Prime Carrier raises €5.5m second round
Dateline: 10 December 2003
Prime Carrier, the leading provider of margin optimisation solutions to telecom companies around the world, has announced its second round funding of €5.25m million. New investor ACT Venture Capital joined existing investors Delta Partners, Ion Equity and Hot Origin. Mr. Kieron Branagan of ACT Venture Capital joins the board of Prime Carrier. Prime Carrier was advised by corporate finance house Ion Equity.Established in December 2000, Prime Carrier is headquartered in Dublin with offices in London and Denver, USA. It currently employs 35 and plans to increase that to 50 over the next 18 months.
Prime Carrier develops solutions for telecommunications carriers, which manages the process of sending traffic onto other carrier networks. Most international and many national calls are switched onto other carrier networks (referred to as “carrier interconnect”). Carrier interconnect is a very complex business and technical challenge, which cannot be effectively managed with existing tools and manual processes. For the first time, Prime Carrier’s pioneering MOST Vä solution allows carriers to control carrier interconnect, generating significant cost savings and improved business management.
Prime Carrier has signed a number of significant deals with leading carriers around the world and currently has over 20 customers on three continents including some of the leading names in the industry, such as KPN in the Netherlands.
Mr. Vincent Browne, founder and CEO of Prime Carrier said, “We will be using this funding to capitalise on our leadership position in carrier interconnect software. The funds will enable us meet the rapidly emerging market demand from telecom operators in Europe, US and Asia. We welcome this investment from leading venture capitalists, which in the current market is a serious endorsement for our technology and business strategy.”