|By RealWire News Distribution||
|November 2, 2012 03:28 AM EDT||
CAMBRIDGE, UK and ANDOVER, MA - November 1, 2012 Polatis, the performance leader in all-optical switch technology, today announced that it has secured $4M of debt financing through Clydesdale Bank to support the company's continued global growth.
The financing raised will be used primarily to expand Polatis' in-house manufacturing capability to meet strong customer demand for their latest Series 6000 optical matrix switch, enabling transparent connectivity for up to 192x192 fibre ports. It will also enable the company to fast-track product development for customers in growth markets such as telecom networks, datacentre interconnect and government systems.
"We are delighted to secure the $4M of debt financing this week" said Gerald Wesel, President and CEO of Polatis. "This will enable us to better respond to the increasing demand we are seeing from our customers for Polatis' leading edge switch technology and further supports our business plans for continued growth and product development for the next generation of technology."
Mark Taylor, Director of Growth Finance at Clydesdale Bank, said "Polatis is a highly innovative company and we are delighted to be able to provide significant funding to support the next exciting phase of growth."
Clydesdale Bank's Growth Finance team provides sophisticated funding solutions for venture capital backed businesses with substantial revenue growth and strong intellectual property assets.
Polatis delivers the world's lowest loss all-optical switching solutions for remote fibre-layer provisioning, protection, monitoring, reconfiguration and test, with over 1,000 systems shipped worldwide. Dependable, field-proven DirectLight optical matrix switch technology scales from 4x4 to 192x192 fibre ports, applying leading-edge performance to provide dynamic optical networking for telecommunications, datacenter, government, test and video markets. To learn more please visit our website at: www.polatis.com
About Clydesdale Bank
Clydesdale Bank is part of the National Australia Bank Group. Clydesdale Bank was established in 1838 in Glasgow and, as one of Scotland's largest banks, has a proud history of innovation and support for industry and communities.
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