Telecom expense management company Rivermine (
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The year started off with a bang for Rivermine, which in February released version 5.0 of its flagship TEM software. Among the new features with the upgrade is a feature called Clarity Decision Engine, which helps companies quickly analyze complex telecom expense data in order to make educated decisions about network migrations and rate plans.
Rivermine’s TEM solutions are now used by more than 85 companies, a client base that has grown steadily over the past several years. Sales bookings increased 75 percent from 2005 to 2006, and jumped another 118 percent between the third quarter of 2006 and the second quarter of 2007.
In June, Rivermine completed a third round of funding, led by Softbank Capital. This round brought in $8.7 million from Softbank as well as Columbia Capital, Longworth Capital Venture Partners and Valhalla Partners.
Also this year, Rivermine entered into several strategic partnerships. As a result, two of the larges IT outsourcing/integration companies now offer Rivermine’s TEM solutions to clients. A partnership with BBR Wireless Management (
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“The first half of 2007 has been our strongest yet,” said Rivermine CEO Mark Logan in a statement. “Our latest product release, combined with solid partnerships and our third funding round, have enabled us to secure incredible market traction.”
Logan predicted continued, dramatic sales growth for the remainder of 2007. He said this growth is driven by international expansion, the robustness of Rivermine’s TEM platform, and the company’s focus on expanding its managed services and partnerships.
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