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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: TraderXx who wrote (4086)	1/25/2000 1:04:00 AM
From: Jeffrey D	Respond to of 15615

Global Crossing Ventures. Jeff << Spring Tide Networks Secures $38.9 Million in Third-Round Financing From Meritech, Global Crossing Ventures, Inc., Lucent, Sumitomo -------------------------------------------------------------------------------- Story Filed: Monday, January 24, 2000 8:16 AM EST BOXBOROUGH, Mass, Jan 24, 2000 (BUSINESS WIRE) -- Investments from high-profile partners and major service providers boost total growth capital to $62 million Spring Tide Networks Inc. today announced it has secured $38.9 million in third-round funding. The latest round of funding will fuel the company's drive to become the leader in empowering network service providers to easily offer a rich set of business-quality Internet protocol (IP) services. The investment was led by late-stage venture capital fund Meritech Capital Partners, and included Sumitomo Corporation, Lucent Technologies and Global Crossing Ventures Inc., the venture capital arm of leading service provider Global Crossing. They join returning investors North Bridge Venture Partners, Matrix Partners and Oak Investment Partners. This round of funding will support Spring Tide's growth as the company continues to gain customers and broaden it's carrier-class product offering. "Spring Tide has assembled a very high caliber management team to address a key issue in the carrier space," said Michael Cohen, Global Crossing Ventures, Inc. "In order to retain customers, service providers will need to offer services ranging from network-based VPNs to user-specific business-enabling applications. The ability to be first to market to provide these services will create a significant competitive advantage." Any-to-any IP switching Specifically designed to power the new business-quality public IP network, Spring Tide's IP Service Switch 5000(TM) is a new class of product that makes offering business-quality network services as straightforward as offering common telephone services. The IP Service Switch 5000 is the only "any-to-any" tunnel switch, capable of full service delivery and total access to services for any user, any service, any place, any time. No other vendor brings this kind of carrier-class performance, scalability and flexibility to network services. "Spring Tide has emerged as a solid leader in a product category it has largely helped to define: carrier-class equipment enabling the wide-spread deployment of business-quality IP services," said Mike Gordon, managing director at Meritech Capital Partners. Service providers are seeking ways to establish a service layer in the public IP network through which they may easily and profitably deploy new, value-added services without installing sophisticated customer-premise equipment. Spring Tide's IP Service Switch will play a key role in establishing this service layer and enabling these services." As a versatile platform for rapidly deploying new IP services, the IP Service Switch serves as a single service delivery point in the carrier network, eliminating the need for costly and complex multi-device solutions. "We are very pleased to be supported by such top tier investors as Meritech, Global Crossing Ventures, Inc., Lucent and Sumitomo," said Allan Wallack, president and CEO of Spring Tide Networks. "Our investors have provided a total of $62 million in funding to date, and this latest round, from returning and new high-profile sources will support our growth as we continue to expand our product portfolio, grow our infrastructure, and add customers and partners." About Spring Tide Spring Tide Networks develops carrier-class networking equipment that extends a rich set of business-quality IP services anywhere in the new public IP network with the same reliability and simplicity as the telephone network. Spring Tide's Pipelined Packet Flow(TM) architecture guarantees performance, scalability and flexibility across a greater variety of network services than any competing solution. The Boxborough, Massachusetts-based company is privately owned and venture-capital funded. For more information visit the company Web site at www.springtidenet.com.