Private equity firm Advent Venture Partners, with co-investment from Cazenove Private Equity alongside existing investors UK-based MTI and Amadeus Capital participated in the $20m (E21.8m) funding. The capital will be used to enhance product development and global marketing efforts.
High-tech investor MTI led Viewgate’s £7.1m (E11.2m) first round of financing in July 1999. ViewGate used that to develop a service measurement platform enabling internet service providers to deliver, manage and report on their on-demand IP services and applications. ViewGate allows providers to offer their customers, in real-time, a seal of quality and measurable episode accountability of their IP services. ViewGate’s customer list includes Cable & Wireless, Global One and several other leading service providers.
Sanders Partee, chief executive of ViewGate, said that as the telecom landscape is rapidly changing, there is new emphasis on service definition rather than network architecture or infrastructure. “As a result, the IP services market is becoming fiercely competitive with more and more customers wanting on-demand, one-time, pay-as-you-go services. In the future, whether service providers can succeed or not will largely depend on the creativity, flexibility, content and ease of definition of the services and applications they offer” he said.
Viewgate has its US headquarters in Alexandria and its European headquarters in Kent, UK.