Expands Market Domination with its Premium Technology Care Services and Platform Business
BILLERICA, MA – (May 4, 2011) – PlumChoice announced today it has raised $25.6MM in financing to meet the growing market demand and expansion requirements for its premium Technology Care services. Funding sources included follow-on investments from existing investors, plus substantial first-time investments from M/C Venture Partners, Gold Hill Capital and Eastward Capital. Proceeds will be used to fund growth, expand sales and marketing, and enhance the breadth of PlumChoice's platform services.
PlumChoice's patented SAFElink™ platform delivers a comprehensive set of technology care services for ISPs, wireless carriers, device manufacturers, retailers, independent software manufacturers and extended warranty providers. The company has led the market for premium technology care services since 2001, packaging its subscription services, incident-based services and software solutions for distribution and resale through corporate partners who understand the need to care for all their customers' technology and provide a valued service to improve loyalty and increase revenues.
SAFElink bundles integrate remote and on-site services with other value-added customer care offerings to completely solve technology issues for consumers and small business owners, enabling companies that sell to and provide services to these markets to efficiently deliver a premium technology care business model to their customers and end-users.
"We are pleased to strengthen our balance sheet and position the company to dominate the market as demand for premium services is increasing and the use of SAFElink to launch businesses is growing rapidly. PlumChoice is committed to providing its partners with the best solutions now and in the future," said PlumChoice CEO Ted Werth, the pioneer in premium technology services for more than a decade. "We help our large partners to own and dramatically improve the service experience – which is a critical differentiator for businesses when selecting providers to serve their needs."
"PlumChoice has built a business which clearly addresses a major market need. Their domain expertise, strong partnerships, and clear passion for customer service promises long term differentiation for their customers," said Gillis Cashman, General Partner at M/C Venture Partners located in Boston, Mass. "Our team's analysis of the PlumChoice business, and its future prospects made this an excellent investment for our portfolio." Mr. Cashman will also join the PlumChoice board.
About M/C Venture Partners
M/C Venture Partners is a venture capital firm focused exclusively on the communications, media, and information technology sectors. The firm has invested over $1.5 billion into nearly 100 companies in those sectors. Companies M/C has backed include Attenda, Cavalier Telephone, Corelink, Fusepoint, ICG Communications, Legendary Pictures, Lightower, MetroPCS, NuVox, Open Mobile, Public Mobile, Seven Networks and Zayo Group. The firm has strong institutional backing from the nation's leading pension funds and endowments as well as a long track record of success. M/C Venture Partners has offices in Boston, San Francisco and London. For more information, visit www.mcventurepartners.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.