Rivermine hauls in $5M fourth round

January 27th, 2009

FAIRFAX, VA—Rivermine, which sells automated expense management software, has raised a $5 million fourth round led by Softbank Capital with return backers Valhalla Partners, Longworth Venture Partners and Columbia Capital participating.

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.

Rivermine raised a total of $23.7 million previously, including an $8.7 million round led by SoftBank in June 2007.

The company says the funding round comes on the heels of a record 110 percent year-to-year sales increase in 2008.

It says this is its 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 over 75 percent. In 2008, Rivermine closed 123 deals from new and existing customers.

During the year, Rivermine added over $1.5 billion in telecom expenses under management.

Mark Logan, president and CEO, Rivermine said, “We offer a telecom expense and mobile device management solution that saves companies millions of dollars per year so many organizations are eager to deploy it in these tough economic times”

In a previous interview with TechJournal South, Logan explained that Rivermine’s software helps large companies spending from $100 million to $200 million a year on telecom costs, including wired and wireless. Logan says Rivermine’s customers see a return on their investment in its product in six months and save 10 percent a year using it.

The company’s software products automate the entire telecom lifecycle including contract sourcing, procurement, ordering, inventory management, wireless device management, invoice processing, auditing and reporting/analytics.

“In a period of time when many venture-backed technology companies are simply trying to survive, Rivermine is executing successfully and distancing itself from competition in the marketplace,” said Steve Murray, partner, SoftBank Capital.