BILLLERICA, MA (September 8, 2009) - PlumChoice today announced the completion of a new $14.7 million round of funding for its market-leading remote technical support services business, which provides 24x7 online repair and assistance for digital devices ranging from computers to smartphones. Funding sources included follow-on investments from Edison Venture Fund and other prior investors, plus a substantial first-time investment from an Edison Limited Partner drawn to PlumChoice's business model and rapid growth. Proceeds will be used to grow the company's markets, expand sales, and support marketing, business operations and product development.
PlumChoice packages its subscription-based and single-use remote tech services for distribution through corporate partners using each partner's brand. Channel partners include leading telco/cable/ISPs, retailer/etailers and OEMs who trust PlumChoice to provide premium services to their customers. PlumChoice's skilled U.S.-based technicians provide online support for all technology - including PCs, Macs, smartphone devices, netbooks, MP3 players, network devices, printers and digital cameras - and the associated integration challenges faced by end users.
"The size of this latest funding round is a direct result of our business growth and success working through large brand-name partners, as well as the exploding demand for 24x7 technical support in today's increasingly complex digital world," said PlumChoice CEO Ted Werth, a pioneer in remote technology services for more than a decade. "Remote tech services are the most effective way to address the growing needs of the market, offering higher quality, enhanced security, lower cost and even a green solution."
"PlumChoice's domain expertise, strong channel partnerships and exceptional customer satisfaction ratings have established the company as the market leader in remote tech support," said Michael Balmuth, a General Partner at Edison Venture Fund. "We are making our third investment in the company because of their continuing progress in growing the business, building their partner strategy, and driving new client acquisition."
The new funding round was completed in August.
Since 2000, PlumChoice has become the nationwide leader in providing trusted remote technical services for the home, home office and small business through business partners. PlumChoice leads the industry in technical innovation and integrated services, giving customers affordable solutions to their technology problems anytime, anywhere. PlumChoice offers comprehensive, flexible service options (one-time, per-minute and subscription plans) on personal computers & laptops, networking, software applications, printers, peripherals, MP3 players, digital cameras, smartphones and other mobile devices, and more. PlumChoice is trusted by more Fortune 500 companies than any other provider. Its team of U.S.-based, 100% industry-certified agents is available 24/7/365. PlumChoice's partner go-to-market programs help business partners come to market rapidly and grow revenue quickly. The company offers specific integrated programs for telcos, ISPs, manufacturers, retailers and e-tailers. PlumChoice services are also available online and in-store through many telecommunications service providers, retailers and manufacturers, as well as many other partners. For more information, send an email to firstname.lastname@example.org.
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides expansion capital and value-added services to information technology businesses with $5-20 million revenue. Initial investments range from $5-10 million. Edison typically serves as sole or lead investor. In addition to providing growth equity, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison's investment professionals are based in Lawrenceville, NJ, Needham, MA, New York, NY, West Chester, PA, and McLean, VA. Industry specialties include application software, communications, financial technology, interactive marketing, healthcare & pharmaceutical IT. Edison's successes include Best Software, Dendrite, Gain Capital, MathSoft, Princeton Financial, VirtualEdge, Visual Networks, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $550 million under management and is actively making new investments. www.edisonventure.com
Karen McPhillips, Vice President, Marketing
SSPR, for PlumChoice
The press release contains forward-looking statements regarding anticipated objectives, growth and/or expected product and service developments or enhancements. Such forward-looking statements may be identified by the use of the following words (among others): "believes," "expects," "may," "will," "plan," "should" or "anticipates," or comparable words and their negatives. These forward-looking statements are not guarantees but are subject to risks and uncertainties that could cause actual results to differ materially from the expectations contained in these statements. PlumChoice assumes no obligation to update any forward-looking statements contained in this press release in the event of changing circumstances or otherwise, and such statements are current only as of the date they are made.