ECI Telecom's NGTS Subsidiary and NexVerse Merge into Veraz Networks

ECI Telecom's NGTS division and NexVerse Networks completed their previously announced merger forming Veraz Networks (previously introduced as Chorale Networks). Additionally, Veraz has closed the planned $30 million financing round. The new company will provide global carriers with packet-based replacements for traditional TDM infrastructure. The ECI-NGTS business, which provides an existing revenue stream, is an established provider of digital compression equipment for the TDM networks of major international carriers. The company also supplies VoIP media gateways. NexVerse offers a carrier-class softswitch and call control platform that delivers traditional toll, tandem and local (Class 4/ 5) voice services, as well as new, converged voice-data services. The NexVerse platform features open, standards-based interfaces to media devices, application servers and back-office systems. In the new financing round, Argonaut Private Equity has invested $5.5 million, ECI Telecom has invested $10 million, and NexVerse's original investors - Norwest Venture Partners, Battery Ventures, Levensohn Venture Partners and Kleiner Perkins Caulfield & Byers - invested $14.5 million. ECI now owns 43.2% on a non-fully diluted basis and 36.2% on a fully diluted basis of Veraz Networks.
http://www.veraznetworks.com