STOCKHOLM, Sweden, March 23 -- Stockholm-based telecommunication companies Transmode Systems AB and Lumentis AB announced today they are merging into a new company, Transmode, to better pursue the metro wavelength division multiplexing (WDM) global equipment market.
Through the merger, which is effective immediately, the companies said Transmode "becomes a major supplier to telecommunications operators, MSOs, systems integrators, enterprises, utilities, public institutions and OEM partners worldwide."
Isaac Olasoko, Transmode Systems CEO, will lead the new company. Transmode closed a $15 million financing round last December, and Lumentis raised $9 million in June 2004. The total investment to date in both companies is $81 million, and existing investors Amadeus Capital Partners, POD Holding, HarbourVest, European Equity Partners, Chandaria, Santec and the founders of both companies each own a share of the new company.
For more information, visit: www.transmode.com