High note: Intune Networks CEO Tim Fritzley
Irish telecoms equipment supplier Intune Networks has secured €22 million in funding, this year's largest private equity investment in the global telecoms optical equipment sector.
The investment was led by financier Dermot Desmond and venture capital firm Kernel Capital, with additional funding provided by existing investors Balderton, Amadeus, and Spark as well as long-term private investors.
In addition, Enterprise Ireland and Invest Northern Ireland participated in this round of financing, aimed at supporting Intune's growth in Dublin and Belfast respectively.
This is the largest private equity investment in the global telecoms optical equipment sector in 2009. It is also the largest private equity investment round in the European telecoms equipment sector and the third largest in the European IT sector this year.
Intune Networks CEO Tim Fritzley noted: "The funding will be used for the full commercial product launch in mid 2010, as well as for expanding market coverage beyond the European carriers on into North America and Asia.
Fritzley added: "We are now fully resourced and sufficiently funded to take advantage of these opportunities, to grow the company in new geographies and to cement our leadership in markets where we are already established."
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