Amadeus Capital Partners has led a 15 million euro financing for PacketFront, a Stockholm-based company that provides systems that manage the end-to-end delivery of multiple broadband services for telecom operators. EEP and TLcom, existing investors in the company, are also participating in this third institutional round.
PacketFront was founded in 2001 by a team, led by Martin Thunman, who had previously worked together at Bredbandsbolaget (B2) and at Cisco Systems. Today, the company has over 20 customers in Europe and North America, and is now targeting telecom operators in Asia and the USA. PacketFront’s systems allow operators to offer and manage a wide range of different data, voice and video ‘triple play’ services simultaneously over a common network infrastructure. They also reduce operating costs through substantially increased automation of installation, service creation and customer provisioning.
Amadeus Venture Partner, Simon Cornwell, who joins PacketFront’s Board, says: ‘As more and more service providers and network owners understand the revenue potential in triple play services over high-speed broadband networks, PacketFront has a major opportunity’. The company’s track record of attracting customers has made it a market leader in Europe. We believe it now has the potential to become a global leader in creating the infrastructure for the broadband networks of the future. We are delighted to be investing in the company at this stage and look forward to working closely with Martin and his team, alongside our co-investors, EEP and TLcom, to support the company’s growth’.
‘In today’s market, only companies that can show strong customer interest and strong demand for their products are able to attract funding from new investors,’ says Martin Thunman, CEO at PacketFront. ‘We are, therefore, extremely delighted to have a distinguished venture firm like Amadeus join our group of investors. Closing this round of financing is a milestone for PacketFront and will allow us to grow our global sales organisation and increase our investment in product development and marketing’.