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Voxeo Receives $9 Million Strategic Investment

Funds will fuel new acquisitions and accelerate existing growth.
Posted Nov 13, 2009
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Voxeo has received a $9 million minority investment by North Atlantic Capital and the Florida Growth Fund. Voxeo will use the funds to take advantage of rapidly growing opportunities in VoIP platforms, interactive voice response, text and instant messaging, and unified communications, both by accelerating internal development and through corporate acquisitions.

This is the first investment made by the Florida Growth Fund, a $250 million partnership between the State Board of Administration of Florida and Hamilton Lane, a private equity asset management firm. The Florida Growth Fund was created in 2009 as a result of the passage of Florida State Bill 2310 with the goal of investing in technology and growth-based businesses in the State of Florida.

“Over the last five years Voxeo has grown revenue 1,361 percent and grown to become the world-wide leader in unlocked communications,” said Jonathan Taylor, Voxeo's CEO. “This investment allows us to further accelerate our growth both organically and through acquisitions of complementary and competitive companies.”

“We have tracked Voxeo’s progress closely for over three years, and are very pleased to now have the opportunity to partner with such a great company and management team. Our investment, together with the Florida Growth Fund and Hamilton Lane’s involvement, is a testament to the impressive performance and strong leadership at the company and to the opportunities that lie ahead in this dynamic market,” said Mark Morrissette, managing director of North Atlantic Capital.

“Voxeo is a wonderful success story for the State of Florida, and we are pleased to have the opportunity to offer the full set of capabilities and resources of Hamilton Lane and the Florida Growth Fund to the company.”, added Greg Baty, vice president of Hamilton Lane.

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