Rivermine Receives $5 Million in Funding
January 27, 2009
By Anshu Shrivastava, TMCnet Contributor
Rivermine, a provider of automated telecom and wireless expense management solutions, has announced that the company has received $5 million in funding.
The funding has come from SoftBank Capital, with participation from existing investors Valhalla Partners, Longworth Venture Partners and Columbia Capital. The company said that it plans to continue enhancing its products and services, both domestically and internationally, using this latest funding.
“Receiving this latest funding investment is a testament to our unprecedented growth, solid business model and company achievements in 2008,” said Mark Logan, president and CEO at Rivermine (News - Alert).
According to Logan, Rivermine offers a telecom expense and mobile device management solution that helps companies save millions of dollars per year. He added that many companies are eager to deploy it in these tough economic times.
The funding follows the announcement that the company recorded a 110 percent year-to-year sales increase in 2008. Rivermine said that this is the third consecutive year of record growth with total company sales increasing by 458 percent over the 3-year period. This has translated to a compound annual growth rate of over 75 percent.
In 2008, Rivermine singed around 123 deals with new and existing customers. The new deals represented a mix of managed services and software contracts delivered through direct sales and channel partners, both domestically and internationally.
Additionally, in 2008, Rivermine added over $1.5 billion in telecom expenses under management. The investment was in direct response to the growing demand for Rivermine's TEM solutions, according to the company.
“In a period of time when many venture-backed technology companies are simply trying to survive, Rivermine is executing successfully and distancing itself from competition in the marketplace,” said Steve Murray, partner, SoftBank Capital.
Murray expects this latest round of investment to fuel Rivermine's next series of “bold growth” initiatives in 2009.
In July 2008, Rivermine launched Rivermine 6.0, a new version of its flagship software, and new eXPERTSolutions managed service packages.
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Edited by Michelle Robart