Eccentex Corp. said its raised $7.5 million in a round led by VTB Capital. The capital is the cloud-based case management company’s first venture funding and will allow for continue company’s expansion
Eccentex Raises $7.5 Million in Series A Funding to Expand the Company’s Leadership in PaaS Cloud Computing Solutions for Dynamic Case Management
VTB Capital’s Venture Business Leads Round to Power Hyper Growth for the Platform as a Service (PaaS) Leader’s AppBase Solution in a Large and Growing Case Management Market.
Eccentex Corporation, a leader in the delivery of dynamic case management cloud solutions through the company’s leading Platform as a Service (PaaS) offering AppBase, today announced it has secured $7,5 million in an initial round of venture funding led by VTB Capital. The new investment capital will be used to continue the company’s expansion into markets where advanced case management solutions are enabling more cost effective, efficient, and accountable processing of service requests, incidents, and investigations.
Dynamic Case Management (DCM) is defined as structured and unstructured business processes initiated by an event that needs investigation and response. DCM solutions uniquely incorporate technologies and best practices from multiple disciplines, including Business Process Management (BPM), Enterprise Content Management (ECM), Business Intelligence (BI), Rules Engines, and Collaboration including Social Media. Examples of DCM applications are as follows:
• Service requests
Customer service, claims, underwriting, customer onboarding, loan operations, and proposals
• Incident management
Complaints, order management, and medical treatment plans
Fraud investigation, compliance, and eDiscovery
Founded in 2006, Eccentex has customers around the world that utilize their cloud-based case management platform AppBase to build On-Demand (SaaS) applications. AppBase is helping some of the most recognizable organizations in banking, insurance, healthcare, and government to deploy solutions significantly faster (5X), while reducing costs by more than 50 percent, and vastly improving critical customer service outcomes by 40 percent.
Glen Schrank, CEO at Eccentex, said: “We are pleased by the recognition and support of an organization with the reputation and financial breadth and depth of VTB Capital. We intend to continue our significant lead in bringing valuable case management capabilities to a broad set of industries that need to handle cases better. We are dis-intermediating the status quo case management market estimated to be as large as $12 billion with a much easier, accessible, and cost-effective technology platform for any organization that is challenged with processing service requests, incidents, and investigations.”
Aidar Kaliev, Head of VTB Capital’s venture business, said: “Ecccentex was early to recognize the tremendous need in the marketplace to provide better solutions. With a superior technology platform, core set of customers, solid solution, and a vast and expanding market, Eccentex is poised to grow substantially as companies look to become more efficient and nimble in managing their external and internal customer experience. We look forward to the opportunities ahead for Eccentex.”
Eccentex Corporation, the leader in dynamic case management cloud solutions, offers its AppBase Platform as a Service (PaaS) to rapidly deliver, deploy, maintain, and run enterprise business processes for case management solutions in a cloud-based environment. Eccentex has built numerous SaaS applications on its Platform as a Service (PaaS), AppBase, for most major industry verticals including MyCaseRecords, an end-to-end case management system for healthcare; CollectionCycle, a financial recovery solution for financial services; and a Complaints Management solution for government organizations. For more information please visit www.eccentex.com or call 1-866-432-2368.
VTB Capital (www.vtbcapital.com), the Investment Business of VTB Group, is one of the three strategic business arms of VTB Group, along with the corporate and retail businesses. Since its foundation in 2008, VTB Capital has taken part in more than 235 ECM and DCM deals, which were instrumental in attracting USD 96.3bn worth of investments to Russia and CIS.
VTB Capital offers a full range of investment banking products and services to Russian and international clients, focusing on arranging operations in the debt, equity, global commodities markets, developing investment and asset management, advising clients on M&A and ECM deals in Russia and abroad. VTB Capital operates in Moscow, London, Singapore, Dubai, Hong Kong, New York, Paris and Vienna, with headquarters in Moscow.
VTB Capital holds top positions in the debt and equity capital markets in Russia and CIS according to the league tables for 2011 by Dealogic and Bloomberg. In 2011 VTB Capital research team was ranked #1 in Thomson Reuters Extel Survey and Institutional Investor All-Russia Investor Survey.