Rivermine Secures $5 Million in Funding

TEM provider Rivermine announced it has received $5 million in funding led by SoftBank Capital, with participation from existing investors Valhalla Partners, Longworth Venture Partners and Columbia Capital. 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 more than 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 more than $1.5 billion in telecom expenses under management.

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.

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