eCredit Raises $8 Million
A provider of credit and collections automation, eCredit of Needham, Mass., has raised $8 million in a round of financing led by new investor North Hill Ventures, with participation from existing investors Apex Venture Partners, Internet Capital Group and Sterling Venture Partners.
Proceeds will be used to extend eCredit's sales and market reach and to accelerate key product initiatives, the company said. The company is a Web-based provider of credit and collections automation applications.
Shamez Kanji of North Hill Ventures has joined eCredit's board of directors as well.
"The market potential for credit and collection automation software is significant," Mr. Kanji said. "The traction that eCredit has seen to date and the management team that has been assembled to help drive the company's future growth are both impressive. We are confident that eCredit will continue to develop into an industry leader in this space in the years to come."
eCredit says that its credit risk management and collections software can help companies turn revenue into cash more quickly by improving credit and collection decision-making practices.
The company's "nFusion" automation suite offers modules that can be utilized by themselves or in an integrated, seamless environment, eCredit said.
Founded in 1993, eCredit has been servicing clients including ChevronTexaco, Cisco, CIT Group, Sun Microsystems and Ryder System.
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