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Kiwi tech start-up secures Nokia investment

Kiwi tech start-up secures Nokia investment

Investment will be used to further OpenCloud's global expansion.

Kiwi tech start-up OpenCloud Limited has secured a £4 million [NZ$8.5m] investment from one of the world's biggest telecommunications companies, Nokia Siemens Networks [NSN]. Founded in Wellington in 2000 but now headquartered in the UK, OpenCloud develops Java-based software that telcos can use to distribute new products and services.

Existing investors Advent Venture Partners in the UK and No 8 Ventures in New Zealand have also thrown another £1m [NZ$2.1million] in the pot.

OpenCloud says the investment will be used to further the company's expansion around the world, extend its application portfolios and help with development of new products.

The pair has also signed a deal which will see OpenCloud's Rhino server integrated into NSN's "charge@once" telco billing product suite.

OpenCloud and NSN have secured 13 joint customers since they began working together two years ago.

But chief executive Jeff Gordon says NSN's new investment ''elevates our relationship to that of a truly strategic partner and will enable us to address the considerable Service Layer and Converged Charging opportunities in the market.''

The company says its growth in the last year has exceeded projections revenues have tripled year-on-year and the company has acquired 13 customer wins in the last year alone.

OpenCloud's client roster includes some of the telecom industry's biggest players, such as BT, Vodafone, and T Mobile among a customer base of over 30 mobile and fixed network telecom operators. BusinessDay.co.nz

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