MILTON KEYNES, England, May 28 /PRNewswire/ --
- ABS Capital Partners Attracted to Leader in Mobile Field Force Solutions
O4 Corporation, global provider of mobile sales force automation solutions for retail execution, today announced it had completed a $15 million Series A financing transaction led by ABS Capital Partners, a leading later-stage growth company investor.
The deal marks another milestone in O4's surge to prominence in this rapidly expanding software market segment. It also underscores the value investors see in successful software companies that deliver on-demand solutions in high-growth sectors.
It's a very discerning market just now, said Desmond Miller, CEO of O4 Corporation. Investors are looking for sector-leading companies with proven products that deliver strong ROI to customers. They want to see a base of established users, traction in the market, and an obvious, high-growth trajectory.
O4 has clearly satisfied their investment partners on all fronts. In a relatively short time, it has captured the attention of high-profile global customers in the Consumer Products (CP) market it targets. It has already delivered solutions to more than 60 customers across 20 countries - including household names like Proctor Gamble, Dyson and Black Decker - and has received numerous industry awards for thought leadership and innovation.
We have a very high bar for potential investments, said Laura Witt, General Partner at ABS Capital. We only want to back those software providers, like O4, that give their customers meaningful and immediate ROI.
O4 provides the leading solution in addressing a high value problem for the CP market. We have been impressed as we have talked to O4's customers about how crucial its solutions are to their sales strategy.
O4 will use the financing to accelerate their development programs and increase the global reach of their customer support services. They are also implementing plans to expand their sales organization beyond their existing offices in Milton Keynes, Atlanta and Sydney that currently service Europe, North America and the Asia Pacific regions, respectively.
In stark contrast to current global economic conditions, O4 is already recruiting at a rate of two new employees per week and expects its headcount to double from 100 to 200 in the next 12 months.
In the past year, the worldwide demand for next-generation field force optimisation solutions has reached unprecedented levels, said Miller. We are fielding a constant stream of enquiries from companies large and small in both modern trade as well as emerging economies such as China, India, Eastern Europe and Latin America.
According to Miller, growth in demand reflects underlying industry trends in the Consumer Products market that have gained further impetus in the current climate.
With the battle for consumer purchase decisions shifting from the airwaves to supermarket aisles, Consumer Products companies are intensifying their focus on field execution and management as the new battleground for competitive advantage, said Miller.
O4's solution enables Consumer Products suppliers to automate and optimise field sales, marketing, merchandising, and direct store delivery operations. Its mobile software system closes the loop between head-office management and reps in the field, increasing the speed and reliability of information flowing between the shopping aisle and head office. With immediate access to actionable information from the field, companies are better able to monitor and manage issues such as out of stocks, trade promotion compliance, ranging, share of shelf, and competitive activity. This brings increased productivity, better customer servicing and dramatically improved sales performance across multi-dimensional markets, retail outlets, products and promotions.
Laura Witt and Bobby Goswami, General Partners at ABS Capital, will join O4 Corporation's board of directors as a result of the transaction. ABS Capital, has previously backed other leading software companies such as Rosetta Stone, Inc. (NYSE: RST) and Double-Take Software (NASDAQ: DBTK).
ABS Capital's backing of the vision and management at O4 - and their experience with high-growth companies - will further extend our leadership position in the global market as we continue to help our customers win at retail, said Miller.
About O4 Corporation
Founded in 1998, O4 Corporation is recognized as the international leader in Retail Execution Solutions, a rapidly growing, specialized sector of the mobile/wireless business software applications market. O4 develops and markets a comprehensive software solution targeted at Consumer Products (CP) companies who have mobile representatives performing field sales, merchandising, promotion, and/or delivery activities.
O4 markets its software worldwide through its regional offices in the Americas, EMEA and the Asia Pacific region, and has delivered solutions to more than 60 customers in 20 countries, including global leaders such as Procter Gamble, Dyson and Black Decker. For more information, visit http://www.o4corporation.com.
About ABS Capital Partners
Founded in 1990, ABS Capital Partners has established a strong track record for investing in later-stage growth companies. With $1.5 billion under management, ABS Capital helps companies choose the growth initiatives that build the greatest long-term value. ABS Capital has partnered with numerous portfolio companies to achieve successful outcomes, including over 40 initial public offerings and acquisitions by market leaders like CBS Corporation, EMC Corporation, LabCorp and Pitney Bowes Inc. For more information, please visit http://www.abscapital.com.
For further information about O4 Corporation, please contact: Ian Evans, Managing Director, EMEA +44-(0)1908-843-622 firstname.lastname@example.org
For further information about O4 Corporation, please contact: Ian Evans, Managing Director, EMEA, +44-(0)1908-843-622, email@example.com