Rivermine, whose software helps companies manage their telecom expenses, Tuesday announced a $5 million round of financing led by SoftBank Capital. Also participating were previous investors Valhalla Partners, Longworth Venture Partners and Columbia Capital.
The company announced an $8.7 million third round in November 2007, also led by SoftBank.
The company claims its software automates telecom
contract sourcing, ordering, inventory management, invoice processing
and auditing, wireless device management and reporting.
Founded in October 2001 as Telco Exchange
LLC, Rivermine's software caught on fast, as the startup had signed up
several large customers in the retail, hospitality and high-tech
fields. It had revenue in the millions of dollars by mid-2002.
Large
corporations find TEM software appealing because of the significant
cost saving it can quickly identify. Rivermine said its software can
save clients up to 30% on their telecom spending through automated bill
auditing and inventory optimization, while reducing the headcount
required to process service orders and invoices.
Rivermine
said it would use the latest funding to enhance its products and services and increase
support for global channel partners
. - Olaf de Senerpont Domis
Continue reading below
