SOMA Networks Secures Additional $51 Million in Financing
Proceeds will support continued international growth and further investments in company’s leading Mobile WiMAX solutions
SAN FRANCISCO, July 18, 2008 SOMA Networks, Inc., a leading provider of Mobile WiMAX products and professional services, today announced it has secured an additional $51 million of equity financing in an over-subscribed round. Investors include Daiwa Securities Group Inc.; Daiwa Securities SMBC Principal Investments Co. Ltd.; Ridgeway Capital Partners Ltd.; and India Knowledge Fund, a private equity fund of Japan-based SBI Holdings Inc. and SBICAPS; among others.
The financing has been earmarked for continued expansion of international operations and deployments, including ongoing support of the industry’s largest WiMAX network with Bharat Sanchar Nigam Ltd (BSNL), India’s state-owned telecommunications company. BSNL and SOMA announced an agreement earlier this year to roll out a Mobile WiMAX network across three of India’s fastest-growing telecom circles: Gujarat, Maharashtra and Goa, and Andhra Pradesh.
“We are encouraged by the great opportunities that lie ahead for SOMA Networks, particularly in light of the growing demand for broadband services in one of the world’s largest markets,” stated Toshihiko Onishi, Deputy President of Daiwa Securities SMBC Principal Investments Co. Ltd. “We look forward to supporting SOMA as they continue to execute on the major market opportunity at hand.”
“We are pleased to receive this latest round of financial support from our partners, as the continued investments further validate our successful strategy of providing broadband voice and data services to bridge the digital divide,” stated Yatish Pathak, Founder and Chief Executive Officer of SOMA Networks. “We are in a position of strong international growth in emerging markets, as service providers around the world are realizing the far reaching benefits of deploying our WiMAX system technologies.”
SOMA’s WiMAX technology is designed to serve the Broadband to the Home (BTTH) market and narrow the digital divide for the more than 1.7 billion households that do not currently have access to broadband services and the Internet Economy. In Southeast Asia, SOMA has been the preferred choice of Malaysia-based Jaring, AlwaysOn Networks Bangladesh, Cambodia Data Communications and many other service providers in the region. Elsewhere, the system has been deployed by carriers in the United States such as AT&T, and by network operators in Eastern Europe and Africa.
The FlexMAX™ Mobile WiMAX System is a complete broadband wireless system that enables service providers around the world to implement standards-based solutions that offer wireline performance and deliver a superior subscriber experience to residential and business subscribers. The FlexMAX System includes: base stations, multiple types of mobile station devices, advanced multi-antenna processing, capacity-boosting technology, integrated applications, network management and network gateways — all backed by world-class partners, global field support and professional services.
About SOMA Networks
SOMA Networks helps service providers and their subscribers access the world with WiMAX. As a leading provider of Mobile WiMAX products and professional services, SOMA’s FlexMAX™ Mobile WiMAX System, SoftAir™ Multimedia Application System, and global professional services provide a complete platform that accelerates service providers’ time to market with revenue-generating applications that bring broadband to the home or business. SOMA is a principal member of the WiMAX Forum®, and its FlexMAX Mobile WiMAX System supports the 802.16e-2005 Mobile WiMAX standard. Deployed on five continents, SOMA is headquartered in San Francisco and has offices in Toronto, Ottawa, Delhi, Sao Paulo and Singapore. For more information, visit www.somanetworks.com.
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