Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

ITSON INC. RAISES $12.5M IN SERIES C FUNDING LED BY TENAYA CAPITAL, WITH ADDITIONAL INVESTMENT FROM ANDREESSEN HOROWITZ

Published by Gbaf News

Posted on April 17, 2014

Featured image for article about Top Stories

Investment will finance mobile solutions provider’s global expansion

ItsOn Inc., the leader in Mobile Smart Services announced it has received $12.5 million in a Series C round of funding led by Tenaya Capital with participation from existing investor Andreessen Horowitz.

ItsOn’s cloud-based service platform enables mobile operators around the world to radically change the mobile experience for their customers. By delivering highly differentiated contextual services and on-device purchases, the technology promises to reduce customer churn and drive increased loyalty. The ItsOn platform simplifies operators’ business processes and allows them to more quickly deploy new services at a fraction of the current legacy system costs.

Furthermore, because it provides value that is relevant to the end user, ItsOn helps operators monetize the Internet ecosystem by accelerating the consumption of data services and creating new revenue sources.

“We are now selling our SaaS platform services to large, global mobile operators and our company has transitioned from startup to revenue-growth stage,” said ItsOn founder, CEO and Chairman Greg Raleigh. “We are thrilled to partner with the very experienced and successful team at Tenaya to build our company. The purpose of this financing is to accelerate the market launch for our cloud-based virtual OSS & BSS platform and grow our mobile operator customer revenues in Europe, Asia, Middle East and South America.”

As a result of the funding, Stewart Gollmer, Managing Director at Tenaya Capital, will join ItsOn’s board of directors.

“Tenaya is very excited about our new investment in ItsOn,” Gollmer said. “Our research shows that mobile operators will replace their current, antiquated, hardware-based OSS and BSS systems with 100 percent cloud-based solutions much more quickly than analysts are projecting. ItsOn is the clear global leader in the virtualization of service policy controls, charging and billing for mobile networks and this is a space that will experience very rapid growth.”

“ItsOn is the only company in the world with a turnkey, end-to-end cloud platform that provides exactly what mobile operators need today in order to overcome current limitations and change the mobile service experience and make it significantly better for the end user,” added Gollmer. “ItsOn saves mobile operators a great deal of resources, time to market and money when compared to their current spending. ItsOn’s platform also provides new operator growth opportunities with exciting on-device offer that are very relevant to the mobile consumer and provide a great way for operators to differentiate themselves in the mobile application ecosystem.”

Privately held ItsOn previously secured $15.5 million in Series B funding led by Andreessen Horowitz along with SV Angel and an investor group led by Jim Davidson. Previous investors include Vodafone Ventures and Verizon Investments. In all, ItsOn has raised $40 million in venture capital funding.