Funding makes a bigger statement today than it did a few years ago and this week Tribold made a big statement about its business and the Enterprise Product Management (EPM) space by announcing a new round of funding worth $11 million.
Intel Capital was joined by existing investors DFJ Esprit and Eden Ventures for this third round of funding — funding that Tribold CEO John Rainger said he wasn’t out shopping for, but nonetheless was a clear demonstration of Tribold’s importance in the communications industry.
Tribold, a provider of EPM software solutions and associated professional services, plans to grow its North American operations, add staff and invest in research and development.
While some vendors don’t see a great deal of opportunity in North America because of consolidation, Tribold sees it differently. “We look at the U.S. market in particular very positively, because it has been our experience that operators there with a certain level of maturity that have had experience with CRM systems and billing systems and found them lacking, are looking for a new approach to Enterprise Product Management,” Rainger said.
Investors look upon Tribold positively as well. Marcos Battisti, Intel Capital’s Sector Director of Mobility in EMEA, said Tribold has an experienced management team that has created a strong product for service providers that will allow them to better manage and provide product consistency among their different software silos.
“[Service providers] will be able to offer convergent product bundles, a wider product range, and substantially reduce the go-to-market time of new products,” Battisti said. He added that they will face increasing challenges in the current economic climate, but still have to meet their end customers' demands and that an EPM solution such as Tribold's can help.
Other investors expressed confidence in the company’s technology and management. “Despite the current economic and business conditions, well-managed businesses still have the opportunity to thrive and I am delighted that Eden Ventures has been able to participate in this round of funding. The role for Enterprise Product Management in the CSP market has been validated, and Tribold is in a key position to take advantage of a significant market,” said Mark Farmer, general partner at Eden Ventures.