Agentek, an Alpharetta, Ga.-based maker of solutions for deploying mobile applications, has raised $8 million from Edison Venture Fund.
Edison Venture Fund announced an $8 million investment in Agentek, headquartered in Alpharetta, GA. The proceeds will be used to expand marketing, sales and development.
Founded in 1995, Agentek offers breakthrough communications technology that rapidly deploys mobile applications to large and small organizations. Agentek serves field service in home repair, electronics, medical equipment, communications, utilities and office equipment. Customers include a distinguished list of Fortune 1000 companies, such as IKON Office Solutions (NYSE:IKN), Ferrellgas (NYSE: FGP), and Cardinal Logistics.
Joe Allegra, General Partner, and Dick Cook, Edison Director Network member, serve on the Board of Directors. Sever Totia, Principal, conducted Edison's due diligence.
“Edison was the clear investment partner choice,” stated Jeff Jarvis, CEO. “Their value-add services and strategic guidance will assist Agentek to accelerate our growth.”
“After tracking field service software for 20 years, Agentek is the first investment candidate to solve the speed, reliability and configurability challenges,” stated Joe Allegra. “Van Nyugen, the founder and CTO, combines vision, creativity and persistence, and has assembled a top-flight CEO and management team.” Sever Totia continued, “Customers praised Agentek's comprehensive applications, domain expertise and responsive support.”
Since 1986, Edison has invested in six wireless applications companies: Essential Technologies, Exclaim, Fiberlink, Maptuit, PCS One and Voxware. Edison invested in 17 Virginia companies including Best Software, BTG, Fishbowl Marketing, Liberty Tax, POMS and Telarix. Edison invested in three southeastern companies including MAPICS (GA) which completed an IPO led by Dick Cook and TetraData (SC) sold to Follett. www.edisonventure.com
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to expansion stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 8 million. Edison typically serves as a sole or lead investor in financings up to $10 million. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison's investment professionals are based in Lawrenceville, NJ, McLean, VA, New York, NY, Needham, MA and West Chester, PA. Industry specialties include application software, communications, financial technology, interactive marketing, healthcare & pharmaceutical IT. Edison's successes include Axent, Dendrite, E-Transport, Gain Capital, MathSoft, Princeton Financial, VirtualEdge, Visual Networks and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $550 million under management and is actively making new investments. www.edisonventure.com