Eccentex raises $7.5 mln from VTB Capital-led venture business pool
MOSCOW. Feb 22 (Interfax) - Eccentex Corporation, a leader in the delivery of dynamic case management cloud solutions, has secured $7.5 million in an initial round of venture funding led by VTB Capital and involving Russian Venture Company (RVC), RVC, VTB Capital and Eccentex said in a joint press release.
The new investment capital will be used to continue the company's expansion into markets where advanced case management solutions are enabling more cost effective, efficient, and accountable processing of service requests, incidents, and investigations.
Yan Ryazantsev, Director of Investment and Expertise Department at RVC, said the funding raised in this round would help expand the presence of Eccentex products in the global market. "Working with Eccentex also benefits RVC as it acquires important expertise in the globalization of the IT business with a sophisticated B2B product, which will prove highly useful when rolling out Russian IT companies that have obtained finance from funds co-founded by RVC on the world market," Ryazantsev said.
Eccentex delivers DCM through its leading Platform as a Service (PaaS) offering AppBase.
Dynamic Case Management (DCM) is defined as structured and unstructured business processes initiated by an event that needs investigation and response. DCM solutions uniquely incorporate technologies and best practices from multiple disciplines, including Business Process Management (BPM), Enterprise Content Management (ECM), Business Intelligence (BI), Rules Engines, and Collaboration including Social Media.
Examples of DCM applications are Service requests Customer service, claims, underwriting, customer onboarding, loan operations, and proposals Incident management Complaints, order management, and medical treatment plans Investigations Fraud investigation, compliance, and eDiscovery.
Founded in 2006, Eccentex has customers around the world that utilize their cloud-based case management platform AppBase to build On-Demand (SaaS) applications. AppBase is helping some of the most recognizable organizations in banking, insurance, healthcare, and government to deploy solutions significantly faster (5X), while reducing costs by more than 50%, and vastly improving critical customer service outcomes by 40%.
Glen Schrank, CEO at Eccentex, said the DCM market was estimated at $12 billion.
