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Netonomy Banks $15 Million

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Posted May 9, 2001 By Colin C. Haley     Feedback

The Boston maker of CRM software for wireless carriers will use its third-round infusion to push into new U.S. markets.

Netonomy, a maker of customer relationship management software for wireless carriers, has raised $15 million in third-round financing to fund its U.S. expansion and product development.

Groupe Arnault's Internet arm, Europatweb, was lead investor. Previous backers Atlas Venture, Fidelity Ventures and Viventures also increased their stakes in the company, which has joint headquarters in Boston and Paris.

The company's flagship product, MyNetonomy, is a Web-based, self-service application. It is used by several European carriers, including Vodafone, to help reduce customer churn and cut operating expenses at call centers by allowing for fewer customers service representatives. MyNetonomy can be access from PCs, personal digital assistants and Web-enabled phones.

"The additional investment from Europatweb will help us execute our vision in the United States," said John Ball, Netonomy's CEO. "Their expertise in the communications market will give us exactly what we need to build value-enhancing alliances with wireless providers, service organizations and technology partners."

In addition to backing from Europatweb, Netonomy will also receive industry expertise. As a result of the investment, Jean-David Chamboredon, Europatweb's CTO, has joined Netonomy's board of directors.

"Europatweb is convinced by the customer management opportunities in the telecommunications industry, and Netonomy has all the ingredients to be a successful technology solution provider to meet a demonstrated need in this space," Chamboredon said.

In addition to its headquarters, Netonomy has sales offices in London, Rotterdam and Stockholm.

Reprinted from boston.internet.com.

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