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Verivo Software Launches with $17M

       
WALTHAM, MA, Pyxis Mobile team announced the launch of Verivo Software and that it has secured $17 million in growth capital funding. Latest round of funding is led by Commonwealth Capital Ventures, with participation from Pyxis Mobile's existing investors, including Ascent Venture Partners and Egan-Managed Capital.
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The Pyxis Mobile team today announced the launch of Verivo Software, the enterprise mobility company, dedicated to helping businesses drive their mobile initiatives and impacting their bottom-line. Verivo leverages Pyxis Mobile's assets and technology, along with its new and expanded business model, product line and management team. Only Verivo's enterprise mobility platform empowers companies to build, deploy and manage apps quickly and easily to meet today's market demands.

The company also announced that it has secured $17 million in growth capital funding to further boost sales, fuel marketing programs and accelerate its product development roadmap as it expands its global presence.

The decision to transform Pyxis Mobile into Verivo started 16 months ago, under the leadership of CEO Steven Levy. Pyxis Mobile has evolved from a company that used its proprietary technology to design and sell mobile apps, primarily to the financial services industry, to directly offering its mobile platform to companies.

Now Verivo, building on Pyxis Mobile's technology success, offers a complete mobility solution designed to meet the needs of multiple industries -- from life sciences and manufacturing to automotive and transportation.

Over the past year the company has been incrementally executing on its new strategy, increasing the scope of its offerings and generating strong results. In 2011, the company reported an increase in license bookings of 220 percent and revenue run rate of 50 percent. Its employee-base grew 50 percent and customer-base increased by 170 percent. Companies that recently joined Verivo's client roster include International SOS, CSX Corporation, Constellation Energy Group, and Federal Deposit Insurance Corporation (FDIC).

"Verivo is all about accelerating business results, and the increased demand for our innovative technology confirms that companies prefer to take control of their mobile initiatives," said Steven Levy, CEO, Verivo Software. "While we've demonstrated strong momentum, our expanded business plan requires additional capital to further accelerate and strengthen our products and programs to better serve the needs of our global community."

The latest round of funding is led by Commonwealth Capital Ventures, with participation from Pyxis Mobile's existing investors, including Ascent Venture Partners and Egan-Managed Capital.

About Verivo Software

A leading provider of enterprise mobility software, Verivo Software helps companies accelerate their business results. Its unique technology empowers teams to centrally build, deploy, manage and update their mobile apps -- rapidly, securely and across multiple devices. Hundreds of companies in numerous industries around the world rely on Verivo's platform to drive their mobility initiatives.
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