( BW)(PA-EVOLVE-IP) Evolve IP Completes Financing of $8.7 Million in
Growth Capital
Capital funds continuing growth of leading Managed Technology Provider
Business Editors/Technology Writers
PHILADELPHIA--(BUSINESS WIRE)--Sep. 14, 2010--Evolve IP , a leading
Managed Technology Provider, today announced it has completed a
financing of $8.7 million of growth capital. The capital is intended
to further scale the Company's operations in response to strong
customer and market demand.
Since entering the marketplace in January 2008, Evolve IP has secured
more than $48 million in contracted revenue. Over its first 30 months
of offering managed technology services, Evolve IP has added more than
300 customers and now has more than 15,000 total users. The customer
base includes businesses in 27 states and six countries, and
represents a broad variety of industries, including the Legal,
Banking, Travel, Commercial Real Estate, Healthcare, Retail,
Government and Professional Services sectors.
"This financing is a testament to the hard work and dedication of our
employees, who have been instrumental in the growth of our business,"
says Thomas Gravina, Chairman, CEO and Co-Founder of Evolve IP. "The
additional growth capital will allow us to continue to drive
the industry forward with our managed voice, data, and security
solutions. Our products allow clients to enjoy the latest technologies
and services, without spending any upfront capital and at a lower
total cost of ownership. We're seeing increasing market demand for
hosted IP-PBX, unified communications applications, and information
security and compliance solutions, which positions us very well for
the future."
Evolve IP's managed technology services help businesses unify and
simplify the technologies their employees use to communicate,
including Managed Telephony, Managed Networks, Security & Compliance
and Hosted Applications. Evolve IP's suite of services can function as
a complete outsourced solution, or be tailored to enhance a company's
existing communications system. Evolve IP's services enable customers
to replace multiple vendors with a single provider and reduce the
operational and energy costs associated with on-premise solutions.
Customers can also take advantage of Evolve IP's network security,
reliability and 24x7 professional network management. Evolve IP's
platform was engineered, and is supported by veterans from the
telephony, data communications, Internet access and security
industries.
Evolve IP has achieved several significant corporate milestones since
closing its initial equity capital raise of $15.6 million in September
2007. In addition to its organic growth, Evolve IP has made important
strategic acquisitions. In June 2008, the Company acquired Lyrio IP
Technology Solutions, a provider of IP technology products and
services; in March 2010, Evolve IP acquired certain assets of TeleQ
Network Services, a provider of IT, communications and desktop
integration services to small and mid-sized businesses.
ABOUT EVOLVE IP
Evolve IP is a Managed Technology Provider that is changing the way
that organizations buy, manage, and secure their vital communications
technologies. With a broad range of expertise and a suite of services
that includes Managed Telephony, Hosted Applications, Managed
Networks, and Security & Compliance, Evolve IP partners with
businesses of all sizes to help them turn their vital communications
technologies into a competitive advantage. Evolve IP enables
organizations to simplify their cumbersome legacy infrastructure,
improve network security and reliability, and increase employee
productivity through feature-rich service offerings and significantly
improved security and stability. More information about Evolve IP is
available on the Web at http://www.EvolveIP.net.
This release contains forward-looking statements related to the
financial performance Evolve IP. We have based these forward-looking
statements on the Company's current expectations and projections about
future events. These forward-looking statements are subject to known
and unknown risks, uncertainties and assumptions about us that may
cause our actual results, levels of activity, performance or
achievements to be materially different from any future levels of
activity, performance or achievements expressed or implied by such
forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as "may," will,"
"should," "could," "would," "expect," "plan," "anticipate," "believe,"
"estimate," "continue," or the negative of such terms or other similar
expressions. In light of the risks and uncertainties inherent in the
forward- looking statements, such statements should not be regarded as
a representation by Evolve IP or any other person that the projected
results, objectives or plans will be achieved. Evolve IP undertakes no
obligation to revise or update the forward-looking statements to
reflect events or circumstances after the date hereof.
--30--RB/ph…
CONTACT: Evolve IP
Press contact:
Gregory FCA
Denise DiMeglio
Account Executive
610-642-8253, ext. 143
Denise@GregoryFCA.com
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: TECHNOLOGY INTERNET NETWORKS SOFTWARE TELECOMMUNICATIONS VOIP PROFESSIONAL SERVICES FINANCE
SOURCE: Evolve IP
Copyright Business Wire 2010
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