SUNNYVALE, CA, January 19, 2000 - Shoreline Communications, the leader in the fast-growing enterprise IP voice communications market, today announced that it has raised $28 million in a mezzanine round of equity financing to expand the sales, marketing and distribution efforts of its award-winning Shoreline IP Voice Communications System.
Leading this round of equity financing is JP Morgan Investment Management - one of Wall Street's most respected investment banking firms - along with Charter Growth Capital which is part of Charter Ventures, Dain Rauscher Wessels Equity Capital, and previous investors Crosspoint Venture Partners, Foundation Capital, Matrix Partners, Jafco America Ventures, and Norwest Venture Partners. The mezzanine round brings the total venture funding to $47.5 million to date.
"With our prior funding, we developed and delivered an award-winning IP voice communications system in use today in mid-sized and enterprise businesses," said John Fazio, president and CEO of Shoreline Communications. "We will use the additional funding to drive growth in two areas. First, we will continue to address the growing demand for an enterprise-class IP voice communications solution that customers can easily, reliably, and cost-effectively deploy over their existing IP infrastructure. Beyond that, we will aggressively target the ASP market, providing key partners with an IP voice communications platform that can deliver a broad range of voice services to thousands of distributed users.
"We see Shoreline as an emerging leader that can enable a new class of IP voice communications and applications over a converged network infrastructure," said Seth Neiman, managing partner at Crosspoint Venture Partners, "just as earlier Crosspoint investments, such as Juniper Networks and Foundry Networks, have enabled creation of a new and powerful converged IP network infrastructure that can support these new voice capabilities." In earlier rounds of financing, Shoreline had received a total of $19.5 million from several investors, including Crosspoint, Foundation Capital, Matrix Partners, Jafco, and Norwest. Shoreline board members include Seth Neiman from Crosspoint, William B. Elmore, general partner at Foundation, Andrew W. Verhalen, general partner at Matrix, John R. Fazio, president and CEO, and Michael Harrigan, vice president and corporate secretary from Shoreline.
About Shoreline Communications
Shoreline Teleworks designs, manufactures and markets the Shoreline IP Voice Communications System, a next generation, IP-based voice communications solution for enterprise customers and the emerging ASP market. Powered by award-winning ShoreWare server and client software, ShoreGear IPBX voice switches, and ShoreCare support services, the Shoreline IP Voice Communication System is the industry's leading network-based enterprise voice solution, delivering telecom-grade reliability and unmatched simplicity, scalability and affordability. For more information visit www.shoretel.com or call (408) 331-3300.