BoxTone secures $7.5 million in financing, pushes for profitability
BoxTone, of Columbia, Md., said today it secured $7.5 million in financing, which the company plans to use to hire more workers and increase product development efforts in a push for profitability.
BoxTone employs 80 workers and sells software that helps companies manage smartphones and cellphones for their workforce. The company is one of the few players in the burgeoning industry of mobile services, and claims one-third of Fortune 100 businesses as clients, according to Alan Snyder, chief executive officer.
BoxTone was founded as a technology company in 1999, and re-focused on the mobile industry in 2005. The company's software works to manage several different mobile phone platforms for corporate use, including iPhone, BlackBerry, Android and Windows. So far, the company's software covers more than 550,000 users.
BoxTone does not release financial results, but Snyder said the company is "well on the path to profitability."
Last week, the company announced 40 percent sales growth in the first half of this year, compared with the similar period last year.
With the latest investment, "what we decided to do was increase investment in R&D to accelerate product to market," Snyder said. "In all likelihood, this will be the capital to get us to profitability."
Snyder said the new funding will help the company hire another 15 to 20 workers this year. The investment comes from its sole investor, Lazard Technology Partners.
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