Lawrenceville, NJ (Vocus) May 20, 2010
Edison Venture Fund announced $7.5 million investment in NH-based RewardsNOW. Edison is sole investor for this expansion stage, financial technology business. The proceeds will be used to expand sales, marketing and development plus provide liquidity for early shareholders.
RewardsNOW provides loyalty programs to over 300 financial institutions. Founded in 1997, RewardsNOW designs, implements and manages turnkey direct marketing for credit cards, debit cards, loans, deposits and online banking.
Michael Kopelman, Principal, led Edison’s investment process. Rob Finn, Associate, and Mike Cichowski, Sr. BD Associate conducted Edison’s due diligence. Michael Balmuth, General Partner, and Edison Director Network member, Rick Auletta, joined RewardsNOW Board of Directors. Auletta is VP Sales for Edison portfolio company, IPP.
“Edison’s strategic counsel and experience accelerating growth of financial technology companies will be instrumental to our success,” commented RewardsNOW CEO Steven VanFleet.
“Steve Van Fleet is a visionary and strong leader in payments industry”, stated Michael Balmuth. “RewardsNOW has shown impressive growth with customer satisfaction,” added Michael Kopelman.
Edison has invested in 33 Financial Technology businesses. Active portfolio companies include Billtrust, FolioDynamix, Gain Capital, Liberty Tax, Neat, Portico, Scivantage and TraderTools. High return exits include Best Software, DPM, EdgeTrade, E-Transport and Princeton Financial Systems.
Edison has made 21 investments in New England including BlueCod, CambridgeSoft, InMagic, Maptuit, PlumChoice, Sonicbids, Tangoe and VFA. Successful exits include Marcam, MathSoft, Netegrity and ReTec.
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to late stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 8 million. Edison typically serves as the sole or lead investor in financings up to $10 million. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s investment professionals are based in Lawrenceville, NJ, New York, NY, Needham, MA and McLean, VA. Industry specialties include application software, communications, financial technology, interactive marketing, and healthcare IT. Edison’s successes include ACT!, Axent, Dendrite, Mapics, POMS, Visual Networks, VirtualEdge, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $550 million under management and is actively making new investments. http://www.edisonventure.com
RewardsNOW is a premier provider of marketing services for the financial industry. The company’s turnkey loyalty solutions include configurable web-based loyalty platform, marketing communications, analytics/ROI reporting, rewards catalog/fulfillment, and customer support. These products and services generate incremental profits from increased member acquisition, increased product usage, and lower customer attrition rates. RewardsNOW is based in Dover, New Hampshire. For more information, call 800-240-4814, ext. 202, or visit http://www.rewardsnow.com.