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ProfitLine Secures $12 Million Investment from Menlo Ventures
Thursday, June 20, 2002 — ProfitLine, Inc., announced today the completion of a $12 million equity investment led by Menlo Ventures, a Silicon Valley-based private venture capital firm that focuses its investment capital on products and services that address large, emerging markets. The proceeds will be used to step up investment in technology, expand sales and marketing, and allow for strategic acquisitions.
"Menlo Ventures has an unmatched record of backing industry leaders, and we believe they'll be a great partner for ProfitLine as we continue to build our market leadership position," said Rick Valencia, CEO and founder of ProfitLine. "Their investment represents a significant milestone in ProfitLine's history and validates the promise of our vision and our management team's ability to achieve that vision."
ProfitLine provides a full range of solutions that manage the lifecycle of voice and data services and reduce communications costs for clients nationwide. This investment-the first in ProfitLine's 10-year history-is the latest in a series of recent accomplishments for the company, including being named one of the fastest-growing privately held companies in the United States for 2001 by Inc. Magazine.
"For ProfitLine to not only maintain course but show significant growth in an extremely difficult economy is a testament to the value of its service and to the strength of its management team," said Doug Carlisle, a Managing Director at Menlo Ventures. "Among several competitors, ProfitLine has the best business model to provide value to its enterprise customers, and we are very excited about the long-term prospects for this company."
About ProfitLine
ProfitLine provides a business process outsourcing solution that manages the lifecycle of voice and data services and reduces communications costs for Fortune 2000 companies. ProfitLine's solution includes service ordering and optimization, inventory management, bill management and auditing, A/P processing, telecom contract negotiations, and project management. The company delivers these services through its proprietary Web application. Founded in 1992, ProfitLine is currently ranked on the Inc. 500 list as one of America's fastest-growing private companies. For more information, visit www.profitline.com or contact Kara Kocal at 858.202.1229.
About Menlo Ventures
Menlo Ventures, a Silicon Valley-based private venture capital firm, provides long-term capital and management support to early stage and emerging growth companies. The firm looks for combinations of management, market opportunity, products or services that create the potential for an exceptional rate of return. Since its inception in 1976, Menlo Ventures has organized and managed nine venture funds with combined capital of $2.7 billion. Menlo has invested in more than 250 companies in a wide range of industries since its founding. For more information on Menlo Ventures, visit their Web site at www.menloventures.com.
NOTE: ProfitLine is a registered trademark of ProfitLine, Inc. MyTelcoManager is a trademark of ProfitLine. All other trademarks or registered trademarks belong to their respective owners.
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Thursday, June 20, 2002 — ProfitLine, Inc., announced today the completion of a $12 million equity investment led by Menlo Ventures, a Silicon Valley-based private venture capital firm that focuses its investment capital on products and services that address large, emerging markets. The proceeds will be used to step up investment in technology, expand sales and marketing, and allow for strategic acquisitions.
"Menlo Ventures has an unmatched record of backing industry leaders, and we believe they'll be a great partner for ProfitLine as we continue to build our market leadership position," said Rick Valencia, CEO and founder of ProfitLine. "Their investment represents a significant milestone in ProfitLine's history and validates the promise of our vision and our management team's ability to achieve that vision."
ProfitLine provides a full range of solutions that manage the lifecycle of voice and data services and reduce communications costs for clients nationwide. This investment-the first in ProfitLine's 10-year history-is the latest in a series of recent accomplishments for the company, including being named one of the fastest-growing privately held companies in the United States for 2001 by Inc. Magazine.
"For ProfitLine to not only maintain course but show significant growth in an extremely difficult economy is a testament to the value of its service and to the strength of its management team," said Doug Carlisle, a Managing Director at Menlo Ventures. "Among several competitors, ProfitLine has the best business model to provide value to its enterprise customers, and we are very excited about the long-term prospects for this company."
About ProfitLine
ProfitLine provides a business process outsourcing solution that manages the lifecycle of voice and data services and reduces communications costs for Fortune 2000 companies. ProfitLine's solution includes service ordering and optimization, inventory management, bill management and auditing, A/P processing, telecom contract negotiations, and project management. The company delivers these services through its proprietary Web application. Founded in 1992, ProfitLine is currently ranked on the Inc. 500 list as one of America's fastest-growing private companies. For more information, visit www.profitline.com or contact Kara Kocal at 858.202.1229.
About Menlo Ventures
Menlo Ventures, a Silicon Valley-based private venture capital firm, provides long-term capital and management support to early stage and emerging growth companies. The firm looks for combinations of management, market opportunity, products or services that create the potential for an exceptional rate of return. Since its inception in 1976, Menlo Ventures has organized and managed nine venture funds with combined capital of $2.7 billion. Menlo has invested in more than 250 companies in a wide range of industries since its founding. For more information on Menlo Ventures, visit their Web site at www.menloventures.com.
NOTE: ProfitLine is a registered trademark of ProfitLine, Inc. MyTelcoManager is a trademark of ProfitLine. All other trademarks or registered trademarks belong to their respective owners.
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