Lehi, Utah-based iTOK, a provider of IT-managed services and cloud-based solutions for small businesses, said Thursday that it has secured $18 million in Series B funding. ABS Capital Partners led the round with participation from Signal Peak Ventures. In addition to the funding, Laura Witt and Cass Gilmore of ABS Capital have been added to iTOK’s board of directors.
Lehi, UT – July 23, 2014: iTOK, Inc., a provider of IT-managed services and cloud-based software solutions for individuals and small businesses, today announced a Series B $18 million round of equity financing. The round was led by ABS Capital Partners, a leading investor in late-stage growth companies. Previous investors, Signal Peak Ventures, also participated. iTOK will use the funds to expand marketing efforts, research new products, and enhance existing products. As a result of the financing, ABS Capital general partner Laura Witt and principal Cass Gilmore will join the Company’s Board of Directors.
“Consumers and small businesses must navigate complex digital environments as our dependency on technology grows. They require sophisticated solutions and proactive service in order to have reliability and security,” said co-founder and CEO Seth Bailey.
“iTOK provides solutions that combine technical expertise with excellent customer service. The ABS Capital team understands our industry and business, and we look forward to working with them as we continue to enhance our services and add more customers.”
Added co-founder and President Sean Miller: “iTOK has grown rapidly for a decade, and we wanted a partner who would help us find the right opportunities and resources as our company continues to grow.”
Founded in 2004, iTOK is a national leader in technology support, serving consumers and businesses worldwide. iTOK offers membership services which provide proactive maintenance and support, as well as technology coaching and education. With the increasing number and significance of computing devices in connected homes and small businesses, the support needs of consumers are complex. Whether members need help with a computer, mobile device, email client, printer, server, router or other tech problem, iTOK’s TechCare platform allows 95% of all customer issues to be resolved remotely by the Company’s US-based tech experts, who are highly trained, certified, and available 24/7.
Opportunities in the mSMB market
Digity is iTOK’s small business brand, with a focus on providing IT support for micro-businesses (mSMBs). As mSMB customers migrate to the cloud and outsource much of their IT infrastructure, they have a growing need for third-party support to ease the transition and provide ongoing management. Although the average mSMB experiences around nine IT issues each month, most do not have dedicated in-house IT resources. As a result, employees spend roughly 11 hours per month addressing IT support issues and lose seven hours of productivity. Digity eliminates this cycle by providing the needed support remotely, diagnosing and solving each problem as well as performing regular maintenance. All data is protected with bank-level security, giving business owners peace of mind along with an efficient technology environment.
“iTOK’s found an opportunity to position themselves as a trusted tech advisor. There’s a real need for this approach as technology continues to be an integral part of our lives and work.” said Laura Witt. “At iTOK, we found a relentless focus on customer satisfaction, which is driving strong customer loyalty for their subscription services. We’re looking forward to working with the iTOK team to bring their solutions to more customers.”
As one of the premier technology support providers in the US, iTOK is dedicated to educating and protecting its members from digital threats. Since 2004, iTOK’s mission has been to connect, improve, and protect its members’ digital lives with a comprehensive set of coaching and support services. The company’s unique mix of remote support, US-based technicians, proactive maintenance, and award-winning software has earned tens of thousands of customers’ loyalty. Its world headquarters is located in Lehi, UT. For more information, visit www.itok.net.
About ABS Capital Partners
At ABS Capital Partners, we have a simple mission—to invest in the very best late-stage growth companies. Our singular focus has allowed us to cultivate a deep understanding of what it takes to get promising businesses to the next level. Our priority is finding the best growth companies—not completing certain types of transactions or investing specific amounts of dollars. Our flexibility allows us to structure the right deal to support a company’s growth trajectory and particular needs. We actively partner with CEOs to tackle the challenges of rapid expansion and create significant long-term value. Our partners are highly experienced at working with growth companies—each having spent between one and three decades in their industry as C-level executives, investment bankers, consultants or investors.
ABS Capital Partners specializes in three growth sectors—business and education services, information and communications technology, and health care—and has invested in over 100 growth companies over the past two decades. With over $2 billion raised since its inception, including $500 million in its latest fund, ABS Capital continues to build on its strong reputation for teaming up with CEOs and market leaders to deliver strong returns to investors. For more information, please visit www.abscapital.com.