Rich May News: 2003
April 2, 2003
Rich May client eCredit.com, closes $9 million venture round
Rich May, a Professional Corporation, a Boston business law firm, represented eCredit.com, Inc., a leading provider of credit and collections automation software, in connection with the closing of a $9 million round of financing co-led by Apex Venture Partners and Sterling Venture Partners with participation from existing investor Internet Capital Group (NASDAQ: ICGE). eCredit will use the investment to accelerate the sales and marketing momentum of eCredit’s newest credit processing application, nFusionSM, extend the product footprint, and increase the value eCredit’s installed base of customers is deriving from its solutions.
“eCredit has led the market in credit and collections processing solutions for some time now,” stated Deepak Verma, CEO of eCredit. “The initiatives we undertake with this newest round of funding will solidify the company’s leadership position and enable our clients to derive greater value from their working capital operations.” Verma indicates that the weakening economy has moved credit and collections issues forward on the agenda for many corporate CFOs and lending institutions. Solutions that decrease operating costs, increase sales, and improve how organizations manage risk are compelling to organizations seeking to improve their working capital and portfolio risk positions, despite the poor economic climate. eCredit has seen evidence of this through the strong momentum it has recently generated with nFusionSM including wins at Hagemeyer North America, Old National Bancorp, Paymentech, Ryder System Inc., and XTRALease.
For more information visit: www.ecredit.com
About Rich May
Rich May’s diverse practice embraces the organization and operation of business ventures, venture capital, private placements, hedge funds, public offerings, technology licensing, mergers and acquisitions, contracts, joint ventures, internet and e-commerce law, employee relations, intellectual property, litigation and dispute resolution, energy, telecommunications, public utilities, wealth planning and real estate. Rich May provides superior legal and strategic counsel through its extraordinary commitment to clients’ success, outstanding professional competence and straightforward ability to communicate. Rich May embraces an entrepreneurial spirit and maintains a mission execution culture that distinguishes Rich May from other law firms.
Rich May combines the stability and experience of one of Boston’s oldest preeminent law firms with the innovative spirit and energy of a venture catalyst intensely focused on serving high-tech entrepreneurs, emerging companies and investors in New England and throughout the United States.
For more information, visit www.richmaylaw.com.
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