SOMA Networks, Inc., a leading provider of last-mile broadband wireless
access technology delivering multi-megabit broadband access and
landline-quality voice services, today announced that it has secured $50
million in late-stage funding. Led by financial investors, Temasek Holdings
Pte. Ltd. (Temasek), and Morgan Stanley Venture Partners, including
participation from NeoCarta Ventures, Inc., and Endeavour Investments Limited,
this round of $35 million complements $15 million of strategic financing SOMA
Networks closed in late 2004. The financing has been earmarked for global
expansion as the company continues to deliver on numerous commercial contracts,
network expansions, and the resulting growth in both domestic and international
operations.
"During the telecom downturn, SOMA Networks continued to invest heavily in enhancing the company's industry leading broadband wireless solution," said
Pete Chung, Executive Director, Morgan Stanley Venture Partners. The company's
focus on developing a complete wireless system that meets and exceeds customer
expectations is driving impressive system performance and customer traction
now that the market for broadband wireless has heated up globally. We were
also impressed with SOMA Networks' ability to support both WiMAX and HSDPA
standards on the same platform to service evolving customer demand for
standards-based solutions. "
Temasek Holdings, a Singapore-based investment company, has significant
presence in the telecom industry with direct and indirect holdings in some of
the largest South-East Asian telecom companies in countries such as Singapore,
Australia, India, Malaysia, the Philippines, Indonesia, Taiwan, Thailand, and
Hong Kong. We look for investment opportunities that are synergistic with our
portfolio of investments. We are attracted to SOMA Network's global
opportunity, strong intellectual property, and large market potential,"
commented Dennis Siew, Managing Director of Strategic Development at Temasek.
"We are pleased to have the financial backing of world-class partners like Temasek Holdings and Morgan Stanley Venture Partners as we continue to scale
operations to serve the expanding global market," said Yatish Pathak, Founder
and Chief Executive Officer of SOMA Networks. With the strong support of such
distinguished financial institutions, SOMA Networks is well capitalized for
continued growth in our target markets, while enabling long-term R&D
initiatives to sustain and increase our technology lead."
About SOMA Networks
Integrating the latest advances in wireless broadband, distributed
computing, and Internet technologies, SOMA Networks offers the industry's
leading "last-mile" wireless broadband system. With the SOMA(TM) solution,
service providers can quickly and profitably roll out a feature-rich package
of broadband Internet access and landline-quality voice service to the
residential and small-office market. Key advantages of the SOMA solution
include its large cell size for quick and inexpensive market entry, multi-
megabit data rates, voice capabilities, non-line-of-sight access enabling
self-installation of the SOMAport(TM) wireless broadband gateway, subscriber
self-activation of services, and the ability to support both WiMAX and HSDPA
standards on a common platform. Founded in 1998, SOMA Networks has development
centers located in San Francisco, California; Richardson, Texas; and Toronto
and Ottawa, Ontario. For more information about SOMA Networks, visit our
website at http://www.somanetworks.com.
About Temasek Holdings
Temasek Holdings is an Asia investment company headquartered in Singapore. It is committed to maximising long-term shareholder value as an active
investor and shareholder of successful enterprises. Established in 1974, it
manages a diversified global portfolio of US$54 billion, spanning Singapore,
Asia and the OECD economies. Its investments are in a range of industries:
telecommunications and media, financial services, property, transportation and
logistics, energy and resources, infrastructure, engineering and technology,
as well as pharmaceuticals and biosciences. Singapore-based Temasek-linked
companies include well-known listed firms such as Singapore Airlines, SingTel,
DBS Bank, SMRT Corporation and Neptune Orient Lines. Its investments overseas
include ICICI Bank, Matrix Laboratories and the Apollo Hospitals group in
India; Bank Danamon and Bank Internasional Indonesia in Indonesia; Quintiles
Transnational Corp in the US; Hana Bank in Korea; China Power International
and China Minsheng Banking Corporation in China; as well as Telekom Malaysia.
For more information, please visit: http://www.temasekholdings.com.sg
About Morgan Stanley Venture Partners
Morgan Stanley Venture Partners manages a group of private equity funds
that invest in high growth companies, concentrating on the information
technology and health care industries. Since its inception in 1986, Morgan
Stanley Venture Partners has managed over $1 billion of capital commitments
and has invested in over 140 emerging growth companies. For more information
about Morgan Stanley Venture Partners, please visit http://www.msvp.com.
SOURCE: SOMA Networks, Inc.
CONTACT:
Media Relations
Adrienne Low of SOMA Networks, Inc.
+1-415-882-6524
[email protected]
Alicia Gonzalez of LEWIS PR
+1-415-277-5400
[email protected]
SOMA Networks, Inc.
Web site: http://www.msvp.com
Web site: http://www.somanetworks.com
--Distributed by AsiaNet (www.asianetnews.net)--