Philadelphia-based CoreDial, which offers a software-as-a-service platform via the channel, on Thursday announced an investment of $27.5 million from LLR Partners, a private equity firm.
CoreDial works with MSPs, IT solution providers and VARs to deliver cloud products and services via what it calls an innovative SaaS platform and business model.
The company has added nearly half of its 350 channel partners in just the past year. CoreDial says the new funding will help it expand upon its existing UCaaS offerings and add more cloud products and services optimized for the channel.
“There is a growing need today for SaaS platforms and cloud services designed specifically for the over 170,000 MSPs, IT solution providers, and VARs that make up the channel,” said David Reuter, Partner, LLR Partners.
“This investment is a clear vote of confidence in CoreDial’s high growth, margin-rich, channel-optimized SaaS platform and solutions from the technology investment community,” said Alan Rihm, CEO and co-founder of CoreDial.
CoreDial says its white-label services allow partners to generate profit margins of up to 65 percent.
The company’s revenue growth has enabled it to increase its Philadelphia-based workforce by more than 50 percent this year.
Follow senior online managing editor Craig Galbraith on Twitter.