SANTA ANA, Calif.–(BUSINESS WIRE)–July 8, 2003–
Show of support from leading venture capitalists strengthens
company’s aggressive customer acquisition and product development
strategies
NWP Services Corporation, the largest and fastest-growing provider of utility billing, energy management, customer care and information services to the multifamily real estate and utility industries, today announced it has received $15 million of new growth capital. The funding came from a new lead investor Crosslink Capital and existing investors, including, Sycamore Ventures and Landmark Partners. This final round of private equity funding will be used to rapidly acquire new customers, continue development of new products and further strengthen the company’s sales and marketing initiatives.
“We are pleased that our investors and customers recognize the strength of our service offerings and our tremendous growth potential,” said Randy Lintecum, chairman and chief executive officer of NWP. “This funding enables us to develop new products and deepen our penetration of the multifamily and utility markets.”
The growth capital will be used to support NWP’s ongoing strategic initiatives. In the last two quarters, NWP has completed several successful installations of Open-cIS, its customer information system. The company expanded its energy management services and launched a major electronic commerce and payment collections initiative. The new funding will also support the signing of new, longer-term contracts with major real estate and utility companies.
“Many of our major customers are interested in adding new services and signing longer-term contracts,” said Lintecum. “Properly funding the company for long-term growth generates confidence in our ability to meet property owner and resident needs today and well into the future.”
NWP has continued to strengthen its management team, adding several key executives in the first half of 2003. Its customer base has also continued to grow and diversify, with a record number of new billing units added in 2003 and a greater depth of services being offered.
“NWP is uniquely positioned in a strong growth market with relatively few competitors,” said Jason Sanders, partner at lead investor Crosslink Capital. “We delved deep into the space and believe that NWP is the only company with the combination of technology, management team experience and industry expertise required to lead the utility billing market.”
About NWP Services Corporation
Headquartered in Santa Ana, Calif., NWP Services Corporation is the privately held parent company of National Water & Power and Open-c Solutions. National Water & Power is the fastest-growing national provider of billing and resident care services for the multifamily and commercial real estate markets. Open-c Solutions delivers systems and services to utilities and energy companies to enhance operating efficiencies and ensure long-term profitable customer relationships utilizing their state of the art Open-cIS platform. As a combined company, NWP Services Corporation provides the regulatory expertise, technology infrastructure and high quality services that property owners, utility companies, and energy providers need to preserve resources and thrive in a complex deregulated environment. Additional information is available at www.nwpsc.com.
About Crosslink Capital
Since 1989, Crosslink Capital has invested in emerging technology companies. Currently, its venture investing activities are focused on the software, core technology/semiconductor and business services industries. Crosslink invests in very early, seed stage financings all the way through later stage private opportunities and into the public market. This strategy allows Crosslink to remain a long-term investor in its portfolio companies. Crosslink Capital was the first venture capital firm in the U.S. to fully integrate public and private technology investing. To learn more about Crosslink Capital visit www.crosslinkcapital.com.
About Sycamore Ventures
Sycamore Ventures is a team of dedicated investment professionals with a broad range of industry experiences in communication, software, and life sciences. Sycamore brings expertise in technical, managerial and strategic issues. Sycamore invests in a broad range of technology and services industries. The team collectively has well over 100 years of investment experience, with investments in more than 100 companies, and membership on the boards of directors of more than 75 companies. Sycamore has also taken 20 companies public and sold or merged 40 companies. Sycamore has offices in Princeton, N.J. Silicon Valley, Calif., Hong Kong, Taipei, Singapore, Shanghai, and Guangzhou.
About Landmark Partners
Landmark Partners is an alternative investment management firm specializing in the acquisition of venture capital, mezzanine, buyout, and real estate investments through secondary transactions, primary fund investments and direct investments. Landmark’s 42-member team brings the philosophy, the process, and the knowledge to successfully execute sophisticated investment strategies. The firm is headquartered in Simsbury, Conn. and manages 17 investment partnerships capitalized at $4.2 billion.
SOURCE: NWP Services Corporation
