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News
FOR IMMEDIATE RELEASE |
Release No. 0504-98
May 16, 2005
BALLAST POINT VENTURE PARTNERS
ANNOUNCES INVESTMENT
IN WAVE7 OPTICS, INC.
ST.PETERSBURG, Fla. – Ballast Point Ventures L.P. (“BPV“), a venture capital firm affiliated with Raymond James Financial, Inc., today announced it has closed an equity investment in Wave7 Optics, Inc. (“Wave7“) of Alpharetta, Georgia. BPV invested $3 million, which will be used to help fund the development of new technology and expand its sales and marketing efforts domestically and abroad.
Founded in 2000, Wave7 has established itself as an industry leader in optical broadband access systems with an expanding FTTP product portfolio featuring a variety of architectural options based on Ethernet and IP or ATM standards for "triple play" voice, video and data services. The company's patented “Last Mile Link“ system is rapidly gaining market share around the world with service providers in the IOC, CLEC, MSO, municipal, real estate development and utility categories.
Wave7 is led by President and Chief Executive Officer Thomas Tighe, a veteran in the broadband telecommunications industry, and Chief Technology Officer James Farmer, a 33-year veteran of the cable industry.
“We are excited to have Ballast Point Ventures as a partner,” said Tighe. “This capital infusion will enable us to continue on our growth plan and help to further the development of our next generation FTTP technology.”
“We are pleased to have the opportunity to invest in Wave7 Optics,” remarked Paul Johan, partner at Ballast Point Ventures. “Tom Tighe and his team have done an outstanding job of building a market-leading position in the FTTP equipment space and have demonstrated the ability to manage rapid growth while also providing high-quality products and customer service. The investment in Wave7 reflects the Ballast Point Ventures strategy of providing expansion capital to rapidly growing, well-managed companies in the Southeast and Texas.”
About Ballast Point Ventures, L.P.
Ballast Point Ventures, L.P. is a venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 60 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, consumer products and specialty retail. The Fund seeks to make equity investments ranging in size from $2 million to $5 million. For more information, visit ballastpointventures.com.
For additional information, visit www.BallastPointVentures.com or contact Richard J. Brandewie, Drew A. Graham or Paul C. Johan.