NewSpring Capital Leads Equity Investment in Ifbyphone
September 11, 2014
RADNOR, PA - September 11, 2014 - NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Growth Capital ("NewSpring"), the firm's dedicated growth and expansion stage fund, led a preferred financing in Ifbyphone, Inc. ("Ifbyphone") with a $15.0 million investment as part of a larger round which included existing investors and management. The proceeds from the transaction are being used to fund future growth initiatives as well as to acquire Mongoose Metrics, a leader in call tracking, measurement and attribution.
Based in Chicago, IL and founded in 2005, Ifbyphone is an all-in-one suite of SaaS applications enabling enterprises and SMBs to manage, measure and optimize voice-based customer engagements. The Company's products include call tracking, hosted interactive voice response, call routing, call management, outbound communication and integration with leading marketing platforms.
"CMOs today are under immense pressure from CEOs to prove how marketing drives revenue growth," said Glenn Rieger, General Partner of NewSpring . "Yet most CMOs shortchange their value because they don't understand how their programs generate the most important revenue driver of all: inbound calls. Ifbyphone's Voice360 platform is the only solution that enables CMOs to get credit for the phone leads they generate while also controlling how calls get scored and routed to optimize sales opportunities, revenue and marketing ROI."
"Thanks to smartphones, phone calls have become the most powerful vehicle for driving revenue in virtually every industry, and businesses and agencies that generate, measure and optimize these high-value calls now have a tremendous competitive advantage," said Irv Shapiro, CEO of Ifbyphone. "We chose NewSpring as our partner due to their strong reputation and deep experience in the services and software sectors. We were looking to find a true partner in helping to support our growth and scale and look forward to working with Glenn and the team at NewSpring."
Ifbyphone provides the leading voice-based marketing automation platform, Voice360, that businesses and marketing agencies rely on to connect, measure and optimize sales calls. Built specifically for marketing and sales, Ifbyphone's cloud-based solution helps companies of all sizes optimize marketing spend across all channels, generate and convert more high-quality leads and acquire more business over the phone.
Known for its unmatched ease-of-use and reliability, Ifbyphone's Voice360 platform has successfully processed over a billion minutes of voice engagement for our customers. Organizations in all industries use Ifbyphone including marketing agencies, lead generation, e-commerce, direct response, financial services, insurance, healthcare, automotive, retail and logistics and SaaS and technology. For more information, visit www.ifbyphone.com.