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Optimistic outlook for venture capital investment in Telecom IP services

London, 3 December 2002

The telecommunications industry is in turmoil, but venture capital investment in the sector remains strong. As FirstCapital has found a total of $6.4bn has been invested by venture capitalists in communications software since beginning of 2001, which accounts for 42% of all venture investment in software.

Much of this money has been invested in new innovations to combat some of the problems the communications industry faces. An expectation of explosive demand for bandwidth fuelled an enormous build out of capacity in the late 90’s and the industry is now facing an enormous overcapacity problem. However, as David Sexton, Advisor to FirstCapital and former President of Cable and Wireless Global Markets asserts, “out of chaos comes opportunity”.

Venture capitalists gathered at a seminar entitled “Telecom IP Services: Not if, But when” organised by FirstCapital concurred that IP Services is an area which has shown increasing interest from the Venture capital community. Phil Smith, Business Development Director and Head of New Ventures at Cisco believes, “the real beauty of IP is it is everywhere and it is the de-facto way of communicating.” 

Mr Sexton highlighted that “The key drivers will be process improvements and infrastructure consolidation. The Service Provider market is now consolidating as scale players and incumbents fight for survival in an environment of massive competition. However these are prerequisites to convergence. In the long run mobile and desktop is all there is. All other systems are legacy.”

Fred Destin, Director of OM Technology Investments at Dresdner Kleinwort Wasserstein contended that optical switching at the core and then IP into the LAN will be two interesting developments.

Concludes Jason Purcell, CEO of FirstCapital, “Market conditions are clearly difficult but there are still attractive opportunities for venture backed companies. In particular, companies that can help to manage the complexity of networks and the proliferation of devices will find ready markets”.

Source: VentureOne, Venture Capital Investment in US and Europe, Q12001 – Q32002


About FirstCapital

FirstCapital is an investment bank that specialises in fund raising and mergers and acquisitions advice for high growth technology companies. Established in 1999, it has offices in London and Cambridge, UK. Clients include entrepreneurs, technology companies and investors in private companies.

Our team is experienced in a wide variety of deals, from growth companies to multinationals in both UK and international cross border transactions. We provide pro-active, informed, full service deal management, including assistance with strategy and planning, finding and approaching investors or M&A targets, valuations and hands-on transaction execution.

We work in partnership with our clients to achieve their goals, offering impartial advice and support based on our knowledge of the market and of each client's individual requirements, and sharing alongside them in the risks and the rewards of success.

FirstCapital is authorised and regulated by the UK Financial Services Authority.

For more information, contact: Jason Purcell, CEO on +44 (0)20 8563 1563 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .