Synchronoss completes first round of funding
(Telephony) Synchronoss Technologies yesterday completed its first round of funding, raising $34 million to expand market and product development efforts for the company’s ActivationNow OSS platform.
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“We wanted to make sure that we had enough of an infrastructure in place to be able to support the growth as we scale up in the next few years,” said Stephen Waldis, president and CEO of Synchronoss.
The Bethlehem, Pa.-based company delivers hosted OSS environments to communications service providers via its ActivationNow OSS platform, which consists of Synchronoss’ front-end, business rules-based portal and its vendor partnerships.
The company extended its initial round in November 2000, which raised $25 million, to let a few more investment groups into the round, adding an additional $9 million.
ABS Ventures, Rosewood Venture Group, Ascent Venture Partners, Adam Street Partners, Liberty Ventures and C.E. Unterberg, Towbin lead the funding.
The company targets top-tier carriers and has signed customer agreements with AT&T, Qwest Communications and WorldCom.
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