January 10, 2009
Venture Capital investors Trilogy Partners and Ignition Partners Invest $8.75 Million in FiREapps
Based in Scottsdale, Arizona, the leading on-demand Foreign Exchange exposure provider, FiREapps raised $8.75 million in Series B funding from Trilogy Partners and Ignition Partners along with an extra loan facility from Silicon Valley Bank.� As part of the agreement, Mr. Charles Stonecipher of the VC firm Trilogy Partners will join the board of directors of FiREapps� parent company, Rim Tec.�
Along with the funding, FiREapps has also announced new clients for its product, who are CommScope, PSX, Plantronics, and PharmaNet.� According to Wolfgang Koester, CEO of FiREapps, FiREapps ability to acquire new clients in a time of economic uncertainty and the additional investment will enable the company to expand its market presence.� According to Charles Stonecipher, Trilogy Partners constantly scrutinizes a large number of business opportunities and FiREapps struck Trilogy as a unique venture because of its ability to flourish in a time of economic downturn.�
FiREapps is a subsidiary of Rim Tec, Inc. is a leading producer of Foreign Exchange exposure management software.�� The company provides services along with software that helps corporations optimize the processes in the Foreign Exchange.� FiREapps� product helps reduce cost and mitigate risk for the client, and at the same time help the client maximize profitability.� FiREapps has offices in several states besides Arizona, which include Florida, California, North Carolina, and Oregon.
Trilogy Partners is associated with Microsoft and specializes in the accounting industry and employs about 10 people.�
Ignition Partners is a VC firm that invests in future leaders of the communications, internet, software, and services for industries in both the business and consumer fields.� Ignition Partners brings together a unique combination of domain focus, technical expertise, and global operational experience.� Some of the corporations that are partners with Ignition are AT&T Wireless, Starbucks, and McCaw Cellular Communications.