Mountain View, CA – Thursday, October 28, 2010 – Xora, Inc. (“Xora”), the leading provider of location-based mobile workforce management solutions announces the completion of a second sizeable investment from MMV Financial (“MMV”).
“We are extremely pleased to extend our relationship with Xora,” said Ron Patterson, Executive Vice President, MMV Financial. “As an existing portfolio company, Xora has made significant progress in enhancing its product and deepening its relationship with its channel partners, thereby growing its market reach. We believe the company is well poised to take a leap forward, and we are pleased to extend our support. Xora management has worked very hard to put in place all the needed factors for success; we have every confidence in the Company’s expansion plans over the coming years”.
"MMV’s support for Xora is a testament to our leadership and continued momentum in the mobile workforce management space,” said Rodney Dabagian, CFO of Xora. “We will use this financing to continue development of our best-in-class technology and expand our channel strategy. We are pleased to continue our relationship with MMV Financial who have been supportive of our growth.”
Xora’s Software-As-Service (SaaS) solutions allow its customers to realize improved productivity, reduce the cost of field operations, provide better customer service while delivering fast ROI for both small and large enterprises. In 2009, Xora acquired Gearworks, and became the leading provider of location-based mobile workforce management solutions.
About MMV Financial:
MMV Financial is a specialty finance company that provides creative debt solutions directly to technology and life sciences companies across North America. MMV Financial is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, Fonds de Solidarité des Travailleurs du Québec, HSBC Bank Canada, ROI Capital and Wells Fargo Company. For more information, please visit www.mmvf.com
16,000 business customers in four continents have made Xora the global leader in location-based mobile workforce management. The company's SaaS (software-as-a-service) model makes it simple and cost-effective for businesses of all sizes to realize an instant return on investment. By partnering with the world's leading wireless carriers and payroll providers, Xora is able to deliver solutions that run on mobile devices that are already in use by customers. Founded in 1999, Xora is privately funded. Investors include Dawntreader Ventures, BlueStream Ventures, Rho Ventures, and Split Rock Partners.. For more information on Xora, please visit www.xora.com
For more information contact:
Chief Financial Officer
Ph: (650) 314-6507
Fax: (650) 618 8688
Executive Vice President
MMV Financial Inc.
Tel: (416) 977-9718
Fax: (416) 591-1393