Newbridge's Matthews lands another CEO post

NEWS Telexis Corporation, the Canadian IP multimedia applications developer, has received Cdn$16m (£7.2m) of funding and has appointed Newbridge Networks founder, Terry Matthews, as CEO. The company will now continue life under the name of March Networks Corporation in its move into the broadband multimedia service delivery market. In a statement, Matthews said: "I've spent the last 30 years building first the switches and then the broadband pipes that make up the global telecommunications infrastructure. The team at March Networks will now take advantage of the broadband infrastructure to deliver practical applications of all that bandwidth." Matthews has been active within the company as chairman since 1998 and replaces Eli Fathi who will now assumes the role of executive vice president, business development. PricewaterhouseCoopers Securities financed the funding and principal investors include Matthew's venture capital firm Celtic House, the Royal Bank Ventures, and the Ontario Teachers Pension Plan Board.