October 15, 2013
The Boston Globe
Thinking Phone Networks secures $10m
Thinking Phone Networks, a Cambridge company that provides cloud-based communications services to corporate customers, announced a $10 million follow-on investment led by existing investors Bessemer Venture Partners and Advanced Technology Ventures.
The company operates in a space called unified communications as a service, or UCaaS.
Thinking Phone Networks provides outsourced or “cloud” communications application software to midsize and larger companies. Thinking Phone Networks’ software runs desktop phones as well as the increasing number of smartphones and tablet devices used by employees located in corporate offices, in home offices, and on the road.
According to Thinking Phone Networks, its software greatly lowers communications costs and makes corporate customers more efficient and productive.
“This investment from two of the most successful venture capital firms in the industry allows us to accelerate growth in all areas of our company to meet the increasing global demand for UCaaS that we are seeing in the market,” Thinking Phone Networks president and chief executive Steven Kokinos said in a statement. “Cloud communications adoption has become mainstream, with thousands of midsized and larger enterprises already benefitting from the significant business process improvements and cost savings that cloud deployment brings. We believe we are in a very good position to capitalize on the move to cloud UC.”
Just over a year ago, the company announced that it had raised $16.5 million.
By Chris Reidy.