LLR Partners, a Philadelphia private equity firm, has completed a $27.5 million growth capital investment in CoreDial LLC, according to a statement by the investor.
The equity infusion will be used by Blue Bell, Penn.-based CoreDial to finance the growth of the company's software as a service (SaaS) offering, and its cloud-based software products. In addition, the company will seek to hire additional staffers to support the initiative.
David Reuter, a partner at LLR Partners, said there is strong demand for SaaS platforms and cloud services among various technology companies including managed service providers, IT software providers and resellers of software, known as VARs (value added resellers) in technology parlance. In a statement about the deal, he said that the firm was helping to accelerate momentum by expanding CoreDial's cloud service offerings and executing on the team's vision.”
CoreDial, a 10 year old company, is aiming to grow its existing staff by more than 50 percent in Philadelphia, according to LLR.
“This investment is a clear vote of confidence in CoreDial's high growth, margin-rich, channel-optimised SaaS platform and solutions from the technology investment community,” said Alan Rihm, CEO and co-founder of CoreDial.
Pacific Crest Securities served as financial advisor to CoreDial in this transaction.