Noro-Moseley Partners

Vocalocity Raises $4.1M from TechOperators, Imlay and Noro-Moseley Partners

01/28/2009

Atlanta, GA (Atlanta Business Chronicle) -- The Atlanta-based Vocalocity has raised $4.1 million from several high profile local investors — money it plans to use to get new customers and finance acquisitions.

Vocalocity provides subscription-based, Internet-based phone systems for enterprises with fewer than 20 employees. Vocalocity’s products save small businesses the cost and headache of buying and maintaining on-premise business phone systems.

The new financing will solidify Vocalocity's balance sheet and allow the company to to take market share from competitors, who are cutting back in the economic downturn, CEO Boris Jerkunica said.

Vocalocity will look to acquire firms that give it access to new products and help lower costs, Jerkunica said.

The Series B round was raised mostly by TechOperators LLC. The group, which recently raised its first $30 million fund and is comprised of tech veterans Tom Noonan, Said Mohammadioun, Glenn McGonnigle and David Gould, invested $2.1 million in Vocalocity. Other investors included Imlay Investments Inc. and Noro-Moseley Partners.

“It fits our model,” Mohammadioun said, referring to Vocalocity. “It’s a software-as-a-service (SaaS) company servicing [the] small business market. That’s right in the heart of what we aim for.”

Vocalocity's hosted model is "compelling to small businesses from a cost and functionality perspective," Noro-Moseley Partner Alan Taetle said.

Vocalocity, which raised $8 million from Imlay Investments and Noro-Moseley in 2007, had an estimated $7 million of revenue last year.