Avolent Closes $40M in Financing; Latest Round Among the Largest Private Equity Investments in the EBPP Market.Business Editors/High-Tech Writers SAN FRANCISCO--(BUSINESS WIRE)--Dec. 4, 2001 Avolent, Inc., the leading provider of collaborative electronic bill/invoice presentment and payment (EBPP/EIPP) solutions, today announced that it has closed $40 million in its latest round of financing. This latest round, among the largest ever in the EBPP/EIPP market, was co-led by Constellation Ventures and Rho Ventures, and was joined by Columbia Capital, Norwest Ventures, Wells Fargo, and other existing investors. Avolent will use the funds to continue the development of its product offerings and expand its customer base. "After extensive due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , we came to the conclusion that electronic billing and invoicing is an exciting industry with tremendous potential," remarked Ronald Celmer, general partner at Constellation Ventures. "We are very confident that Avolent's impressive customer base and strong management team positions the company well for future success in this market." Habib Kairouz, general partner at Rho Ventures added, "Avolent is in a uniquely advantageous position as it continues to grow its leadership status in both B2C (Business to Consumer) Refers to a business communicating with or selling to an individual rather than a company. See B2B. and B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business markets. Avolent's award-winning applications and strong technology continue to fuel its impressive performance." Often cited for its enormous potential, the electronic billing/invoicing market has demonstrated increasing momentum in recent months. A just issued report by the Gartner Group projects that the number of Americans viewing bills and statements online will reach 32 million by the end of 2001 and 64 million by the end of 2003. Industry watchers project even faster growth for the B2B electronic invoicing market. "Avolent continues to demonstrate its strong commitment to this growing market space. This investment coupled with Avolent's powerful software will help ensure the company's long-term viability," commented Jeetu Patel, executive vice president of research for Doculabs, Inc. an independent industry analyst and consulting firm. "We are very pleased with the support our investors have demonstrated. The participation of our existing investors and the added confidence of new investors strengthens our position and resolve in this growing market," said Douglas S. Thompson, Avolent's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Coupled with our strong financial performance, this infusion of capital underscores Avolent's value proposition and commitment to our customers and partners." About Rho Ventures Rho Ventures is a New York-based venture capital firm with extensive investments in the technology, healthcare and electronic information sectors. Since it was founded in 1981, the firm has invested in numerous companies including Active Power, Capstone Turbine, Ciena, Commerce One, Compaq Computer, Copper Mountain, Diversa, Human Genome Sciences Human Genome Sciences NASDAQ: HGSI is a biopharmaceutical corporation founded in 1992. Its stated purpose is to "discover, develop, manufacture and market innovative drugs that serve patients with unmet medical needs, with a primary focus on protein and antibody drugs. and MedImmune. Aggregate venture capital under management exceeds $1 billion. Additional information can be found at www.rho.com. About Constellation Ventures Constellation Ventures manages $450 million in venture capital through offices in New York, Los Angeles and Tokyo. The fund invests between $5 and $15 million in early to mid-stage companies that enable the distribution, management and control of information over emerging digital networks. Constellation Ventures provides its portfolio companies strategic value-added services by leveraging its Limited Partners that include Bear Stearns, Sony, Viacom, Young & Rubicam, Tribune, Dai Nippon Printing Dai Nippon Printing (大日本印刷 Dai Nippon Insatsu , NTT NTT Nippon Telegraph and Telephone Corporation NTT New Technology Telescope NTT National Technology Transfer, Inc NTT Name That Tune (TV game show) NTT National Tree Trust NTT Number Theoretic Transform Data, Acxiom, Toyota and Singapore Technologies. For more information, please visit www.constellationventures.com. About Avolent Avolent is the leading provider of enterprise software solutions for electronic bill and invoice presentment and payment (EBPP (Electronic Bill Presentment and Payment) Sending invoices to customers over the Internet. When payment is due, an e-mail is sent with a link to a Web page that contains the billing information and the payment services that are supported. and EIPP EIPP Electronic Invoice Payment and Presentment EIPP Electronic Invoice Presentment and Payment ) and interactive customer care (ICC ICC See: International Chamber of Commerce ). The company was founded in 1995 and is headquartered in San Francisco, with offices in Colorado and Amsterdam. Avolent's strong customer base spans the financial, insurance and telecommunications industries and includes some of the largest billing organizations and service providers in the industry, including American Family Insurance American Family Insurance Group (aka "AmFam") is a private mutual company which focuses on property, casualty and auto insurance, but also offers commercial insurance, life, health, and homeowners coverage, as well as investment and retirement-planning products. , AT&T, Highmark (Blue Cross Blue Shield of Pennsylvania), MasterCard, Spectrum, Unisys, Wells Fargo and YourAccounts.com. For more information call, 415/553-6974 or visit www.avolent.com. |
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