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Rockville software firm Motionsoft raises $17 million.

Byline: Tim Curtis

Rockville software firm Motionsoft raised $17 million during its most recent funding round as it prepares for expansion, the firm announced Thursday.

The company focuses on payment software for the health and fitness industry, where recurring payments are common.

"It was one of the first recurring payment businesses around for membership dues," Al Noshirvani, Motionsoft's co-founder and chairman, said. "It's a growing industry, generally recession-resistant and growing at a pretty nice pace."

For its latest funding round, Motionsoft raised the $17 million entirely from existing investors. Those investors included Edison Partners, Route 66 Ventures, Roofdeck Partners and Noshirvani.

Overall, the firm has raised nearly $60 million. It has more than 100 employees and around 2,900 clients with more than 8 million members.

"We view the fitness space as a large and growing market, and we are very excited to partner and advise an industry leader in Motionsoft," Steve McLaughlin, who invested through Roofdeck Partners, said in a statement.

Motionsoft offers cloud-based payment services to a variety of clients in the health and fitness industry. They can range from large fitness chains and hospital wellness centers to campus recreation centers and small studios.

Health and fitness is a $30 billion industry, according to the International Health, Racquet & Sportsclub Association, the trade association for health and fitness clubs. Club membership grew 33.6 percent between 2008 and 2017.

Part of Motionsoft's work means the company can offer solutions to manage that membership for different types of clients, Noshirvani said.

"It's a pretty diverse industry with lots of opportunity," he said. "I think we have built a software application that is very versatile, and it meets the need of diverse businesses."

The firm plans to use the money from its most recent funding round to fuel its expansion, including investments in more tools and resources.

Noshirvani also credited the company's leadership team with putting it in a position to continue to expand, including CEO Rick Aulett and Chief Financial Officer Tom Hopkins.

"We've got a great management team that we've been able to recruit into the organization," Noshirvani said. "I think they really are the piece that helped to take us to the next level."

Even as the company grows, Noshirvani said, itplans to remain in Maryland.

"I'm a Maryland resident," he said. We rely on all of the resources in the greater D.C. area. We like where (we are)."

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Publication:Daily Record (Baltimore, MD)
Date:May 23, 2019
Words:410
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