Azure Solutions Raises Further $15 Million Investment

Investment to expand Azure's next-generation telecoms revenue-assurance portfolio and global roll-out

Summary

Azure Solutions, the revenue-assurance company, today announced that it has secured a further $15 million of funding.  This round of funding was led by Doughty Hanson Technology Ventures with additional financing coming from Intel Capital. Existing investors New Venture Partners (NVP), AG Edwards and Hexagon Investments also contributed.  NVP managed the spin-out of Azure from BT in 2003 and acted as the lead financial investor.

The funding will be used to develop further Azure's next-generation telecoms revenue-assurance portfolio and accelerate the company's geographic expansion across the Americas and Asia Pacific.  Additionally, Jerry Ennis, at Doughty Hanson Technology Ventures will be joining Azure's board of directors.

Azure enables communications operators worldwide to reduce losses and safeguard profits from malicious and unintentional revenue leakage. Global operator revenue losses are currently estimated at 10.7 per cent of turnover (Analysys/Azure Solutions, 2004).  This equates to over one hundred billion dollars of lost revenue and this figure is likely to increase with the emergence of next-generation telecoms services and technology. 

John Cronin, president and CEO of Azure Solutions, said:

"To attract funding from companies of the calibre of Doughty Hanson and Intel Capital is a real endorsement for Azure. Part of the funding will be used to maintain the leadership position of our award-winning revenue-assurance portfolio for circuit-switched, IP and 3G networks.  We will also increase our global support for existing and new customers, especially tier 1 operators such as BT, KPN, Vodafone, Telenor and Verizon that we are already working with."

Jerry Ennis, said:

"We identified Azure as the star performer in the revenue-assurance market.  It already has a broad base of tier 1 carriers, excellent technology and a strong management team.  This is a great time to be involved with the company, as there will be many opportunities with operators needing to maximise revenues through next-generation networks and services."

Damien Callaghan, investment manager at Intel Capital, said:

"For next-generation networks to be commercially viable, revenue assurance is vital.  We see Azure as a key company in this. The provision of cost-effective, high bandwidth and improving mobility to computing and communications users is of great interest to Intel.  The importance of Azure's role in making this happen has been recognised by the company's peers through industry awards." 

Azure was advised by Close Brothers Corporate Finance.

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