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ProfitLine Receives Additional Funding
Acquisition of Tallgrass Solutions to Enhance Technology Platform
Tuesday, February 22, 2005 — SAN DIEGO, CA. – February 22, 2005 – ProfitLine, the premier provider of outsourced telecom expense management services, today announced that the company has received an extension of its Series A financing from its current investor Menlo Ventures, bringing the total investment in ProfitLine to $17 million. The funding will be used to expand the company's sales and marketing, enhance ProfitLine's proprietary Web application, MyTelcoManager, and for targeted acquisitions.
The company also announced that it has acquired the assets and technology of Tallgrass Solutions, which will give MyTelcoManager users a powerful new tool for access and visibility to a deeper level of detail behind their telecom usage and spend.
"This additional funding was spurred by tremendous growth in the industry and a record-setting second half in 2004 for ProfitLine, " said Rick Valencia, chairman and chief executive officer. "Our investors have strong belief in the industry and their support will enable us to further our development to maintain and enhance our competitive advantage. The acquisition of Tallgrass is part of ProfitLine's current growth strategy to expand our existing offerings and grow our technological capabilities."
ProfitLine continues to invest in delivering an additional breadth of services and building new capabilities into MyTelcoManager. From the beginning, ProfitLine has recognized that a significant need exists for a comprehensive lifecycle approach to telecom expense management backed by a scalable, intelligent technology platform, and has developed its solution to offload the entire business process of the telecom lifecycle.
"We plan to make it even easier for clients to view the data they need and organize it any way they want," said Harry Stephens, president and chief operating officer of ProfitLine. "Adding more query and filter functions, reporting features and ways to view and utilize data will give our clients even more control and visibility over their voice, data, and wireless communications expenses."
"ProfitLine has become a leader in the rapidly growing telecom expense management space, and they continue to sign world class organizations as new clients," said Doug Carlisle, Managing Director at Menlo Ventures. "ProfitLine's clients partner with them because they offer the largest suite of services in the industry today and are known for their expertise. This funding will help ProfitLine to expand its sales and marketing initiatives and continue enhancing its technology platform, which will position it to take advantage of the TEM opportunity and bring on additional Fortune 500 clients to benefit from the company's value proposition and outsourcing best practices."
About Menlo Ventures
Menlo Ventures (www.menloventures.com), a Silicon Valley based private venture 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 and 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 a combined capital of $2.7 billion under management. Menlo has invested in over 250 companies in a wide range of industries since its founding.
About ProfitLine
ProfitLine's outsourced solution streamlines telecom expense management for Fortune 1000 companies. By combining a best practices approach with proven technology, clients can easily manage the entire lifecycle process through ProfitLine's intelligent, scalable Web application, MyTelcoManager, which provides unmatched functionality and ease of use. With a laser focus on containing and driving down telecom costs, ProfitLine's team of seasoned telecom experts increases telecom savings and reduces hassles for the company's prestigious client base.
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Acquisition of Tallgrass Solutions to Enhance Technology Platform
Tuesday, February 22, 2005 — SAN DIEGO, CA. – February 22, 2005 – ProfitLine, the premier provider of outsourced telecom expense management services, today announced that the company has received an extension of its Series A financing from its current investor Menlo Ventures, bringing the total investment in ProfitLine to $17 million. The funding will be used to expand the company's sales and marketing, enhance ProfitLine's proprietary Web application, MyTelcoManager, and for targeted acquisitions.
The company also announced that it has acquired the assets and technology of Tallgrass Solutions, which will give MyTelcoManager users a powerful new tool for access and visibility to a deeper level of detail behind their telecom usage and spend.
"This additional funding was spurred by tremendous growth in the industry and a record-setting second half in 2004 for ProfitLine, " said Rick Valencia, chairman and chief executive officer. "Our investors have strong belief in the industry and their support will enable us to further our development to maintain and enhance our competitive advantage. The acquisition of Tallgrass is part of ProfitLine's current growth strategy to expand our existing offerings and grow our technological capabilities."
ProfitLine continues to invest in delivering an additional breadth of services and building new capabilities into MyTelcoManager. From the beginning, ProfitLine has recognized that a significant need exists for a comprehensive lifecycle approach to telecom expense management backed by a scalable, intelligent technology platform, and has developed its solution to offload the entire business process of the telecom lifecycle.
"We plan to make it even easier for clients to view the data they need and organize it any way they want," said Harry Stephens, president and chief operating officer of ProfitLine. "Adding more query and filter functions, reporting features and ways to view and utilize data will give our clients even more control and visibility over their voice, data, and wireless communications expenses."
"ProfitLine has become a leader in the rapidly growing telecom expense management space, and they continue to sign world class organizations as new clients," said Doug Carlisle, Managing Director at Menlo Ventures. "ProfitLine's clients partner with them because they offer the largest suite of services in the industry today and are known for their expertise. This funding will help ProfitLine to expand its sales and marketing initiatives and continue enhancing its technology platform, which will position it to take advantage of the TEM opportunity and bring on additional Fortune 500 clients to benefit from the company's value proposition and outsourcing best practices."
About Menlo Ventures
Menlo Ventures (www.menloventures.com), a Silicon Valley based private venture 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 and 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 a combined capital of $2.7 billion under management. Menlo has invested in over 250 companies in a wide range of industries since its founding.
About ProfitLine
ProfitLine's outsourced solution streamlines telecom expense management for Fortune 1000 companies. By combining a best practices approach with proven technology, clients can easily manage the entire lifecycle process through ProfitLine's intelligent, scalable Web application, MyTelcoManager, which provides unmatched functionality and ease of use. With a laser focus on containing and driving down telecom costs, ProfitLine's team of seasoned telecom experts increases telecom savings and reduces hassles for the company's prestigious client base.
Return to the List of Archived Press Releases.
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