ADC Launches $100 Million Venture Capital Fund
Business Wire - March 06, 2000 06:14
MINNEAPOLIS--(BUSINESS WIRE)--March 6, 2000--
Fund to Invest in the Next-Generation of
Optical, Internet Protocol and Software Technologies
ADC (Nasdaq: ADCT, www.adc.com), a leading global supplier of network equipment, software and integration services for broadband, multiservice networks, today announced the formation of ADC Ventures, a venture capital fund. ADC Ventures is a private venture fund focused on investing in emerging and start-up companies in the United States, Europe and Israel who are engaged in developing high-performance, next-generation broadband communications technologies. The fund will work closely with entrepreneurs and co-invest with other venture capital firms to maximize value for each stakeholder.
ADC Ventures will be managed by Robert Switz, senior vice president, chief financial officer and head of business development at ADC. The fund will have offices in Minneapolis; Boston; Mountain View, Calif.; and Herzliya, Israel.
"In today's rapidly evolving world of broadband communications, the ADC Ventures fund will provide ADC a tool to increase its ability to participate early in the development of next-generation optical, Internet Protocol (IP) and software technologies that can benefit our customers' deployment of broadband, multiservice networks," said Switz. "The fund's investment strategy is to invest in these new and emerging technologies that are closely related to ADC's three core businesses - network equipment, software and integration services supplied to broadband communications service providers."
Outside of the ADC Ventures fund, ADC currently has investments in 12 companies, including Siara Systems, Efficient Networks, Optical Networks, Vyyo, Mind CTI, Tdsoft, G-Connect and Ensemble Communications, with a cost basis of approximately $40 million and an estimated market value of $1.2 billion.
More information on the ADC Ventures fund can be obtained by calling 612-946-3333 for Gokul Hemmady, vice president and treasurer of ADC, who will co-manage the fund.
About ADC
ADC Telecommunications, Inc. is a leading global supplier of network equipment, software and integration services for broadband, multiservice networks that deliver data, video and voice communications over telephone, cable television, Internet, broadcast, wireless and enterprise networks. ADC's broadband, multiservice network solutions enable local access, high-speed transmission and software management of communications services from service providers to consumers and businesses over fiber-optic, copper, coaxial and wireless media. Headquartered in Minneapolis, Minnesota, ADC has approximately 14,400 employees around the world and annual sales of $2.1 billion. ADC's stock is included in the Standard & Poor's 500 Index and the Nasdaq-100 Index. For additional information, visit our Web site at www.adc.com.
CONTACT: ADC Telecommunications, Minneapolis
Rob Clark - ADC Corporate Public Relations
612.914.6355
rob_clark@adc.com
OR
Mark Borman - ADC Investor Relations
612.946.3338
mark_borman@adc.com
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