ICOMS Raises $10M in Second Round

Internet Commerce Services Corp. (ICOMS) of Nashua, N.H., recently raised $10 million in its second round of venture financing as part of an effort to expand its international operations.

Investors in the Series B round include Technology Link Capital, AsiaTech Ventures, Primus Capital, Corning Capital, Venture Investment Management Company and Fineco. No placement agent was used for the deal.

“We chose our investors because of our interest in global expansion,” said Chief Executive Cliff Conneighton. “They will guide us in helping merchants from abroad sell into this country.”

ICOMS provides e-commerce order management and payment processing services to more than 200 companies including Hasbro, Philips Electronics and online furniture retailer Simply Modern.

Proceeds from the investment will be used for working capital, expansion and sales and marketing.

Conneighton cited in-house e-commerce departments as ICOMS’ primary competition.

“Our focus is on companies that need a more robust solution than ‘one size fits all,'” he said. Conneighton said he expects his company will engage in an additional round of private equity financing later this year.