Narus Closes $15 Million in Additional Funding On Customer Momentum and Lands Ex-Telcordia Executive as CEO
PALO ALTO, Calif.--(BUSINESS WIRE)--May 28, 2002--Customer Wins Including Japan's Mobile Internet Leader KDDI Validate Narus Technology in Growing Market
Narus Inc., which delivers the ultimate performance convergent OSS mediation solutions for leading global service providers, today announced it has closed an additional $15 million in funding from investors that include JP Morgan Partners, Intel Communication Fund, Mayfield , NeoCarta Ventures, Walden Ventures and Bowman Capital. Narus has also appointed a new president and CEO: Peter Green, who brings more than 20 years of telecom industry experience to Narus, most recently from Telcordia Technologies where he was vice president and general manager of Customer Care and Billing.
"With the downturn in the telecom market, carriers have seen particular value in how Narus' OSS mediation technology can help them offer their customers new and enhanced services, and reduce operating costs," said Narus Founder and Chairman Ori Cohen. "This customer momentum and our new, fully funded status equip us to build our business, further develop our products and expand our international presence."
Customer and Partner Momentum Validates Market
"During the past year, industry heavyweights Amdocs and Cap Gemini Ernst & Young joined forces with Narus to market its solutions as part of their own market-leading billing and system integration offerings, respectively. Most recently Narus added to its global, tier-one customer base with a number of major wins including Japan's KDDI, pioneers in delivering next-generation Mobile Internet services to a rapidly growing consumer market.
Narus' customer and partner momentum is being driven by its business solutions for the growing OSS mediation market. Narus' technology and products play a major role in many different types of networks, including broadband, transport and wireless. In the wireless market, the company is experiencing increasing demand for its products as advanced services are rolled out for 2.5G, GPRS and 3G networks. For example, using Narus solutions, KDDI recently rolled out the first true content-based billing services to meet subscriber demand for next-generation data services on mobile devices.
Additionally, with detailed customer usage intelligence from Narus, KDDI has created a lucrative new business model with content developers that attracts their subscribers and keeps them coming back for more.
"Today more than ever, the telecom industry needs solutions like Narus'. Once service providers understand how customers are using their network services, they can develop and manage a profitable business around that information," said Yogen Dalal, a managing partner at Mayfield. "Narus allows them to do precisely that, which is why we have always believed in Narus and continue to support them. The combination of the additional funding and Peter Green's leadership sets Narus up for success."
Industry Expert Joins Narus
Green brings a long history of telecom industry experience to Narus from his former positions at Telcordia, Sema Group and Hewlett Packard. He is credited with building Telcordia's customer care and billing business into a significant force, and developed Sema's wireless and billing businesses in both the US and Canada. Over the course of 17 years with HP, Green headed up major initiatives in both the telecommunications and computer fields. In addition to this experience with large enterprises, Green also demonstrated success with smaller high-growth companies, including a privately held data storage software start-up where he grew staff and revenues to secure a profitable sale of the company.
"I recognize best-of-breed technology and intellectual property in this segment, and Narus is by far the leader," said Green. "My career has been about identifying opportunities, developing them and managing them in the marketplace. With full funding, a powerful business proposition and a stellar list of satisfied tier-one carrier customers, Narus is now extremely well positioned to exploit growth opportunities in US and international markets. As this industry transitions out of its current downturn, Narus solutions are first on the 'buy' list for these customers because they enable new services to be delivered, billed and managed - a key to increased revenues and premium profits."
Cohen added, "I am delighted that a seasoned leader like Peter has recognized the value and opportunity in Narus. His experience in the telecom industry, matched with his skills in developing and managing market-leading teams, makes a powerful addition to our company. We look forward to growing our market and technology leadership in the coming months and years."
Narus (www.narus.com) delivers the ultimate performance OSS mediation solutions for market-leading service providers. Narus solutions generate and act on extremely detailed customer usage intelligence, in real time, to increase profits for its clients. Tier-one service providers worldwide in the broadband, managed service, transport and Mobile Internet markets use Narus solutions to launch profitable new services for their customers. The company, headquartered in Palo Alto, California and with offices throughout North America, Europe and in Japan, is privately held.
CONTACT:Narus Laura Malone, 650/475-9258 or Technovative Marketing for Narus Kevin Compton, 650/213-8400 13:10 EDT MAY 28, 2002