Bracknell, UK VegaStream has completed its management buy-out from Pace Micro Technology and secured £4million in funding. Investors in VegaStream include MTI Partners, a venture capital investor in the communications sector, and VegaStream's management while Pace Micro Technology retains a 20% share in the new business.
VegaStream develops voice over IP (VoIP) gateways which are interoperable with all major PBX industry and vendor standards.
Tim Burne, VegaStream's CEO, said, “The two years VegaStream spent as part of Pace's R&D division incubated us from the downturn and enabled us to focus on getting the product right. Whilst the last few years have undoubtedly been hard for the telecoms industry and VoIP has gone through a repeating cycle of hype and disillusionment, all the signs are now pointing towards VoIP finally delivering on its promise.”
Ernie Richardson of MTI Partners, said “VegaStream, because of its open standards-based approach and full interoperability with virtually every major PBX, is uniquely placed to offer a dedicated business VoIP gateway that is a genuine Cisco alternative in North America, Europe and other major global markets.”