NEWPORT BEACH, Calif., June 19, 2006 (PRIMEZONE) -- BandTel, a leading global provider of next-generation VoIP termination to the PSTN for high volume telecom users such as call centers, enterprise users, teleconferencing companies and Internet Voice Response (IVR) users, today announced it has received a second round of funding.
Seagrove, LLC, which specializes in financing small-to-middle market companies, lead the Series B investment. BandTel will use the funds to further expand its sales and marketing team, invest in marketing and business development initiatives and support the company's working capital needs.
"BandTel has built significant value in the company, and we are excited to be part of its path to success," stated Rick Edwards, CEO of Seagrove and BandTel board member. "The VoIP market has exploded in the past couple years, and BandTel has proven that it's one to watch in that market. With BandTel's market potential, unique service offering and solid business model, we hope to augment its success by providing the financial tools to continue its growth and achievements."
"This round of funding is a testament to the vitality of the VoIP market and BandTel's ability to succeed in that market," said Chris Dunk, president and CEO of BandTel. "Large-scale, global organizations demand high quality, cost-effective telephony systems, and BandTel's worldwide presence, seamless integration and unmatched voice quality enables these users to significantly reduce telecom costs while increasing productivity."
BandTel's VoIP termination to the PSTN solutions provide users with a fault-tolerant, scalable VoIP architecture, which allows for continuous service and investment protection on legacy devices. Its SIP Softswitch technology allows users to receive service from one of two BandTel switching centers at any given time. The company's unique ability to connect call systems via a trunk-to-trunk transfer combined with the ability to cost-effectively terminate calls to and from any location in the world instantly unites global businesses with multiple users in various locations.
"BandTel is building a reputation for providing superior VoIP termination services and solutions, and XO Communications is pleased to be one of its underlying communications infrastructure providers," said Ernie Ortega, president of carrier sales at XO Communications.
For more information on BandTel and its service offerings, please visit the company's web site at www.bandtel.com
About BandTel
BandTel is a leading provider of VoIP termination to the PSTN. Its solutions are uniquely designed for high volume telecom users such as call centers, enterprise users, teleconferencing companies and Internet Voice Response (IVR) users. BandTel is dedicated to ensuring its customers and partners alike have access to the most reliable, end-to-end VoIP service available on the market today. The company has developed strong partnerships with leading carriers and telecommunications companies such as Global Crossing, XO Communications, Level 3, MCI and NEC. BandTel is headquartered in Newport Beach, Calif. For more information, visit the company's web site at www.bandtel.com or call 877-226-3835.
About Seagrove, LLC
Established in 1994, Seagrove, LLC, is a private venture capital firm that invests in, and acts as financial sponsor for smaller to middle market companies. With transactions totaling more that $500 million in capital and a compounded return on investment exceeding 60%, the firm provides capital for growth financing, restructuring, re-capitalization and leveraged buyouts. Headquartered in Los Angeles, Calif., the firm's team of corporate finance professionals have extensive experience in the financing, restructuring, acquisition and the sale of companies in a variety of industries including real estate development, leasing and management, manufacturing, medical services and finance. For more information, call 310-552-4900.