PointOne Telecommunications Inc.2/25/2001 7:00 PM Eastern
AUSTIN, TEXAS - PointOne Telecommunications Inc., a provider of Internet-protocol voice, data and network services for carriers and enterprise markets, has closed on a $70 million round of debt and equity financing.
Investors in this third round of financing include Soros Private Equity Partners LLC; CIT; Texas Growth Fund; Hoak, Breedlove and Wesneski; and Sybat Texas Growth Fund. Hoak, Breedlove participated in PointOne's second round of financing, which raised about $55 million.
PointOne said it would use the money to expand the reach of its network, fund cash requirements, support the development of new products and fund sales and marketing initiatives.
"We are fortunate, in a difficult financial climate, to maintain the confidence and support of our key investors," PointOne CEO Paget Alves said in a prepared statement. "We have learned that investors will continue to support companies, such as PointOne, that have developed a solid business strategy and demonstrated the capability to follow through on their goals and objectives."