Millennial Net Expands Management Team to Support Financial Growth
Computer Industry Veteran Brings More Than 20 Years of Experience in Leading Entrepreneurial Companies to Maturity
Burlington, Mass.--July 19, 2004--Millennial Net, Inc., the leading developer of self-organizing, wireless sensor networking systems, today announced the appointment of Terence Halloran as chief financial officer. Halloran brings more than 20 years of finance experience in software and manufacturing companies and a strong track record in transitioning entrepreneurial ventures to established companies.
"Adding a seasoned CFO to our management team is a critical step in managing Millennial Net’s corporate growth," said Andy May, Millennial Net's president and chief executive officer. "And with Terry's strong track record in nurturing and growing entrepreneurial technology companies, we are looking forward to a bright future."
Halloran has served as a consulting CFO for a number of start-up companies over the past several years including ExaGrid Systems, Inc., Silverlink Communications, Inc. and Savantis Systems, Inc. In this capacity, he helped to establish financial infrastructures and to identify internal investment opportunities that supported corporate growth. Prior to these roles, Halloran was the chief financial officer at HighGround Systems, Inc. where he was responsible for all aspects of business operations and was an instrumental member of the management team that raised nearly $50 million in equity capital. As CFO of HighGround, he was also a key player in the $400 million sale of the storage resource management software company to Sun Microsystems, Inc.
"I am very excited about joining the team at Millennial Net," said Halloran. "The wireless mesh networking space is compelling and coupled with the company's solid base of venture financing and strong leadership, Millennial Net is well poised for long-term growth and a secure leadership position in the industry."
Millennial Net closed a $15 million Series B funding round in May and has expanded operations, recently moving its headquarters from Cambridge, Mass. to a larger facility in Burlington, Mass.
About Millennial Net
Headquartered in Burlington, Mass., with offices in Tokyo, Japan, Millennial Net is the world leader in developing and manufacturing ultra-efficient, highly scalable, self-organizing wireless sensor networking systems. Millennial Net's award-winning networking software and tiny micro-power hardware elements, called i-Beans®, allow instrumentation and sensing devices like gauges, sensors and actuators to connect and communicate with each other over self-organizing, self-healing networks. Patented technology enables the i-Bean to operate with an extremely low rate of power consumption on the energy of a 3-volt coin-sized battery for years at a time. Wireless sensor networks enable the remote monitoring and management of critical devices while providing continuous streams of previously unavailable data to enable more informed decision-making, better control and increased revenue opportunities. Wireless sensor networks are in use today for industrial, medical, consumer and military applications. Millennial Net is committed to advancing Wireless Sensor Networking...Anywhere. For more information, please visit www.millennialnet.com.