Millennium Private Equity has made an undisclosed minority stake investment in Turin Networks, a Petaluma, Calif.-based ethernet services provider. Millennium Private Equity is based in Dubai.
PRESS RELEASE: Turin Networks, Inc. today announced that Millennium Private Equity has become a strategic investor in the company. Turin is a leading global provider of innovative Carrier Ethernet, Wireless Backhaul and Converged Services solutions for wireline and wireless network operators and private networks. MPE is the Dubai Financial Services Authority (“DFSA”) regulated subsidiary of Millennium Finance Corporation, the leading international investment bank based in the Dubai International Financial Center. This investment is made through MPE’s Telecom, Media, and Technology (“TMT”) Fund.
Izzet Gueney, Senior Executive Officer of MPE and Fund Manager of its TMT Fund, said, “We are extremely delighted to join not only such a prominent group of investors, but also to back Henry and his talented team. We believe Turin’s products are at the leading edge of the industry, and telecom operators in the Greater Middle East, Asia and Africa will welcome the ability to apply them.”
“We are excited to have Millennium Private Equity on board as a strategic investor,” said Henry Wasik, President and CEO of Turin Networks. “This further validates the attractiveness of our product and market strategy. MPE’s extensive global connections will play a critical role in the continued dramatic expansion of our business.”
Turin Networks was advised by Advanced Equities on this investment.
About Turin Networks
Turin Networks, Inc. is a leading global provider of Carrier Ethernet solutions for wireline and wireless network operators. Turin’s iConnect solutions address the real-world challenges for network operators providing Wireless Backhaul, Carrier Ethernet and Converged Services. These solutions have been deployed by more than 600 customers worldwide, including the top five wireless network operators in the U.S., as well as 11 of the top 17 U.S. broadband Internet providers. Turin’s solutions increase network efficiency and capacity while facilitating the migration to Carrier Ethernet networks. Turin Networks is headquartered in Petaluma, California, with R&D facilities in Boulder, Dallas, Boston, and Shanghai with sales offices throughout the world. For more information, visit www.turinnetworks.com
or call 707-665-4400.
About Millennium Private Equity
Millennium Private Equity, a Dubai-based private equity firm backed by prominent regional financial investors, is a wholly owned subsidiary of Millennium Finance Corporation and is developing a family of funds that will be among the largest private equity initiatives in the Greater Middle East, Africa, and Asia region. In addition to its Global Energy Fund and Telecoms, Media & Technology Fund, which underwent respective first closings earlier this year and each targeting USD 1 billion in equity, other funds will include a Clean Technology Fund, a Mining Fund, an Africa Fund, a Real Estate Fund, and a Health & Education Fund. In early 2008, MPE’s first transaction was a USD 100 million investment alongside global players such as Temasek and KKR into a USD 1.25 billion private placement in the India-based telecom tower company called Infratel, a subsidiary of Bharti Airtel, the leading Indian mobile operator, via a fund solely seeded by the Dubai Government’s investment arm, the Investment Corporation of Dubai (“ICD”).