Digiquant, a global provider of software infrastructure for the communications industry, has received $8 million in additional equity funding.
The company has now raised $72 million since 1999, when it was known as Belle Systems.
General Atlantic Partners (GAP), a global private equity investment firm and an existing investor in the company, led the financing round. Current Digiquant equity investors Cisco Systems, Index Ventures, and Vertex Management also participated, as well as the company’s original founders. The additional funds will be used to finance company operations as it continues on the path to profitability, Digiquant says.
“Our ability to raise capital in today’s market conditions is a positive reflection on our technology and management,” Erik Froberg, chief executive officer and president of Digiquant, said in a press release.
Last April, Digiquant secured $20 million in additional equity funding, also led by GAP with participation from the same investors as this latest round. The company said it used the funding to increase market penetration, propel development and deployment of its Internet Management System and continue the company’s global expansion begun in 2000.
Digiquant, with its American headquarters in Atlanta since March 2000, was founded in 1994 as Belle Systems in Denmark. In March of 1999, the company received $8 million from Vertex, Index and Cisco Systems, which has a major facility in RTP. Later that year, these same investors joined GAP to infuse another $36 million in Belle Systems, which changed its name to Digiquant in November of 2000.
Digiquant says its IMS solution is a multi-service platform featuring convergent billing capabilities and providing the highest flexibility in rate plan definition. IMS is used by operators and service providers that hope to quickly and cost-efficiently launch new IP-based services, the company says.