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Saturday, November 21, 
7:41 am

Rivermine rings up $5M

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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

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