RealTime IT News

ACE Receives Funding From JH Whitney

JH Whitney & Co. has taken an equity position in Asia Capacity Exchange (ACE),a regional online marketplace for buying and selling international telecommunications capacity.

On its Virtual Trading Floor, ACE supports trading in both international call minutes and network bandwidth and operates the ACE Telehub to transfer minutes and bandwidth between trading parties.

"Having established the ACE brand in the market and rolled out our web and facilities based trading platform, the focus is now increasing market penetration," said Paula Brillson, managing director of the Asia Capacity Exchange.

Since it was founded in 1946, JH Whitney & Co. has helped to shape the development of the private equity industry. Its Internet and technology investment portfolio includes companies such as US Internetworking, Kana Communications, MediaMetrix, SpectraSite, Global Online Japan, LINC Media and Hong Kong-based renren.com.

"JH Whitney internally develops what it believes are exciting investment themes and then endeavours to identify the best entrepreneurs and companies to capitalise on each thesis," said Paul Slawson, managing director of JH Whitney Asia.

Brillson indicated that JH Whitney investment is sufficient to fund ACE's operations for the next year and anticipates that ACE is likely to seek a second round of funding during the last quarter of 2000.