Ottawa, Ontario – October 12, 2004 – Nakina Systems Inc. (“Nakina”) a provider of network and service assurance software solutions to service providers
and network operators worldwide, today announced the successful closing of
US$2.25 Million worth of debt financing from MMV Financial Inc. (“MMV
Financial”). MMV Financial specializes in debt financing for investment
targets in various stages of evolution in the technology and life sciences
Nakina, an Ottawa-based firm, recently completed a sale to a Tier 1 U.S.
telecom service provider and has several trials in progress with other Tier
1 service providers in Canada and the U.S. The funds from MMV Financial will
be used to expand Nakina’s R&D team, consisting of network management
software specialists, in order to keep up with rapidly expanding customer requirements.
MMV Financial, a Toronto-based firm, was previously known as MM Venture Partners.
As MM Venture Partners, the company invested out of a venture partnership with
publicly traded GATX. The repositioning of the company as MMV Financial coincides
with its continued focus on providing creative debt financing solutions to
emerging and mid-market companies in the technology and life sciences sectors.
MMV Financial is seeking to allocate capital amounting to roughly C$300 million,
with a stated target of investing $50 to $60 million in some 15 to 20 companies
annually. The firm has received backing from U.S. and Canada-based private
equity firms and financial institutions including Caisse de depot et placement
du Quebec of Montreal, Conning Capital Partners of Hartford, Connecticut, and
Wells Fargo Foothill, a part of Wells Fargo & Company.
"We’re making the investment in Nakina because their products
solve real-life headaches by simplifying how service providers manage their
telecommunications networks,” explains Ron Patterson, Executive Vice
President of MMV Financial. Patterson adds: “A service provider can deploy
Nakina’s software in its network and realize a payback of its entire
investment within just a few months. That translates into substantial, compelling
value for their potential customers. As such, Nakina is a perfect example of
the type of company we like to invest in.”
“MMV Financial is emerging as a leader in this alternative type of
funding for high technology companies. Because of their experience in financing
enterprises in the high tech sector, they are able to quickly assess investment
targets in the interest of making timely decisions,” explains Dave Vicary,
President & CEO of Nakina. “They also have 60 years of experience
in technology and an extensive set of relationships to offer, which is something
we can leverage at Nakina. We’re very excited to have MMV as an investment
partner,” concludes Vicary.
About Nakina Systems
Nakina Systems is an independent software vendor delivering innovative solutions
to service providers and system integrators worldwide. With a focus on operational
effectiveness and network profitability, Nakina Systems’ multi-vendor
element management and VoIP performance management solutions enable new services
while reducing operating costs in large scale networks. Nakina’s adherence
to network and software standards provides network operators with the flexibility
to select and implement best of breed products, from Nakina Systems and Nakina
Systems’ partners in existing and next generation networks.
About MMV Financial
MMV Financial Inc. is a Toronto based specialty finance company providing
creative debt financing solutions directly to early to mid-stage technology
and life sciences companies with a focus on the Canadian and North American
For More Information:
Director of Marketing
Nakina Systems Inc.
Phone: (613) 254-7351 ext. 307
Fax: (613) 254-7352
Executive Vice President
MMV Financial Inc.
Tel: (416) 977-9718
Fax: (416) 591-1393
Copyright © 2004 Nakina™, Simply Profitable Networks™,
and the Nakina logo are trademarks or registered trademarks of Nakina Systems
Inc. in the United States, Canada, and other countries.
Copyright ©2004 MMV Financial Inc. All rights reserved.