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IKANO PRESS RELEASES
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IKANO Press Releases:
Title: IKANO RECEIVES $15 MILLION IN THIRD-ROUND FUNDING
Date: June 15th, 2001
For Release: IMMEDIATE
SALT LAKE CITY, Utah --- IKANO Communications, Inc., a market-leading IP network infrastructure company and provider of branded (private-label) Internet services, today announced that it has closed its third round of venture financing, a total of $15.0 million, lead by Insight Capital Partners. IKANO anticipates that the amount will fully fund IKANO's business plan to profitability.
IKANO enables Fortune 1000 companies, affinity groups and Internet Service Providers (ISPs) to leverage the Internet to better communicate with customers, employees or members. IKANO's branded Internet services provide a turnkey solution for businesses and organizations to offer Internet services to their customers, employees or members without investing in expensive infrastructure or staff.
IKANO will utilize the funds to expand its product offering and staff, as well as support marketing and sales efforts, product development, and client services. The company will continue to maintain and expand relationships with clients and strategic partners. IKANO expects to reach profitability in the near-term.
Henry Smith, IKANO founder and CEO, said, "We are extremely pleased with the financial support provided by Insight Capital Partners. Considering the current turbulent market situation, venture capital firms have to be much more judicious in funding companies. Insight's gesture says a lot about their confidence in IKANO and its future." Smith added, "These funding dollars will help us to further strengthen our rapidly growing market presence."
Garth Howard, IKANO president, commented, "We are redefining the Internet access market by helping any company, affinity group, ISP, or association provide Internet access and related services to its customers or members on a private-label basis. IKANO has essentially created a new customer relationship model for companies to better communicate with their customers."
Insight Capital Partners, New York, is a global private equity investment firm that funds companies in the business-to-business segments of the information technology industry. Michael Triplett, Insight Capital Partners' Principal, commented, "Our investment in IKANO is a validation of their financial accomplishments and innovations during the past two years.
IKANO is clearly differentiated among its competitors as the unquestioned market leader."
About IKANO Communications
IKANO is a market-leading management service provider of Internet networking infrastructure and private-label Internet services. IKANO provides turnkey processes for businesses and organizations wishing to leverage the Internet to communicate with customers, employees or members. As the official Data Networking Services Provider for the 2002 Olympic and Paralympic Winter Games, IKANO provides the data networking services and support for the Games. IKANO offers a robust global IP network; application solutions; private label Internet services, including dial-up, DSL, and high-speed wireless; Web and mail hosting; server-side filtering; branded dynamic portal development; branded customer service and technical support; Business Rules Platform for automated accounting; and unified communications. Since its first branded Internet Web site was launched in 1998, IKANO has added more than 200 branded partners. Utah-based Mountain West Venture Group recently named IKANO/SISNA, Inc. the fifth fastest-growing company in the state of Utah as part of their annual Utah 100 Awards program. IKANO is the parent company of SISNA, one of the nation's pioneer Internet Service Providers, and of Auracom/Interhop, offering ISP franchises and consumer Internet services throughout Canada.
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