Star2Star has secured $30 million in financing from NewSpring Capital and PPM America. According to the firm, the capital will be used for growth. Based in Sarasota, Florida, Star2Star is a provider of scalable cloud communications solutions.
Sarasota, FL (PRWEB) December 17, 2014
Star2Star Communications, LLC (“Star2Star”), developers of the World’s Most Scalable Cloud Communications Solution, announced today that it has raised $30 Million in Class C Convertible Preferred Membership Interests financing from NewSpring Capital (“NewSpring”) and PPM America, a longtime partner of NewSpring. Proceeds from the investment will be used to further accelerate Star2Star Communications’ already rapid growth.
NewSpring Capital, a family of private equity funds headquartered in Radnor, PA, invests in dynamic companies with the goal of partnering with management teams to accelerate growth and develop their businesses into market leaders. For over fifteen years, NewSpring has supported their portfolio companies by providing management with financial resources, strategic guidance and a powerful network to assist them in achieving their goals. NewSpring’s investment in Star2Star marks a key milestone for the firm, as Star2Star is the firm’s 100th portfolio company. The Star2Star investment was led by the firm’s dedicated growth and expansion stage fund, NewSpring Growth Capital.
“Star2Star is proud to be moving forward with NewSpring Capital,” said Star2Star CEO Norman Worthington. “We are have been continuously expanding since 2006 and are ready to accelerate our growth to an unprecedented level. We are very excited about the additional growth opportunities that partnering with NewSpring Capital will provide.”
“Right now, I truly feel that we have the right team and the right model in place to take Star2Star to the next level,” said Worthington. “We’ve already positioned ourselves as an innovator and leader in delivering cloud communications, and our new relationship with NewSpring Capital is the next step towards securing our place at the top of the increasingly crowded communications marketplace.”
“I am thrilled to be partnering with the Star2Star Communications’ team,” said Marc Lederman, General Partner with NewSpring Capital and newly added Member of the Star2Star Board of Directors. “The company’s characteristics are precisely what we look for in an investment – innovative and dynamic with a strong track record of consistent growth and proven management. We look forward to working with Norman and his team and feel confident that our 100th deal will prove to be a great outcome for NewSpring and our investors. ”
Founded in 2006 in Sarasota, Florida, Star2Star Communications delivers the World’s Most Complete and Scalable Cloud Communications Solution. Star2Star unifies customers’ voice, video, fax, instant messaging and presence management into a single, easy-to-use system. Star2Star’s award-winning, patent-pending Constellation™ Network overcomes the reliability and quality limitations of other communications technologies.
In the past four years, Star2Star was named to the Forbes Most Promising Companies list, the Deloitte Technology Fast 500 three times, and the Inc. 500|5000 four times. Star2Star also recently received Inc. Magazine’s Hire Power Award honoring the top private business job creators in the country.
Star2Star Communications solutions are sold through a diversified network of partners that include distributors, master agents, managed service providers and certified installing dealers. Available across North America, Star2Star systems are used by hundreds of thousands of business users, including large national chains with multi-location communications footprints.
Star2Star is a registered trademark of Star2Star Communications, LLC.