Overture is gearing up for more growth with another infusion of capital.
Morrisville-based Overture, a provider of technology and services for Ethernet-based broadband worldwide, has lined up $10 million in financing in addition to $8 million in equity funding disclosed last week.
“Obtaining financial backing from Horizon lends credence to the strength of our business model that is built on optimizing service creation, activation and assurance for our customers,” said Mike Aquino, Overture’s CEO in a statement. “These new funds could bring the total to more than $20 million in new operating capital. This will allow us to advance software-defined and virtualized network services and continue to lead the market with the best and most innovative Carrier Ethernet solutions for service providers and operators around the world.”
Overture secured the funding in the form of a venture loan facility from Horizon Technology Finance Corporation.
“This $10 million facility will strengthen the company’s ability to help network operators and service providers globally to greatly improve operational efficiencies and introduce new revenue-generating services,” said Gerald Michaud, Horizon’s president. “Overture, with its advanced solutions and experienced leadership team, is well positioned for continued growth.”
With the earlier venture funding, Overture said it was adding new offices after securing $8 million new equity financing.
Overture, which is privately held, did not disclose the source of the funding.
However, the venture capital-backed firm said it also had an “opportunity” to raise as much as $11.7 million.
With the funds, Overture is opening two additional development centers beyond its Morrisville operation. The new offices are in Westford, Mass., and Bangalore, India.
Staff is now being hired, Overture said.
The company also plans to develop additional software, hardware and service offerings.
Aquino joined Overture as its CEO last September. Aquino, a former executive at Ciena, has more than 30 years of experience in the communications industry
Overture technology is used by five of the world’s seven largest Carrier Ethernet service providers and eight of the 10 leading Ethernet providers in the U.S.
Previous investors include Intersouth Partners, which is based in Durham.
In 2011, Overture merged with one of its Ethernet competitors, Hatteras Networks, which also was based in the Triangle.
Overture disclosed raising $17.2 million in 2010.
