|InterAct911 Completes $28 Million Growth Equity Financing|
InterAct911 Completes $28 Million Growth Equity Financing
December 2, 2008WINSTON-SALEM, N.C. - “ InterAct911 Corporation, which is the parent company of InterAct Public Safety Systems, has announced that it has closed on a $28 million equity round of capital led by new investors Foundation Capital and Bay Partners. They join existing investor SilkRoad Equity.
Plans for the current round of capital include a significant expansion of InterAct's worldwide direct sales and marketing efforts, strategic acquisitions and new product development. Warren Weiss (general partner of Foundation Capital) and Eric Chin (general partner of Bay Partners) will join the company's board of directors.
InterAct is the leading provider of comprehensive public safety and homeland security solutions for private-sector businesses as well as local, state, national and international government agencies.
InterAct's suite of mission-critical applications include a next-generation 911 phone system; multi-agency, scalable computer-aided dispatch, mapping and mobile data-sharing systems; as well as digital video surveillance and emergency notification systems.
"Safety and security technology - “ both public and commercial - “ remain the highest procurement requirement worldwide," said InterAct CEO Ted Collins. "Keeping pace with evolving standards - “ including video, text messaging and VoIP - “ is essential to effectively respond to any threat. This investment enables us to serve a broader audience worldwide."
InterAct is poised for significant growth with high demand for versatile and adaptive next-generation 911 systems.
"The expectation that Next Generation 911 systems will allow the use of text messages and phone video as part of the 911 call is increasing," said PJ Doyle, president of the CJIS Group, which is a market research firm. "These same next-generation applications will enable public safety answering points to save money and accommodate the continued need for interoperability and data sharing through virtual consolidation."
Collins added: "Beyond capital, adding both Warren Weiss and Eric Chin to our board is a unique privilege. They are the thought leaders in technology delivery to worldwide audiences. They offer insights of unparalleled depth to the management team."