Expand Brings in 21 Million in Venture Funding

Jessica Perry//May 1, 2007

The new funding will be used to develop new products and market existing ones.Expand Networks, an information technology company based in Roseland, announced today that it has snagged $21 million in venture financing from a group of four investors led by Vertex Technology Fund of Israel.

The money will be used to develop new products and market existing ones. Other financiers participating in this round were Discount Investments Corp., Tamir Fishman Ventures and the Challenge Fund.

Expand has received a total of $74 million during six rounds of investor funding since the company was founded in 1998, says Paul Macchia, a company spokesman. Previous investors include Time Warner, Comcast Interactive Capital, Federated Kaufman Fund, RBC Capital Markets and Robeco Investment Management.

Expand NetworksÂ key highlights during the past year include a partnership with H3C Technologies Co. Limited of Hong Kong, the acquisition of DiskSites, and new offices and distribution agreements in several countries, according to the company.

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