|
|
|
CONTACT INFORMATION
FOR IMMEDIATE RELEASE
Open-c Solutions' Parent Company
Secures $15 Million of New Financing
Show of support from
leading venture capitalists strengthens company's aggressive customer
acquisition and technology development strategies.
SANTA ANA, CA., July 16, 2003 - Open-c Solutions,
a premier provider of billing and customer care solutions, announced
today that its parent company, NWP Services Corporation, has received
$15 million of new growth capital. The funding came from a new lead
investor-Crosslink Capital-and existing investors, including Sycamore
Ventures and Landmark Partners. Portions of this final round of
private equity funding will be used for ongoing development of the
company's Open-cIS customer care solution and for acquisition of
new utility and energy company customers.
The Open-cIS customer care solution supports the energy marketplace
by providing utilities and energy companies with customer care and
billing solutions. The single-platform functionality and scalability
of the platform enables Open-c customers to respond rapidly to changing
market requirements while exceeding the diverse expectations of
customers, regulators, and suppliers.
"We are pleased the market recognizes the strength of our
technology platform and our tremendous growth potential," said
Doug Thompson, chief
executive officer and president of Open-c Solutions, Inc. "So
far in 2003,
Open-c has brought three clients live, billing over 600,000 accounts.
That's a tremendous measure of success in this complex market."
Open-c Solution's new growth capital will be used to strengthen
its sales pipeline and support additional Open-cIS installations.
Also, as the company's customer base continues to grow and diversify,
Open-c will continue to make platform improvements to keep pace
with changing customer and market requirements.
"Open access, increased competition, and a need to save significant
costs are driving energy and utility companies to make long-awaited
technology implementation decisions," said Thompson. "Open-c
Solutions is now one of only a few companies in this industry with
the working capital to support high levels of customer service as
well as the ongoing technology innovation necessary to ensure we're
meeting customer needs today and well into the future."
About Open-c Solutions
Open-c Solutions, a subsidiary of NWP Services Corp. headquartered
in Santa Ana, Calif., delivers systems and services to utilities
and energy companies to enhance operating efficiencies and ensure
long-term profitable customer relationships utilizing their state
of the art Open-cIS platform. Additional information about Open-c
Solutions is available at www.open-c.com.
About NWP Services Corporation
Headquartered in Santa Ana, Calif., NWP Services Corporation is
the privately held parent company of National Water & Power
and Open-c Solutions. NWP Services Corporation provides the regulatory
expertise, technology infrastructure and high quality services that
property owners, utility companies, and energy providers need to
preserve resources and thrive in a complex deregulated environment.
Additional information is available at www.nwpsc.com.
About Crosslink Capital
Since 1989, Crosslink Capital has invested in emerging technology
companies. Currently, its venture investing activities are focused
on the software, core technology/semiconductor and business services
industries. Crosslink invests in very early, seed stage financings
all the way through later stage private opportunities and into the
public market. This strategy allows Crosslink to remain a long-term
investor in its portfolio companies. Crosslink Capital was the first
venture capital firm in the U.S. to fully integrate public and private
technology investing. To learn more about Crosslink Capital visit
www.crosslinkcapital.com.
About Sycamore Ventures
Sycamore Ventures is a team of dedicated investment professionals
with a broad range of industry experiences in communication, software,
and life sciences. Sycamore brings expertise in technical, managerial
and strategic issues. Sycamore invests in a broad range of technology
and services industries. The team collectively has well over 100
years of investment experience, with investments in more than 100
companies, and membership on the boards of directors of more than
75 companies. Sycamore has also taken 20 companies public and sold
or merged 40 companies. Sycamore has offices in Princeton, N.J.
Silicon Valley, Calif., Hong Kong, Taipei, Singapore, Shanghai,
and Guangzhou.
About Landmark Partners
Landmark Partners is an alternative investment management firm specializing
in the acquisition of venture capital, mezzanine, buyout, and real
estate investments through secondary transactions, primary fund
investments and direct investments. Landmark's 42-member team brings
the philosophy, the process, and the knowledge to successfully execute
sophisticated investment strategies. The firm is headquartered in
Simsbury, Conn. and manages 17 investment partnerships capitalized
at $4.2 billion.
# # #
|
|