OTTAWA, ONTARIO – Natural Convergence Inc., a leading supplier of Voice over IP (VoIP) application software for service providers, announces that it secured a US$2.0 million venture loan from MMV Financial Inc. as part of their ‘Series C” financing. The Company has solid venture capital backing including Wesley Clover, BDC Venture Capital, VIMAC, Desjardins Venture Capital Group, as well as early investors Jefferson Partners, Primaxis Technology Ventures, and Purple Angel. This is also the fourth Ottawa-based company MMV has funded in the last 12 months.
"MMV quickly realized the opportunity of the small business market and the unique solution that Natural Convergence delivers. Their responsiveness in providing flexible terms for our Series C round was integral in this funding,” said David Cork, Co-Founder and Chief Executive Officer of Natural Convergence. "Natural Convergence is pleased to have MMV join our team of investors.”
Founded in 2001, Natural Convergence has developed and deployed the silhouette software for service providers, enabling them to sell dramatically improved services to the huge yet untapped small business market. The software replaces traditional key telephone systems with VoIP functionality that has powerful cost and performance advantages. Natural Convergence has over 14,000 active small business users sold through service providers, value-added resellers, and original equipment manufacturers.
According to Eastern Management Group, there is an installed base of 32 million key systems in use by small businesses. These key systems are about 12 years old and ripe for replacement. Natural Convergence gives service providers the means to aggressively replace those key systems with a hosted solution. This affords service providers the opportunity to expand their business beyond simply selling pipeline to offering enhanced services to this market.
"We are excited by the opportunity in the VoIP small business market which is proving to be larger than anyone expected,” said Ron Patterson, Executive Vice President, MMV Financial Inc. “We believe Natural Convergence has the leading application in this segment, and the management team and partners to execute.”
About Natural Convergence Inc.
Natural Convergence supplies hosted VoIP software that enables service providers to sell dramatically improved services to the huge yet untapped small business market. Its silhouette application replaces traditional key systems, combining familiar functionality with powerful cost and performance advantages. Its go-to-market channel strategy is optimized to the buying habits of small businesses - from value-added resellers, through service providers and original equipment manufacturers. Natural Convergence is headquartered in Ottawa, Canada. For more details, visit http://www.naturalconvergence.com/ or call 613-280-2000.
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, NewStar Financial, Inc., and Wells Fargo Company. For more information visit http://www.mmvf.com.
For additional information:
Public Relations for Natural Convergence
Executive Vice President