Blue Bell, Pennsylvania-based CoreDial, a provider of cloud communications software and services, has closed $27.5 million in funding from LLR Partners. Pacific Crest Securities advised CoreDial on the transaction.
BLUE BELL, Pa.–(BUSINESS WIRE)–CoreDial, LLC, a leading SaaS platform provider for the channel, announced today the completion of a $27.5 million investment by private equity firm LLR Partners. The strategic investment supports CoreDial’s continued technology innovation and confirms the company’s standing as a SaaS industry leader.
CoreDial, founded in the Philadelphia region in 2005, enables its Managed Service Providers (MSP), IT Solution Providers, and Value Added Resellers (VAR) channel partners to deliver high value cloud products and services to end-user customers via an innovative SaaS platform and business model. CoreDial has seen rapid growth and profitability in recent years, with nearly half of its over 350 channel partners added in the last year. The funding will allow CoreDial to extend its leading position as a SaaS provider to the channel, with a focus on expanding upon its current UCaaS offerings and adding additional cloud solutions optimized for the channel.
“There is a growing need today for SaaS platforms and cloud services designed specifically for the over 170,000 MSPs, IT Solution Providers, and VARs that make up the channel,” said David Reuter, Partner, LLR Partners. “CoreDial has become the high-growth company it is today by delivering a unique UCaaS solution to the channel. We’re excited to work with the management team to help accelerate this momentum by expanding CoreDial’s cloud service offerings and executing on the team’s vision for continued success.”
This announcement also underscores the increasing interest in Philadelphia-based technology companies. The new partnership with LLR, also founded and headquartered in Philadelphia, will help CoreDial to grow its local workforce by more than 50 percent this year, while fostering CoreDial’s ability to be a local hub for innovation and entrepreneurship.
“This investment is a clear vote of confidence in CoreDial’s high growth, margin-rich, channel-optimized SaaS platform and solutions from the technology investment community,” said Alan Rihm, CEO and co-founder of CoreDial. “We are excited to partner with LLR in accelerating our growth and innovation on behalf of our channel partners, and to help highlight the success of the Philadelphia tech scene.”
CoreDial’s current white label offerings allow channel partners to generate profit margins of up to 65 percent. LLR’s investment will help the company continue to advance its current SaaS services as well as expand its range of cloud-based solutions for channel partners, taking CoreDial’s growth to unprecedented levels.
Pacific Crest Securities acted as exclusive financial advisor to CoreDial in this transaction.
Based in Blue Bell, PA, CoreDial cloud software and services enable companies to quickly and cost effectively sell, deliver, manage, and invoice for high quality, private labeled cloud communication services including hosted PBX solutions, VoIP, SIP Trunking, and Unified Communications. With no hardware or software to buy, our Channel Partners—Managed Service Providers, IT Solution Providers, and Value Added Resellers—deliver valuable end-user solutions, while creating margin rich recurring revenues and building value in their brand. Learn more at http://coredial.com/.
About LLR Partners
LLR Partners is a private equity firm investing in middle market growth companies with proven business models. We invest in a broad range of industries, with an emphasis on technology and service-based businesses. Founded in 1999 and with more than $2 billion raised across four funds, LLR is a flexible provider of capital for growth, recapitalizations and buyouts. For more information about LLR, visit llrpartners.com.