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24/7 Customer secures $22 M led by Sequoia Capital
By siliconindia
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Thursday, 24 July 2003, 19:30 IST
Los Gatos, CA: 24/7 Customer, a provider of outsourced contact center and BPO services, today announced that it secured $22 million in additional financing. The equity financing was led by new investor Sequoia Capital along with participation from co-founder and CEO, P.V. Kannan.
In conjunction with the financing, Michael Moritz of Sequoia Capital joined the companys board of directors. Moritz is currently a director of several leading U.S corporations including Flextronics (NYSE: FLEX) and Google.
The company will use this funding to pursue key sales initiatives and global expansion activities inclusive of BPO acquisitions. 24/7 Customer provides Global 500 firms with outsourcing services that reduce support and processing costs by 35% to 60% while improving existing service level performance. 24/7 Customer currently has 10 loyal Global 500 customers and is profitable.
"Ive been a firm believer in outsourcing since the days of our investment in outsourced manufacturer Flextronics," said Michael Moritz, a general partner at Sequoia Capital. We are proud to put our name behind 24/7 Customer as it seeks to define and lead this next phase of globalization via outsourcing."
This investment announcement comes just as 24/7 Customer announced a large multimillion dollar/multiyear contract with a large European insurance client for the provision of contact center and back office claims processing services. The company says that its employee count will be 2,200 by September
According to P.V. Kannan, CEO of 24/7 Customer, "We couldnt be more pleased to join hands with Mike and Sequoia Capital to realize this tremendous outsourced services opportunity."