South49 solutions raises $1.2 Million in series A financing
Printer Print Email Email
Sterling: South49 Solutions, a provider of solutions for managing distributed workforces, has completed a $1.2 Million series A financing round, led by Originate Ventures of Bethlehem, Pennsylvania. Several existing Angel investors participated in the round and convertible debt holders, such as the Herndon-based Center for Innovative Technology's CIT GAP Funds, are being converted to shareholders. South49 president and CEO Stefan Midford said, "This investment is specially significant now, when venture capital has become very difficult to secure. This new funding will allow us to expand into other industries that also use distributed workforces, including home care services and educational organizations." The company has noticed a high growth for its flagship product, NaturalInsight, a Web-based platform that helps companies improve the way they manage workforces and in the process, literally transform their business models. The solution enables workers in the field to schedule projects and submit status updates by phone, fax, mobile devices or the Web, and then organizes all the data in a single management portal for real-time reporting and analysis. "Over the past three years, our revenue growth has averaged 70 percent a year. Based on what we're seeing in the market, however, we believe this cash infusion will allow us to exceed even that pace over the next several years," Midford further said.

siliconindia