24/7 Customer Secures $22 Million in Financing Led by Sequoia Capital
LOS GATOS, CA (ots)
Famed Early Stage Investors in Cisco and Flextronics Mark Their First India-Related Investment With Michael Moritz Joining the 24/7 Customer Board of Directors
24/7 Customer (www.247customer.com), a leading provider of outsourced contact center and BPO services to Global 500 companies, today announced that it secured $22 million in additional financing. The equity financing was led by new investor Sequoia Capital along with participation from co-founder and CEO, P.V. Kannan. In conjunction with the financing, Michael Moritz of Sequoia Capital joined the company's board of directors. Mr. Moritz is currently a director of several leading US corporations including Flextronics and Google.
The company will use this funding to pursue key sales initiatives and global expansion activities inclusive of BPO acquisitions. 24/7 Customer provides Global 500 firms with outsourcing services that reduce support and processing costs by 35% to 60% while improving existing service level performance. 24/7 Customer currently has 10 loyal Global 500 customers and is profitable.
"I've been a firm believer in outsourcing since the days of our investment in outsourced manufacturer Flextronics," said Michael Moritz, a general partner at Sequoia Capital. "24/7 Customer represents a top notch US firm that has shown its skill in leveraging global delivery locations to provide Global 500 firms with unmatched outsourcing service excellence and cost reduction opportunities. We are proud to put our name behind 24/7 Customer as it seeks to define and lead this next phase of globalization via outsourcing."
This investment announcement comes just as 24/7 Customer announced a large multimillion dollar/multiyear contract with a large European insurance client for the provision of contact center and back office claims processing services. With this significant new customer addition, 24/7 Customer is on track to achieve a headcount of 2,200 by September thus continuing the well over 100% year over year growth rate experienced to date.
According to P.V. Kannan, CEO of 24/7 Customer, "We couldn't be more pleased to join hands with Mike and Sequoia Capital to realize this tremendous outsourced services opportunity. Our team would prefer no other partner than the one that helped build such stalwarts as Flextronics, Oracle, Apple and Cisco."
About 24/7 Customer
24/7 Customer is a leading provider of outsourced contact center and BPO services to Global 500 companies. With 10 live programs for Global 500 firms, over 2 million live phone contacts handled per month, an enviable 99.9% service uptime, and the industry's only performance guarantee, 24/7 Customer has a proven track record of success. Its multi-channel, outsourced solutions deliver twice the quality of other alternatives at a lower cost. 24/7 Customer, which was founded by an experienced management team with proven expertise in delivering large-scale, mission-critical customer support programs, maintains corporate headquarters in Los Gatos, CA (in Silicon Valley), and operations in both Bangalore and Hyderabad, India. The company's highly skilled and well-educated eRelationship Officers (eROs) work in teams dedicated to a single customer's business, enabling 24/7 Customer to bring unprecedented quality and focus to solving the challenges of even the largest enterprises. Some of 24/7 Customer's clients include leading Global 500 Insurance, Telecommunications, Financial Services, Hospitality, Logistics, Retail, and Technology companies. For more information on the company, please visit www.247customer.com.
About Sequoia Capital
Sequoia Capital was formed in 1972 and has been the founding investor in dozens of companies including Cisco Systems, Apple Computer, Yahoo!, Linear Technology, Oracle, NetScreen, Electronic Arts, Microchip Technology, nVidia, Network Appliance and Vitesse Semiconductor. Sequoia Capital has financed a variety of other best of breed companies -- including LinkExchange (acquired by Microsoft), eGroups (acquired by Yahoo!), and PayPal (acquired by eBay). For more information on the company, please visit www.sequoiacap.com.
Contact:
Sudhakar Kosaraju
Company: 24/7 Customer
Title: Media Contact
Phone: +1/408-399-4876
Email: sid@247customer.com