New York, NY – September 23, 2008 – Connectiva Systems Inc., a leading provider of revenue and risk management solutions for the telecommunications industry, today announced the completion of a $17 million round of investment led by NEA – IndoUS Ventures, IFC, a member of the World Bank Group, and SAP Ventures, a division of SAP AG. Returning investor Ovation Capital also participated in the round.
“Revenue and Risk Management is a growing need of communication service providers worldwide,” said Avi Basu, CEO of Connectiva Systems. “Telecom companies lose billions of dollars annually due to revenue leakage and other risk factors, and Connectiva plays a central role in helping recover this revenue. Our ability to dramatically boost our customers’ financial performance helped us to secure financing from some of the smartest investors globally. We are delighted to welcome these new institutional investors, as they each bring unique advantages that will help us extend our global leadership and reach.” more