With a series of impressive announcements related to the growth of the business, Overture Networks (News - Alert) is steadily on the expansion path.

The industry’s trusted Carrier Ethernet solutions provider took a step further to meet with its expansion goals. The company recently informed he media about the closing of an additional $17.2M round of equity funding in an oversubscribed round. The company has an impressive list of investors that include such names as Intel Capital (News - Alert), Intersouth Partners, Morgenthaler Ventures, Tenaya Capital, TDF Fund and Gray Ventures. With the closing of new round of funding, the company gets another investor in its fold- QuestMark Partners will be one of the lead investors for Overture Networks.

In addition, Tim Krongard, Partner, QuestMark Partners will take a seat on Overture’s Board.

So far as financial health is concerned, overture is in perfect shape. A part of the addition funding will be utilized to enhance its product line, while the rest will go to help it meet with its global expansion plan.

“Overture Networks is already a financially sound company but with this additional capital, we will be able to more quickly implement our growth plans from both a product enhancement and global expansion perspective,” Jeff Reedy (News - Alert), the CEO of Overture said.

“We are extremely pleased with the intense interest in Overtures Networks from the investment community. This oversubscribed financing round further validates our progress, success and expectations in this growing market,” he further added.

This Overture initiative makes an extremely discreet decision on the part of the company management, for the Carrier Ethernet market shows huge potentials for growth. The most recent Infonetics report on Carrier Ethernet also confirms this. The report forecasts revenues from Carrier Ethernet equipment manufacturers to reach $34 billion by 2013—that is nearly double the reported revenues for 2008 and an increase of $2 billion since the report was first published in April of 2009. The total amount spent on Carrier Ethernet over the next five years is projected to be $146 billion.

Overture Networks is the preferred Carrier Ethernet edge and aggregation partner to more than 225 service providers and enterprise customers worldwide, including 10 of the top 15 US Carrier Ethernet service providers. The service providers rely on Overture’s innovative solutions for fully leveraging Carrier Ethernet to multiply service revenues and streamline operational costs. Cost effectiveness and flexibility are two important features of Overture solutions that make them so attractive among the service providers. With the right kind of technology, dedicated team and adequate funds in place, Overture is confident of capturing a lion’s share of the market.

“Overture Networks’ value proposition is unique as it offers a cost-effective, flexible and manageable solution that supports and enhances the deployment of both Ethernet and legacy services to any size location and any network. The demand for Carrier Ethernet has continued to explode and we believe that Overture Networks has the team, technology and customer relationships in place to take full advantage of this market opportunity,” Krongard maintained.