Enterprise cloud communications service provider Thinking Phone Networks today announced a $16.5 million investment led by Advanced Technology Ventures (ATV) and Bessemer Venture Partners. The investment will enable the company to expand its sales, marketing and support services internationally, enhance its ThinkingSuite communications delivery ecosystem and continue to grow its global partnership network.
The company also announced today that Bob Hower, a general partner in ATV, and Bob Goodman, a partner in Bessemer Venture Partners, have joined its board of directors. Both ATV and Bessemer have been early investors in other leading VoIP companies.
In making the announcement, Thinking Phone Networks noted that in addition to providing capital necessary for continued growth, ATV and Bessemer will be able to provide the company with advice and counsel based on their own market experience and knowledge.
According to industry analysts, cloud unified communications (UC), combined with the explosion of the bring-your-own-device (BYOD) movement, represent disruptive forces as corporate enterprises seek to replace legacy premises-based systems and align disparate technology applications to enhance collaboration among increasingly distributed and mobile workforces, streamline business processes and lower overall communications costs. Gartner Inc. calls BYOD programs, “the single most radical shift in the economics of client computing for business since PCs invaded the workplace."
Thinking Phone Networks is positioned to capitalize on these game-changing market dynamics and gain market share by offering midsize and larger enterprises deeply integrated and analytics-driven single platform collaboration capabilities spanning mobility (including smartphone and tablet support), voice, video, presence, messaging, conferencing and contact center.
According to Thinking Phone Networks, today's funding announcement provides further market validation for its cloud UC services. Revenues have doubled in each of the last three years.
The announcement also coincides with technology licensing agreements which will enable service providers, technology vendors and channel partners to access the cloud communications space to meet burgeoning demand.