Telecom Italia and HP Announce Outsourcing Agreement

HP will provide the IT management services for Telecom Italia's 90,000 workstations under a new five year agreement valued at EUR 225 million. Telecom Italia said the outsourcing would enable it to focus its resources on its core business. http://www.hp.com http://www.telecomitalia...

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UPC Gains Court Approval for Chapter 11 Plan to Convert Debt to New Equity

United Pan-Europe Communications N.V. (UPC) was granted approval for its Chapter 11 plan of reorganization by a U.S. bankruptcy court. Under the plan, approximately $937.5 million in Belmarken Notes, $4,688.2 million of UPC Notes, $1.7 billion of convertible preference shares, all of the priority shares and all of the ordinary shares A, including those represented by American Depositary Shares, will be converted into new equity of New UPC. The company hopes to complete the reorganization process before the end of Q1 2003. http://www.unitedgl...

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Corona Optical Systems Raises $7.5 Million for Parallel Optics

Corona Optical Systems, a start-up based in Lombard, Illinois, raised $7.5 million in its Series B round of funding. The company is developing parallel optical modules for switching and routing equipment. Corona's initial product is a small, high channel count optical transmitter and receiver module. The new funding was led by Megunticook Management and Sterling Holding Company. The round also included previous investors Intel Capital, KB Partners, and Venture Investors. http://www.coronasys....

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Nominum Raises $10 Million for its IP Address Management Software

Nominum, a start-up based in Redwood City, California, closed a $10 million round of series C financing to support its IP address infrastructure software. Nominum's software suite can be used to manage IP addressing throughout corporate networks. The company also recently launched a DNS-specific intrusion prevention appliance that blocks attacks on widespread vulnerabilities in business applications running on UNIX systems. The new funding was led by Globespan Capital Partners (formerly JAFCO Ventures) with participation from Nominum's existing...

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FutureSoft Adds Support for Intel's Latest Network Processors

FutureSoft announced source code software support for Intel's newest IXP4XX product line. FutureSoft's access solutions for the IXP4XX network processor product line will include its Naetra Access Router, its WLAN Access Point Solution and derivatives. These solutions will include routing protocols like OSPF, PIM and IS-IS as well as data plane components like NAT and Firewall. FutureSoft also plans to include components like Frame Relay and ATM to address the MiniDSLAM market. The range of solutions that FutureSoft offers in the access space...

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Nortel Networks' CEO Sees Market Stabilizing

The global networking business is showing signs of stabilization, said Frank Dunn, president and CEO of Nortel Networks, in a presentation on 20-February-2003 to the RBC Capital Markets conference in Whistler, British Columbia. He does not expect further large CAPEX cuts from the carriers and predicts spending for this year will be flat to down slightly. Spending for wireline networks, Dunn said, is likely to be stronger than for wireless. The telecom shakeout has left perhaps 50 to 60 major service providers worldwide as survivors. Telecommunications...

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