FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Overture Secures $10MM Facility With Horizon Technology Finance

June 04, 2013, 07:39 AM
Filed Under: Technology

Overture, innovating at the metro edge for service providers and network operators worldwide, announced it has secured a $10 million venture loan facility with Horizon Technology Finance Corporation, a leading specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies.

The new facility follows a recently announced $8 million equity investment that includes an opportunity to secure up to $11.7 million. With a potential combined total of more than $20 million, this new facility will accelerate the company’s introduction of its Ensemble Open Service Architecture and continue the expansion of its Carrier Ethernet product portfolio.

“We are excited to add Overture Networks to our expanding, quality investment portfolio,” stated Gerald A. Michaud, President of Horizon. “This $10 million facility will strengthen the company’s ability to help network operators and service providers globally to greatly improve operational efficiencies and introduce new revenue-generating services. Overture, with its advanced solutions and experienced leadership team, is well positioned for continued growth.”

“Obtaining financial backing from Horizon lends credence to the strength of our business model that is built on optimizing service creation, activation and assurance for our customers,” said Mike Aquino, president and CEO, Overture. “These new funds could bring the total to more than $20 million in new operating capital. This will allow us to advance software-defined and virtualized network services and continue to lead the market with the best and most innovative Carrier Ethernet solutions for service providers and operators around the world.”

Overture is the preferred provider of Carrier Ethernet solutions for the metro edge.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.