AccessLine raises $24 million
AccessLine Communications completed a $24 million third round of funding, the company announced Friday, bringing its total financing to about $85 million. Mellon Ventures led the round with new investors Alexander Hutton Venture Partners and CDIB Venture Management. Previous investors Gabriel Venture Partners, Venrock Associates, SunAmerica Ventures and Riverside Management contributed to the round. The Bellevue, Wash.-based company provides software and hosting services to large businesses that lessen the need for hardware for communication services such as voice mail, conference calls, paging and fax services. Using AccessLine's services can lower a customer's communication costs, the company said. The funding will last until AccessLine reaches cash flow break-even, currently expected in about a year, company spokeswoman Lauren Calaby said. AccessLine will probably not raise another venture capital round and is considering an initial public offering.
The Bellevue, Wash.-based company provides software and hosting services to large businesses that lessen the need for hardware for communication services such as voice mail, conference calls, paging and fax services. Using AccessLine's services can lower a customer's communication costs, the company said. The funding will last until AccessLine reaches cash flow break-even, currently expected in about a year, company spokeswoman Lauren Calaby said. AccessLine will probably not raise another venture capital round and is considering an initial public offering.