Henry Kressel and Frank Brochin to join Board of Directors of
optical networking company started by industry veterans
New York, NY -- August 13, 2001 -- Q-Optics, a communications infrastructure company that is setting the ultimate standard for high speed provisioning of optical networks, announced today the closing of its Series A investment round led by global private equity firm Warburg Pincus. The company is developing technology to enable real-time peering management of optical circuits across multiple carrier and multiple vendor networks. The investor group also included The Hatch Group, Brobeck Phleger & Harrison, Taylor Winfield, Collaborative Capital, well regarded angel investors, and Q-Optics’ founding investor VenturiFX.
“We are very excited to back the founding management team of Q-Optics,” stated Frank Brochin, Managing Director at Warburg Pincus. “We believe the company is targeting on a massive opportunity in the optical networking space and their solutions will have a significant impact on the cost infrastructures and revenue opportunities of the global service provider community.”
Alex Mashinsky, Chairman and Chief Technology Architect of Q-Optics added, “In today’s constrained capital markets, it has become more important than ever for carriers in the core, metro, and access markets to enhance their profitability by working with one another to provide true real-time access to services while eliminating the costs associated with manual provisioning. Our technology will provide a real-time operating system that allows seamless interoperability and real-time mediation between customers, applications, and the myriad of hardware configurations around the global optical network”
Clive Cook, Q-Optics’ CEO concluded, “We are extremely pleased to have Warburg Pincus as our financial sponsors. They have an unparalleled track record in working with founding management teams to create value and build industry leaders like BEA Systems and Veritas, and we look forward to a long and rewarding partnership as we build out Q-Optics together.”
Q-Optics was founded by Alex Mashinsky, Chairman and Chief Technology Architect, Jeff Parness, now serving as Corporate Marketing Manager, and Clive Cook, who joined as CEO in January 2001.
Mr. Mashinsky, a serial entrepreneur in the communications industry, is best known as the leading evangelist of the bandwidth-trading concept and as founder of Arbinet-thexchange, the world's leading real-time exchange for global telecommunications capacity. Today, Arbinet connects 150 of the world's leading carriers who buy, sell, and deliver voice capacity to one another's networks in a fully automated, Nasdaq-style trading environment with full financial settlement and risk management supported by GE Capital. Mr. Mashinsky is also a co-founder of Comgates, a spin out of Arbinet based in Herzeliya Israel that is emerging as a leader in the softswitch space.
Mr. Parness, formerly principal of IPO Associates, was the first Director of Investor Relations at IDT Corporation (NYSE:IDT), a leading provider of international telecommunications services and the parent company of Net2Phone (Nasdaq:NTOP), the world's leading Internet telephony company. Working with Mr. Mashinsky since January 1999, Mr. Parness helped Arbinet to raise its first $77 million in venture capital financing.
Mr. Cook has a deep technical and business background along with the hands-on operational experience required to successfully build Q-Optics. Mr. Cook began his career as an engineer at Nortel where he was involved in the development of the first SONET OC-12 transport node. He later was a product manager for the leading telecommunications equipment-testing manufacturer TTC, now Acterna, where he led TTC’s first efforts in SNMP network management. Working for Mercer Management Consulting, Mr. Cook worked on a broad array of projects in a number of industries including telecommunications, energy, biotechnology, and information technology. A serial entrepreneur, Mr. Cook was also the COO of Patagon, the Latin America online brokerage sold in March 2000 for $750 million to BSCH, a unit of Banco Santandar.
Over the past 30 years, Warburg Pincus has become one of the leading private equity and venture capital firms in the world. The firm has invested over $11 billion in over 400 companies in 29 countries, providing equity capital across the life cycle of the enterprise, from start-up through growth financings, and including acquisitions and restructurings. Working in partnership with management teams, Warburg Pincus has taken an active role in building businesses such as BEA Systems (Nasdaq:BEAS) and Veritas (Nasdaq:VRTS).
Founded in June 2000, Q-Optics is developing technology to enable real-time provisioning of optical circuits across multiple carriers and multiple vendors on different networks. The company’s technology is designed to enable short term, unscheduled provisioning of optical network capacity across heterogeneous core, metro, access, and local enterprise networks in support of premium services and applications including real-time peering management, hosted storage, secure VPNs, and video conferencing. Q-Optics’ technology and unique business and pricing model will dramatically lower costs, improve service velocity, and enhance revenue opportunities for network service providers, co-location facility provides, ASPs, and enterprise customers worldwide. (www.q-optics.com)
Q-Optics, 226 E. 54th Street, 2nd Floor, New York, NY 10022
phone: 212-758-9888, fax: 212-758-9889
Contact: Jeff Parness
Corporate Marketing Manager
212-758-9888 ext. 102