eCredit Secures $8 Million in Growth Capital
Tuesday June 1, 9:05 am ET
-- Credit and Collections Automation Provider to Drive Marketing and Product Development Programs with Latest Round of Financing --
DEDHAM, Mass., June 1 /PRNewswire/ -- eCredit, the leading provider of Web-based credit and collections automation applications, today announced that it has closed an $8 million round of financing led by new investor North Hill Ventures, with participation from existing investors Apex Venture Partners, Internet Capital Group (Nasdaq: ICGE - News) and Sterling Venture Partners. Proceeds raised in this round will be used to extend eCredit's sales and market reach, and to accelerate key product initiatives. Concurrent with this funding, Shamez Kanji of North Hill Ventures has joined eCredit's board of directors.
"The market potential for credit and collections automation software is significant," commented Kanji. "The traction that eCredit has seen to date and the management team that has been assembled to help drive the company's future growth are both impressive. We are confident that eCredit will continue to develop into an industry leader in this space in the years to come."
eCredit provides credit risk management and collections software and services to many of today's leading corporations. Using eCredit's integrated nFusion platform, companies are able to turn revenue into cash more quickly by improving credit and collections decision-making practices. As the only independent, best of breed solution available today to integrate collections and credit functionality, nFusion delivers advancements to improve business credit decision processes, reduce costs, optimize risk exposure, improve revenues, reduce DSO, accelerate cash flow and improve productivity.
"As nFusion, our integrated credit and collections suite, continues to gain momentum in the market, this growth capital will help us aggressively push our products to new customers across a variety of vertical markets, helping to shape the future of how businesses handle credit and collections automation," said Deepak Verma, eCredit chief executive officer. "Using nFusion, companies are increasingly finding that automating key components of the financial value chain like credit and collections can provide dramatic top and bottom-line impact, and significant increases in customer service and satisfaction."
About nFusion
eCredit nFusion is the most comprehensive Web-based credit and collections automation suite of applications available today. The nFusion suite offers credit and collections modules which can be utilized by themselves, or in a completely integrated and seamless environment. As a result, nFusion combines the power of credit decision automation, portfolio and customer risk analysis, and scoring with workflow management capabilities and collections automation features to streamline the financial value chain. As the only solution available today to truly integrate both collections and credit functionality, nFusion offers breakthrough advancements to improve business credit decision processes, reduce costs, optimize risk exposure, improve revenues, reduce DSO, accelerate cash flow and improve productivity.
About eCredit
Since 1993, eCredit has delivered credit risk management and collections software and services to Fortune 1000 companies and financial institutions. The company improves credit and collections decision-making practices to deliver process efficiencies, optimized risk management, reduced operating costs, and increased revenues. Included among the company's customers are ChevronTexaco, Cisco, CIT Group, Sun Microsystems, and Ryder System, Inc. Headquartered in Dedham, Massachusetts, eCredit is funded by Apex Venture Partners, Internet Capital Group (Nasdaq: ICGE - News), North Hill Ventures and Sterling Venture Partners. For additional information, visit eCredit on the Web at ecredit.com. |
