CISWorld.com ProductsDirectorySubmit Profile
NewsEventsArticles Open RFP SubmissionsAdvertising
CISWorld Profile

News 2003

 

CONTACT INFORMATION

Open-c Solutions
www.open-c.com
Breanne Crum
952-842-3257
bcrum@open-c.com
Fleishman-Hillard
Kim Coutts
619-237-7723
couttsk@fleishman.com

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.

# # #





 


Copyright © 1995-2008 TMG Consulting, Inc. All Rights Reserved. Direct #512-288-2655 x14

Home | Marketplace | News 2008 | RFP | Events | Articles | Site Map
Webmaster kmead@tmgconsulting.com