SALEM, N.H., Sept 14 2005 -- Xelor Software today announced the succesful completion of its Series B financing, which secured US$6 million in new capital. The round was led by a new U.S. investor, Still River Funds, and included participation by the company's three existing Australian investors - Technology Venture Partners of Sydney, Starfish Ventures of Melbourne and Foundation Capital of Perth.
As part of the funding, Xelor Software appointed Bill Stuart, general general partner of Still River Funds, and Craig Moore, investment director of Starfish Ventures to its board of directors.
The company has now raised a total of US$10.6 million to support the development and introduction of the company's service quality management software, which resolves the reliability, performance and quality problems associated with the deployment of enterprise IP telephony systems. The Series B funds will be used to fund working capital and capital expenditure requirements for expanding the company's engineering, marketing, sales and customer service teams that are bringing the Xelor family of solutions to market.
“Securing the participation of a U.S. venture firm signifies the ongoing transformation of Xelor software from its initial Australian-based R&D organisation into a market-ready supplier of software for the fast-growing IP telephony market,” said Rob Scott, president and CEO of Xelor Software. “The financial backing of Still River and renewed commitments by our existing investors represent votes of confidence of our corporate strategy and the vast potential created by our proactive software solutions for deploying and managing IP telephony service quality.”
“We identified Xelor Software as an exciting investment opportunity based upon the strnegth of its technology and its management team, which provides the expertise required to launch and grow a successful enterprise software company,” said Still River Fund's Stuart. “With IP telephony growing rapidly, Xelor Software has a tremendous opportunity to provide the missing tools and techniques required for deploying quality of service on the converged network.”
“I'm particularly pleased that Stil River Funds has joined our existing investors and that Bill Stuart and Craig Moore have joined our board of directors,” said Rob Newman, investment director at Foundation Capital and chairman of the board of Xelor Software. “Bill's extensive operational experience and knowledge of the telecommunications industry will be very useful as we bring our proactive solutiosn for resolving IP telephony quality issues to market. And Craig's financial acumen and expertise in nurturing startup companies wil be extremely valuable as Xelor Software experiences its next stage of growth.”
At Starfish Ventures, Moore manages the deal flow, the evaluation of new opportunities and the monitoring of existing portfolio companies. Prior to Starfish Ventures, Moore worked for GE Equity, where he was actively involved in the private equity business of GE Capital, including screening investment opportunities, contract negotiations, financial modeling and due diligence. Moore previously worked at PricewaterhouseCoopers preparing financial due diligence reports and valuation assignments for venture capital and industry buyers.
Pricing and availability for Xelor Software's service quality management software will be announced Sept. 30, 2005.
For further media information contact:
Steven Guthrie, Vice President of Marketing
5 Industrial Way, Suite 2A
Salem, NH 03079
Tel: 603 327 0400