Latest Xelor Software News
Apr 26, 2019
September 14, 2005 12:01 PM Eastern Daylight Time SALEM, N.H.--( BUSINESS WIRE )--Sept. 14, 2005--Xelor Software(TM) today announced the successful completion of its Series B financing, which secured $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 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 $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 organization 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 for 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 strength of its technology and its management team, which provides the expertise required to launch and grow a successful enterprise software company," said Still River Funds' 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 Still 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 at Xelor Software. "Bill's extensive operational experience and knowledge of the telecommunications industry will be very useful as we bring our proactive solutions for resolving IP telephony quality issues to market. And Craig's financial acumen and experience in nurturing startup companies will 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 with 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. About Still River Funds Still River Funds, based in Waltham, Mass., specializes in the information technology, communications and life sciences industries. The firm invests in dynamic growing companies that have created cutting edge products or services with the potential to play a dominant role in the industries they serve. About Starfish Ventures Established in 2001, Starfish Ventures is an Australian owned venture capital fund manager seeking superior returns through active investment in companies with innovative technology. Starfish Ventures manages funds with committed capital of approximately $180 million and invests in all technology sectors including information and communications technology, biotechnology and life sciences, industrial technology, and material sciences. The team's track record includes Australian technology success stories ResMed, Moldflow, Preston Aviation Solutions and Sirtex Medical. For more information visit www.starfishventures.com.au . About Xelor Software Xelor Software Inc., headquartered in Salem, N.H., is the developer of the first proactive solutions for service quality management (SQM) for enterprises deploying IP telephony systems. The software is the only SQM solution that unleashes the power of an enterprise's existing networking infrastructure, enforces service quality policy end-to-end, and controls network resources for realtime IP communications on a proactive basis. More information on Xelor is available at http://www.xelorsoftware.com . Xelor Software and Xelor are trademarks of Xelor Software Inc. All other products or services referenced may be trademarks or service marks of their respective companies or organizations.