customers with targeted business solutions. Storm's voice carrier business customers will also benefit from the new intelligent optical network.
Storm retains good links with its founding shareholders who will continue to be Storm's customers and suppliers in the future.
The Storm Management team was advised by Deloitte and Touche Corporate Finance in the MBO transaction.
About Storm Telecommunications
Storm Telecommunications, was originally founded in 1998 by 3 shareholders: Telenor AS of Norway, IXC Communications, Inc. and Clarion Resources Communications. It has grown from start-up to a substantial company with strong revenue growth and operations in 8 countries, and 11 international gateway voice switching hubs since the first voice traffic was passed in August 1998. In February 2000, Storm's management completed an MBO backed by Affiliates of Soros Private Equity Partners to place Storm's new intelligent optical network in prime position to meet the e-business challenges of the new Millennium.
About Soros Private Equity Partners
Soros Private Equity Partners LLC, an investment affiliate of Soros Fund Management LLC, is responsible for making direct private equity investments on behalf of Quantum Industrial Partners LLC, the principal operating subsidiary of Quantum Industrial Holdings Ltd., a $3.0 billion investment fund, and certain other affiliates of the Quantum Group of Funds.
CONTACT: Liz Houghton/Chris Moseley, Miller/Shandwick Technologies Tel: +44 (0)20 7240 8666 e-mail: lhoughton@miller.shandwick.com
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