The customer service market is steadily expanding, especially as companies such as NewVoiceMedia shift into the newest trend in the industry: cloud-based call centers.
As more and more startup companies spring up in the tech industry there is a need for customer service centers to serve them, but many are too small and lack the necessary funds for a permanent location dedicated to this purpose. In addition, there has traditionally been high startup costs for hardware and software. By moving operations into the cloud costs can be cut significantly, the hiring process is much more flexible and employees are able to work from any location with an Internet connection.
A major supplier of this service, NewVoiceMedia has enjoyed considerable growth stemming from the increased demand brought on by these startups. The latest round in their fundraising efforts attracted a reputable array of investors, adding $50 million for a running total of $105 million. Led by Technology Crossover Ventures (TCV), additional financial support was provided by Bessemer Venture Partners (BVP), Highland Capital Partners Europe, Eden Ventures, Notion Capital and salesforce.com, all of whom are existing shareholders.
NewVoiceMedia stated they will be directing the funds toward expanding operations in the American and Asian markets, two areas which are experiencing an especially strong boom in the customer service industry. Additionally, there are many companies closing down their in-house call centers and instead opting for cloud-based solutions. NewVoiceMedia must be doing something right, because the company is enjoying expansion well above the rest of the market with licensing revenue growing at a rate of five times more than the average of its competitors.
Alongside the announcement of this substantial growth came the news that John Rosenberg, a former general partner at TCV, will be joining the board of directors at the company. It is an exciting time for NewVoiceMedia indeed.