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April 20, 2006
Internal Round For Quick-Growing Ascade In Sweden
Sweden's second fastest growing software company has tapped existing investors,SEB Foretagsinvest and CapMan, for €2.1M.
In Sweden, Ascade, whose software is used by telcos to manage wholesale voice minutes transactions, is number two, and Patrix, a developer of intellectual property software tools, is number one, according to Deloitte, which ranks firms by rate of sales growth.
Ascade has an impressive profile. It was founded in 1997 as an IT consultancy and has managed to morph itself into a software vendor, something many here in Europe try but few execute with great success. It made the transition in 2000. Three years later, it raised its first round of financing from the same two investors. It raised a total of about €4M prior to this round.
Even more challenging was its decision to target teclos with its software - telcos do not normally like to buy from a startup. However, it has found demand in that tough market and is starting to win customers beyond Europe. The new capital will be used to boost operations and for some product development.
Read - Ascade AB Secures (press release)
Posted on April 20, 2006 07:39 AM | Posted to Software | Permalink
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