XConnect announced that it has secured $10 million of equity funding from Young Associates, the London-based, private investment firm headed by Lord Young of Graffham, and existing investor Crescent Group. This significant cash injection will enable XConnect to grow its portfolio of products and services, expand its customer base and enter new markets…
XConnect announced that it has secured $10 million of equity funding from Young Associates, the London-based, private investment firm headed by Lord Young of Graffham, and existing investor Crescent Group. This significant cash injection will enable XConnect to grow its portfolio of products and services, expand its customer base and enter new markets.
Through its award-winning suite of Federation-based Interconnection and ENUM Registry services, XConnect offers the most comprehensive and reliable solutions to help service providers deliver IP voice, video and data communications on a cross-network basis while improving service quality and reducing costs.
XConnect operates Federations in Germany, the Netherlands, South Africa, Korea and Scandinavia, and manages the largest global IP peering federation, the Global Alliance.
Young Associates specialise in investments in companies in the communications, information technology, software, and Internet technology sectors.
As part of the new investment, Simon Alberga and Yoav Kurtzbard of Young Associates have joined the XConnect Board of Directors.
Simon Alberga said: “XConnect is a pioneering company in a fast-growing area of global communications services. With our UK base and experience, we look forward to the expansion of XConnect’s UK activities enabling rapid adoption of cross network IP communications, delivering substantial cost savings, quality improvements and new video and enhanced services for the benefit of service providers and their customers.”
Yoav Kurtzbard added: “In addition to supporting the continued rollout of XConnect’s federation services, we are also excited by XConnect’s plans to deliver video and Unified Communication services into its existing customer base and new national and regional markets.”
XConnect’s chief executive officer, Eli Katz, said, “This is a tremendous development for the company. The investment will allow us to continue the momentum in deploying Federation-based services globally, and drive growth through product development and innovation in important emerging areas such as mobile VoIP, WebRTC, security, and cloud-based solutions.”
“We are delighted to welcome Young Associates, an experienced technology investment firm, along with our existing investor Crescent Group, which also participated in this round of investment. Both organisations have the vision and skills to guide the company through this exciting growth phase.”
View more of the latest press releases from across the industry or post your company's news.