Fairfax, VA, August 17, 2005 – Rivermine Software, a leading business applications provider for enterprise telecommunications management (ETM), today announced its 2005 mid-year achievements. Most notably, the company bolstered its financial position with $13.5 million in financing , doubled its employee base from 35 to 70, and completed multiple new product launches and technology infrastructure upgrades.
“I am most proud that our clients continue to use Rivermine’s software to gain efficiencies and reduce overall telecom operations costs,” said Mark Logan, CEO, Rivermine Software. “From a customer using our software to manage and reduce their transition to a VPN network by a year to another who has realized a savings of $1.8 million so far this year, the ROI results are clear.”
Following recent success in servicing the financial services market, Rivermine also announced a strategic federal sales initiative in July. In addition, Rivermine announced the appointment of former PeopleSoft sales veteran Dan Nolting as executive vice president of sales.
Signaling strong senior leadership of the company, Rivermine confirmed that it is on-target to meet year-end revenue projections, and expenses are running less than forecasted. Added Logan, “Similar to 2004, we are on track to experience 100 percent revenue growth by end of 2005.”
The company plans to hire 10 new people by the end of October. The majority of the new hires will include implementation managers and consultants with enterprise software experience. Necessitated by its continuous growth, Rivermine moved headquarters to a new 27,000 sq. ft. office space earlier this year and opened additional sales offices in Dallas and New York City.
In addition to employee and revenue growth, Rivermine unveiled several significant product enhancements during the first half of 2005. New offerings included a VoIP Implementation Kit, which helps companies manage the network migration process to VoIP, and Rivermine Software 3.3, which offers increased system performance, enhanced data protection, and electronic bill upload. Rivermine plans to announce a major product upgrade during early fourth quarter, which will feature first-to-market reporting functionality.
Rivermine Software’s solution provides an intuitive and unified way to view, manage, and control nearly all aspects of telecommunications management. It integrates many cumbersome tasks such as service ordering and provisioning, telecom analysis and planning, and invoice processing, auditing, and payment.
About Rivermine Software
Rivermine Software is the leading business applications provider of Enterprise Telecommunications Management software. Rivermine’s inventory-powered solution provides mega-million dollar impact to clients by addressing their largest and most severe management issues: controlling expenses, process compliance, and analysis of network design, usage, and cost. A privately held company, Rivermine caters to billion dollar enterprises and partners with select service providers and integration companies.