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
Fairfax, VA (PRWEB) January 29, 2009
Rivermine, the leading provider of automated telecom expense management (TEM) solutions, today announced that the company received $5 million in funding led by SoftBank Capital, with participation from existing investors Valhalla Partners, Longworth Venture Partners and Columbia Capital. Marking the end of a banner year, the funding round comes on the heels of a record 110 percent year-to-year sales increase in 2008.
This is the third consecutive year of record growth with total company sales increasing by 458 percent over the three-year period, translating to a compound annual growth rate of over 75 percent. In 2008, Rivermine closed 123 deals from new and existing customers. New deals represented a mix of managed services and software contracts delivered through direct sales and channel partners, both domestically and internationally. Also during the year, Rivermine added over $1.5 billion in telecom expenses under management.
"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, Rivermine. "We offer a telecom expense and mobile device management solution that saves companies millions of dollars per year so many organizations are eager to deploy it in these tough economic times."
The investment was in direct response to the significant increase in demand for Rivermine's TEM solutions as more organizations are focusing on cost reduction. The company plans to utilize the capital to continue making enhancements to its products and services, both domestically and internationally, and to increase support for global channel partners.
"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. "We were fortunate to have an opportunity to lead this latest round of investment, which will fuel Rivermine's next series of bold growth initiatives in 2009."
Achieving an all-time cost savings record in 2008, Rivermine averaged a 40 percent cost reduction in mobile device service plan fees for customers that have used Rivermine's wireless solution for more than one year. The Rivermine solution will manage an additional 100,000 wireless devices for customers signed last year. Marking additional wireless strides in 2008, Rivermine established a partnership with ReCellular to provide a mobile device-recycling program.
In July 2008, Rivermine launched Rivermine 6.0, a new version of its flagship software, and new eXPERTSolutions managed service packages. Additionally in 2008, the company earned Gartner's highest possible rating, a "Strong Positive", in its annual February 2008 'MarketScope for Telecom Expense Management Worldwide 2H07*,' received two "Product of the Year" awards and was recognized by Deloitte's Virginia Technology Fast 50 awards.
*The MarketScope is copyrighted 2008 by Gartner, Inc. Gartner does not endorse any vendor, product or service depicted in the MarketScope, and does not advise technology users to select only those vendors with the highest rating. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Rivermine is a leading provider of automated, award-winning solutions that enable organizations to gain visibility into, and control over, their wireline and wireless telecom spend. More than 250 companies -- including many Fortune 1000 corporations and large government agencies--have selected Rivermine to optimize their overall telecom environments and dramatically reduce costs. These patent-pending Telecom Expense Management (TEM) solutions automate the entire telecom lifecycle including contract sourcing, ordering, inventory management, invoice processing and auditing, wireless expense management and reporting/analytics. For more information, visit http://www.rivermine.com.