Bristol-based network software specialist Apertio has clinched $30 million of second-round venture capital backing, with the aid of specialist technology investment bank GP Bullhound. The company intends to use the cash to gear itself for a planned IPO in the not-too-distant future.
New backer T-Mobile Venture Fund (the venture capital arm of Deutsche Telekom) joined a plethora of existing investors – Add Partners, Eden Ventures and Motorola Ventures included – in stumping up the cash. This, says Apertio’s Andrew Wyatt, will enable the business to make further inroads into a $2 billion market, currently dominated by the likes of Nokia and Siemens.
Targeted at telecoms network operators (T-Mobile, Orange and, most recently, Vodafone are already customers), the company claims its software greatly reduces both network complexity and cost in comparison to the incumbent systems. This makes it easier for operators to introduce new services swiftly and affordably and grants greater access to the client information stored on these networks.
‘We have the right product in the right market at the right time,’ asserts Wyatt, who also hints that, whilst no specific timeframe has been set, the company will be seeking a stock market listing before too long.
Apertio, which has quadrupled its staff numbers to 160 in just 12 months, more than doubled revenues to in excess of £8 million in 2005 and now operates four offices in Bristol, Chicago, Bangkok and Kuala Lumpur.