SUNNYVALE, CA, June 25, 2001 - Shoreline Communications, the leading provider of enterprise-class IP voice communication systems, today announced the closing of a $30 million private placement. Shoreline investors in this round, in addition to Lehman Brothers, include existing investors Crosspoint, Foundation Capital, Matrix, Norwest, JP Morgan, Charter Growth and Dain Rauscher Wessels. The company has raised a total of $78 million since its inception in 1996.
Recent customer wins include CNET, Microsoft / Accenture joint venture Avanade, Paramount Parks (a unit of Viacom) and United Guaranty. VoIP was featured as one of five hot technologies in the June 26 2001 cover story of Business2.0; the article featured Shoreline customer Valent USA (since 1999) as the proof point for productivity gains and substantial savings.
A June InfoTech study also found very high satisfaction among businesses that have deployed IP voice technology, with users reporting substantial cost savings and ease of deployment across entire enterprises. Earlier this year InfoTech had upwardly revised its projections for shipments of enterprise IP telephony systems.
"There is a disruptive change taking place in voice communications, fueled by IP voice technology," commented John Fazio, president and CEO of Shoreline Communications. "The economic and business improvements being realized today by our customers are impossible to challenge and unparalleled in voice communications. The closing of this round, during this period of turmoil within the technology sector is a testament to the market opportunity that Shoreline has ahead of it."
Shoreline will use the funds to accelerate its market development efforts, including domestic and global expansion.
About Shoreline Communications
Shoreline Communications Inc. has been making IP voice communications a reality in the enterprise since October 1998, shipping more than 40,000 IP voice ports to enterprise and service provider customers. The award-winning Shoreline IP Voice Communications System is a platform based on Shoreline's Distributed Internet Voice Architecture (DIVA), designed to meet requirements of enterprise and emerging service provider customers for scalability, reliability, and manageability. In addition, the Shoreline system provides both a rich set of integrated voice services as well as standards-based interfaces to 3rd party voice applications that enhance personal and organizational productivity. For more information, visit www.goshoreline.com or call 1-877-80SHORE.