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April 13, 2005

PacketExchange gains third investment and eyes expansion

IP network service producer PacketExchange has received GBP 3m ($5.7m) in a third round of funding from merchant banker Cazenove Private Equity in exchange for a for a minority stake and a board seat at the London, UK-based company.

By CBR Staff Writer

The funding is the last of three deals the company was seeking. Last year PacketExchange received two separate investments, one from the Bank of Scotland Equity and the other from GPX, a pure-play venture capitalist.

Speaking to ComputerWire, PacketExchange chief executive Kieron O’Brien confirmed that the funding will be used to fund international expansion in Europe and the US. Specifically, the company is looking to cement its presence in France, Germany, and the Netherlands, before moving on to the US.

Founded in 2002, PacketExchange delivers connection services that allow companies to manage internet data flow delivered over an Ethernet connection. It has a 600-strong client base that includes Microsoft, Telewest, Yahoo and Blue Square.

In January it acquired XchangePoint for an undisclosed amount.

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