Reef Point raises $25 million in funding from One Equity Partners
Burlington, MA - Reef Point Systems, the technology leader in convergence gateway platforms and solutions for fixed-mobile convergence (FMC) networks, announced today it has closed $25 million in its Series 2 round of funding led by new investor One Equity Partners II, L.P. (OEP), the private equity investment arm of JPMorgan Chase & Co. Returning investors in the round include American Capital Strategies, Ltd. and Jerusalem Venture Partners (JVP).
The new funds will be used to further build Reef Point's market profile and expand the distribution network of partners and integrators for its Universal Convergence Gateway (UCG) product line. The company also will make investments to expand its customer services and support organizations to speed the transition from telecommunications service provider trials to commercial deployments of its UCG-based solutions.
"This new investment validates the strength of Reef Point's market-ready offering and provides us the means to meet the explosive demand from service providers for FMC solutions worldwide," said Woody Ritchey, Chief Executive Officer of Reef Point. "The participation of JPMorgan and OEP brings more than financial capital. Their expertise in telecom and technology, deep relationships and growing portfolio of related investments opens up exciting possibilities during this dynamic evolution in the global communications industry."
"We are equally pleased to have the continued support of our existing investors, American Capital and JVP, by their participation in this funding round and by their ongoing added value at the board level," noted Ritchey.
David Walsh, Partner at OEP, has been named to Reef Point's Board of Directors. Mr. Walsh, who built and operated a number of large, global telecommunications companies before joining OEP, is Chairman of WestCom Corporation and Vercuity and also sits on the boards of NexTone Communications and Last Mile Connections.
"Reef Point's Universal Convergence Gateway leads the FMC market along every dimension - feature set, interoperability, performance and scale," said Walsh. "Reef Point has a 12 to18 month lead in a market whose growth is being driven by increasing demand among consumers and enterprises for unified communications services. This financing round will enable Reef Point to fully support the expansion of mass-market deployments that the FMC market will experience over the next few years."