MATRIXX Software Announces $40 Million in Funding Led by Sutter Hill VenturesFebruary 22, 2018
IM Company, MATRIXX Software has just announced a $40 million Series C funding led by Sutter Hill Ventures. Stefan Dyckerhoff, managing director at Sutter Hill, will join MATRIXX Software’s board of directors. Additional new investors include Spring Lake Equity Partners and strategic partner CK Hutchison, whose 3 brand group of telecommunications operators serve over 130 million customers globally. The round also includes existing investors and strategic partners Greylock Partners, Adams Street Partners, Telstra Ventures and Swisscom Ventures.
Silicon Valley-based MATRIXX Software provides a next-generation digital commerce platform for Telco and related industries. The company has experienced explosive 130 percent year-over-year growth, adding new customers across North America, UK, Europe, Middle East and Asia. This round of funding will be used to fuel the company’s rapid global expansion.
Faced with the threat of disruption from online-savvy market entrants, Telecom operators around the globe have been moving quickly to digitalize their businesses. Challenged by aging IT systems that are out of step with evolving network and service portfolios, Telco’s are looking outside of their traditional vendor ecosystem for innovative IT solutions. MATRIXX Software’s Digital Commerce platform is a reinvention of Telco business support systems that brings together typically separate applications for product design and lifecycle management, customer engagement, service delivery and monetization into a single, comprehensive platform.
With customer engagement increasingly digital, Telco’s have prioritized their IT investments to favor ‘digital out-of-the-box’ as a replacement to their traditional BSS/OSS applications. “We embrace the Telco meets Silicon Valley ethos of MATRIXX Software,” said Dyckerhoff. “They’re empowering operators in ways no one else is, and their solution is packaged so that Telco’s aren’t dependent on multi-year transformation projects. The industry has been saying for years that it needs a better, more repeatable model for transformation. We believe MATRIXX Software has the solution the industry has been seeking.”
Streamlining IT infrastructure continues to be a priority as global operators move aggressively to simplify backend operations to more effectively compete against agile, digital rivals. “Simply recreating existing applications as ‘digital’ isn’t good enough,” said Susan Buttsworth, CEO 3 International Opportunities 18764 Cox Ave. Saratoga, CA 95070