[119274] in Cypherpunks
Band-X close $11m funding deal
daemon@ATHENA.MIT.EDU (Band-X)
Wed Oct 20 21:20:27 1999
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From: "Band-X" <Band-X@cyberpass.net>
To: cypherpunks@cyberpass.net
Message-Id: <E11e07Y-0003hd-00@neodymium.btinternet.com>
Date: Wed, 20 Oct 1999 19:05:56 +0100
Reply-To: "Band-X" <Band-X@cyberpass.net>
Band-X has closed an $11m funding deal with Chicago based Madison Dearborn Partners*. The money is to be used for upgrade of its existing facilities, acquisitions and new product development. This will further enhance Band-X's lead position as the first and best internet-based telecom services exchange and market information portal.
Band-X, launched in London over two years ago, now has direct interconnections with carriers all over the world. Almost exceptionally for an Internet business, it has been profitable since start up and recently brought down the hammer on the world's largest ever Internet e-trade at $20m for an international bandwidth transaction.
Band-X trades 4 principal assets.
- International bandwidth through its internet based bid, offer and tender systems.
- International switched minute through its trading switches.
- International routed IP through its trading routers.
- International facilities co-location space through its specialist co-location estate agency.
Band-X was started by former RAF fighter pilot Marcus de Ferranti and former Dresdner Kleinwort Benson banker Richard Elliott. Aggressive growth is planned and Band-X is looking to hire top class entrepreneurial telecom experience from all over the world.
For further information, contact Marcus de Ferranti +44 171 341 9628 mdef@band-x.com or Jim Perry at Madison Dearborn Partners 312-895-1220, jperry@mdcp.com
* Madison Dearborn Partners, Inc. is a leading investor in emerging telecommunications companies worldwide. MDP was the largest venture capital investor in U.S. based mobile communications companies such as Nextel, Omnipoint, and Wireless One Network and Clearnet in Canada and the U.S. wireless broadband company WNP Communications. MDP is also the lead venture capital behind such competitive local telecommunications companies as U.S. based Allegiance Telecom, Focal Communications and Madison River Telephone; Completel based in France and Gigared based in Argentina. MDP invests in management buyout transactions and a wide range of other private equity investments, including growth equity financings, recapitalizations, and acquisition-oriented financing transactions across several targeted industries, including communications, financial services, consumer, health care services and natural resources. New investments are currently made through Madison Dearborn Capital Partner!
!
s III, L.P., a $2.2bn fund raised in 1999. Investors include many of the USA's largest endowments, public and private pension funds, and financial institutions.
