Rivermine Secures $8.7 Million in Third Round of Funding
Rivermine recently announced the close of its third round of funding totaling $8.7 million. SoftBank Capital led the round, which also included participation from existing investors Columbia Capital, Longworth Venture Partners and Valhalla Partners. Rivermine will use the funds to support the continued development of a next-generation TEM platform, offer enhanced managed services, ramp major channel partners including two of the largest global IT outsourcing and system integration companies, and expand internationally.
“We were very pleased to receive heavy interest in this investment round from a number of top-tier venture firms, and we are excited about working with the team at SoftBank Capital,” said Mark Logan, president and CEO, Rivermine. “SoftBank Capital’s principals were early investors in companies such as Yahoo!, E*Trade, and UT Starcom, and their vote of confidence in the telecom expense management market and in Rivermine’s delivery of industry-leading software and services to Fortune 1000 companies is very encouraging.”
In conjunction with the investment, Steve Murray, a partner at SoftBank Capital, will join Rivermine’s Board of Directors. Rivermine’s latest round of financing comes on the heels of significant bookings growth in 2006, and recognition on Deloitte’s Technology Fast 50 list for Virginia the second year in a row.
“Telecom expense management is an established market with proven technologies poised for tremendous growth over the next several years. We believe Rivermine is well-positioned to become the long-term market leader in this segment,” said Murray. “Rivermine’s high-profile customers, global channel partners, proven solutions and strong management team provide all the ingredients for market leadership and success.”
Rivermine is a leading provider of automated solutions that enable organizations to gain visibility into, and control over, their telecom spend. Rivermine’s software and managed services have saved many Fortune 1000 companies and large government agencies millions of dollars per year. These market-leading Telecom Expense Management (TEM) solutions automate the entire telecom lifecycle including contract sourcing, procurement, provisioning, inventory management, and invoice processing/auditing.
For more information, please visit www.rivermine.com