REDWOOD CITY, CA--(Marketwire - Mar 11, 2013) - ASSIA, Inc., a leading solutions company for broadband service providers, today announced that it has closed a Preferred Stock offering with a total participation of $25 million.
As of March 2013, total preferred equity holdings in ASSIA exceed $54 million, largely from strategic investors, including the company's major telecom operator customers. Among investors in this strategic round are the investment arms of Telefónica S.A., Swisscom Ltd., and Deutsche Telekom, all of which have participated in previous preferred share rounds. In addition, a Kuwaiti investor group took a significant stake in the offering.
"ASSIA is a clear pioneer in solving problems in access networks' last mile, and the company has made vast contributions to broadband communications," said Mohammed Al-Sadhan, head of several Kuwaiti investment funds. "It is a great opportunity to fund industry-leading solutions that help service providers better respond to consumer demand for broadband connectivity."
"Dr. Cioffi and his uniquely qualified engineers are focused on solutions that enable operators, including Deutsche Telekom, to achieve higher-speed Internet connections, making IPTV and other content-rich offerings possible for more and more users," said Georg Schwegler, CEO of T Venture. "We look forward to using ASSIA solutions to improve broadband performance in Germany and throughout Europe."
Development projects funded by this latest round of investment include software features for vectored VDSL networks, Wi-Fi management solutions, and additional functionality available through ASSIA's websites.
"ASSIA greatly appreciates the confidence our investors continue to demonstrate in our business plan," said Dr. John M. Cioffi, ASSIA chairman and CEO. "This latest investment round solidifies the foundation for our future product and growth plans."
About ASSIA, Inc.
ASSIA, Inc. is a strategic partner and trusted solutions vendor to broadband service providers worldwide. ASSIA solutions enable providers to grow revenues, increase customer satisfaction, improve operational efficiencies, and deliver new multimedia content to the broadband-enabled home. ASSIA has more than 60 million broadband lines under contract with top-tier service providers worldwide and is backed by strategic investors, including AT&T, Mingly China Growth Fund, SFR Development, Sandalwood Partners, Sofinnova Partners, Stanford University, Swisscom Ventures, T-Venture, and Telefonica. For more information, visit www.assia-inc.com.
Expresse is a registered trademark of ASSIA, Inc.
"ASSIA" is an acronym for "adaptive spectrum and signal alignment."