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TMCNet: Matrixx Software Gets US$9 Million in Second-Round Funding

[March 16, 2010]

Matrixx Software Gets US$9 Million in Second-Round Funding

Mar 16, 2010 (Close-Up Media via COMTEX) -- Matrixx Software, developer of the next generation of online charging and policy management solutions, has announced it has secured US$9 million in funding from Greylock Partners and Tugboat Ventures.


David Strohm, a 30 year veteran at Greylock and Director at EMC Corp. and VMware, and Dafina Toncheva from Tugboat have been appointed to the Matrixx Board of Directors.

Matrixx Software was formed in 2008 by telecoms entrepreneur Dave Labuda, founder and CEO of Portal Software. Labuda and his co-founders, Luther Kitahata and Jennifer Kyriakakis, have assembled a team with over 100 years of Telco rating and billing experience.

"Our ground-breaking approach to high-performance transaction processing rewrites the economics of real-time charging for service providers," said Dave Labuda. "Matrixx is uniquely positioned to drive the monetization of the explosion in mobile data traffic and help service providers profitably launch next generation services and business models." Matrixx Software noted that it has developed a series of patent-pending technologies that deliver ten-to-fifty times the performance of current rating and charging solutions. This enables service providers to realize an extremely low, fully predictable Cost Per Transaction (CPT) for all services. With the industry quickly shifting toward real-time services and high-volume micro-transactions, service providers are unable to keep pace using their existing platforms. The Matrixx solution turns these challenges into opportunities, allowing operators to leap into the real-time future while simultaneously driving down their operating costs.

"Dave Labuda has a proven track record of successfully bringing to market innovative software that answers the needs of service providers. With the technology developed at Matrixx, the company is poised to fundamentally improve how operators approach rating and charging," said David Strohm. "This type of game-changing innovation fuels explosive growth, and we are pleased to be partnering with Matrixx Software to help them succeed." Tugboat Ventures is an early stage, mentor capital firm.

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