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Thursday, December 16, 2004
Casero to Expand Growth with USD$7.5 Million Funding
TORONTO, Dec. 16 /CNW/ - Casero Inc., a leading provider of hosted
applications to broadband service providers, announced today they have secured
USD$7.5 million in Series A funding from Argo Global Capital and Highland
Capital Partners. The capital will be used to expand to new markets,
leveraging the success at Telus. Casero partners with leading broadband service providers to quickly and
easily enable the delivery of value added applications and services to
broadband customers. Casero delivers a hosted platform of applications that
enable broadband service providers to deliver immediate access to these
applications, and begin realizing immediate revenue. Casero's sophisticated
application delivery infrastructure ensures that the Casero platform
seamlessly integrates into the broadband service provider's operational
support and billing systems. This model eliminates long installation and
integration costs the broadband service provider would normally incur should
they embark on creating and launching these applications on their own. "We believe there is enormous market potential and Casero will begin to
shape and evolve how broadband services providers deliver value-add
applications to consumers" said Paul Atkinson, Casero's Chairman and Chief
Executive Officer. Our team comes largely intact from Solect Technology Group,
a leader in the IP Billing and Service Management space that was acquired by
Amdocs (NYSE:DOX) so we have been able to hit the ground running and deliver a
Carrier Class system that seamlessly integrates into the broadband service
providers existing environment. We are very excited to be working again with
Doug Schrier of Argo, who served on our board at Solect; as well as Sean
Dalton from Highland, who joins our board after recent successes at companies
like Ocular Networks and Telica." "Casero is taking hold of a market that is just beginning to evolve. We
believe the broadband market will reflect the same growth patterns as the
mobile market in terms of service consumption and revenue channels," said
Doug Schrier, Partner, Argo Global Capital. "Paul Atkinson and (Casero
President and COO) Kevin Kimsa helped world class carriers implement the
critical back office systems that allowed them to be leaders in global access
to the Internet in the mid-90s. We see many similarities with their vision of
the broadband space with Casero today." "Unless carriers develop new sources of revenue to increase their
average-revenue-per-user, the chances of their broadband investment paying off
will be low," added Sean Dalton, General Partner with Highland. "We are
confident that Casero is well positioned to support carriers in rapidly
launching new broadband applications to expand their market, and we look
forward to contributing in making Casero's mission a reality." About Argo Global Capital Argo Global Capital is a leading venture capital firm with $480M under
management, focused on investing in communication technology companies. Argo
takes an active role in helping portfolio companies achieve their business
vision. Argo's investment professionals contribute strong operational and
technical backgrounds, and have extensive experience in private equity
investment and international business. Argo's unique relationship with
telecommunications operators and industry partners on four continents provides
relationships and knowledge that add real value. Argo is based in Boston with
investment professionals in London, Hong Kong and Montreal. Additional
information is available at www.argoglobal.com. About Highland Capital Partners Highland Capital Partners was founded in 1988 with the mission of helping
great people with great ideas build great companies. Focused on seed, early
and growth stage companies in the information technology, communications and
healthcare sectors, the firm emphasizes a team-oriented approach in providing
the right mix of strategic guidance, hands-on leadership, and deep industry
domain expertise for helping entrepreneurs and their teams become
market-leading organizations. With over $1.8 billion of committed capital,
Highland has invested in and worked to create such firms as Altiga Networks,
Ask Jeeves, Avid Technology, CheckFree, Continental Cablevision, EXACT
Sciences, Lycos, MapQuest, New Oak Communications, Ocular Networks, Odyssey
Healthcare, Starent Networks, Sybase, Telica and WebLine Communications. For
more information, visit Highland's web site at www.hcp.com. About Casero Casero provides software as a service to Broadband Service Providers,
allowing them to quickly and easily deploy these value-add services to
consumers.
The hosted platform allows Casero and the provider to roll out a new
application each quarter or faster, eliminating the need to reintegrate with
the OSS solutions each time a new application is deployed. The first
application: home surveillance was launched at Telus just in time for
Christmas. Casero is headquartered in Toronto and is a privately funded
corporation whose principals founded Solect Technology Group, which sold to
Amdocs for $1.2B in 2000. For further information: Cameron Sturgess, Vice President of Sales and
Marketing, (416) 574-0087, cameron.sturgess@casero.com
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