SAN MATEO, CA, Leading provider of on-demand, cloud-based communications announced the closing of an additional cash investment from a syndicate of existing investors, fulfilling the first of a series of commitments for the purchase of $15 million.
IntelePeer, Inc., a leading provider of on-demand, cloud-based communications, today announced the closing of an additional cash investment from a syndicate of existing investors, fulfilling the first of a series of commitments for the purchase of $15 million of preferred stock by the end of June 2013. Firms participating in the financing include VantagePoint Capital Partners, Kennet Venture Partners, EDF Ventures and Northcap Partners. This additional investment will bring the total equity investment in IntelePeer to more than $50 million.
The invested funds will be used to accelerate customer acquisition, product development and new market entry. Rising demand for Unified Communications (UC) solutions from both service providers and enterprise customers drove volumes to more than 30 billion voice and video calls delivered by IntelePeer's CloudWorx cloud communications platform in 2012. Growth in the Enterprise space was particularly strong as the number of business customers increased by more than 80 percent in 2012, fueled by the transition from conventional communications technologies to UC and IP utilizing IntelePeer services.
"2012 showed an impressive rate of customer acquisition, driven by the shift of communications technologies to IP and the Cloud," said Frank Fawzi, Chairman and CEO of IntelePeer. "Enterprises are accelerating their transition to UC and SIP trunking to support advanced collaboration features that are only available from an all-IP, Cloud-based platform. We are honored to partner with leading investors who share our vision to capitalize on this growth opportunity."
IntelePeer, Inc. is a leading provider of on-demand, cloud-based communications services that deliver high-quality voice, video and unified communications for enterprises and service providers. The IntelePeer CloudWorx„¢ platform combines the SuperRegistry database, an intelligent routing solution with a global directory of more than 450 million telephone numbers and end point identifying IP addresses, an extensive Media Peering Grid„¢ service, and the AppWorx development environment and tools. IntelePeer enables customers to rapidly and cost-effectively transition to IP-based communications, improving their return on investment on communications equipment and services and federate their global networks. For more information visit: www.intelepeer.com
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