Madge gets funding
Token Ring king looking for new markets
Madge Ltd has raised £2m in funding from Sigma Technology Management Ltd to develop wireless LAN products.
Madge, the last big player for Token Ring kit, is looking to develop products and services for the enterprise wireless LAN market.
Martin Malina, CEO of Madge, said: "'Demand for Enterprise Wireless LAN solutions is growing rapidly. The new funding will help us to significantly accelerate our product development plans and to invest in the marketing and sales activities required to make Madge a successful player in this market."
The investment was made up of £1.33m from Sigma and the rest from a private individual. Neil Crabb from Sigma Technology is joining the Madge board as a non-executive director.
Madge was formed by a management buyout in April 2003. In May 2003 Madge Networks NV went into administration. ®