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InSciTek Successfully Closes $4.0 Million for the Allworx Product Line
Published: Wed, 31 Aug 2005, 11:05:00 GMT
Investment reaches $13.5 million - Company continues to build a solid future
ROCHESTER, NY - August 31 (SEND2PRESS NEWSWIRE) -- InSciTek Microsystems, Inc. (www.inscitek.com) has received a $4 Million investment led by High Peaks Venture Partners, with participation from Advantage Capital. InScitek will leverage this investment by adding new products to their proven Allworx product line (www.allworx.com) and expanding their sales & marketing reach.
 Troy, NY-based High Peaks Venture Partners, the lead investor, provided $2.0 Million, of which $1.2 Million is from the New York State Common Retirement Fund, and New York City-based Advantage Capital Partners participated with another $2.0 million. In conjunction with the investment, Brad Svrluga, Managing Director at High Peaks, and Scott Murphy, Senior Vice President at Advantage, will both join the InSciTek Board of Directors. "InSciTek is a company that represents that ideal combination of superior technology, a seasoned, exceptional management team, and a market opportunity that is ready to explode", said Svrluga. "We've spent a great deal of time researching the VoIP marketplace, and believe that George Daddis, the CEO and his team are going after the right piece of the market with the right product. While this is already a multi-billion dollar market at the enterprise end, with Avaya, Cisco, and others battling it out, the sub-100 person marketplace is not well served. We are very excited about partnering with InSciTek to address this opportunity."
"There is a tremendous amount of management, engineering and design talent at early stage companies across New York State. This investment in InSciTek Microsystems represents a terrific example of such an opportunity, and we look forward to being be a part of the company's success," New York State Comptroller Alan Hevesi, sole trustee of the Common Retirement Fund, said.
"InSciTek is a leading-edge company providing cost-efficient communications equipment to small business," said Scott Murphy, principal with Advantage Capital. "We believe the products, business strategy and management team are outstanding, positioning the company for strong growth." Advantage's investment was made in connection with New York's Certified Capital Company (CAPCO) program.
The Allworx product line is a networked phone system for small-to-medium sized businesses (under 100 employees per site). The current product, the Allworx 10x, is a single-unit device that seamlessly integrates into one server the various communications platforms - phone, PC network, messaging software and group collaboration capabilities - necessary for businesses to succeed today. Business owners are realizing immediate benefits in lower initial investment costs, improved customer responsiveness, reduced recurring expenses and increased employee productivity due to the Allworx 10x. Not only does it incorporate enterprise class PBX telephony features at a small business price, but also has the true key-system features, tailored for smaller businesses, that are not found in phone systems by larger players such as Cisco, Avaya or Nortel.
Based on the US Census data, there are approximately 3.64 million businesses with 2- 99 employees in the United States. Of this group, 88%, or 3.20 million businesses, are ideal candidates for an Allworx 10x solution. More than 50% of these businesses will employ a VoIP solution in the next three years, according to TechLinks.
"For the last three years, we have consistently proven our ability to build and deliver quality products that meet the needs of the small-to-medium sized businesses (SMB). Allworx is leading the industry in the quality of its VoIP implementations in this market space. Our advantage was earned through a very early start in VoIP deployment, carefully listening to the unique needs of small businesses, and our exceptional R&D capacity", states George Daddis, Jr., President and Chief Executive Officer. "Our ability to develop VoIP phones, servers and software enables competitive product cost structures. Allworx is poised to aggressively market VoIP Key telephone systems into the SMB market, effectively exploiting the major shift away from today's analog Key telephone systems that will occur over the next three years. This financing ensures that we will be able to move full speed against this opportunity that we are so well positioned to exploit."
About InSciTek
InSciTek believes that small businesses today should have access to the same advanced information and communication technologies as big enterprises. The Allworx 10x provides businesses with all the mission-critical communications support they need in a single system. It combines PBX and Key phone functionality with PC network services, secured Internet access, remote office, group collaboration tools and messaging software such as email, voicemail, unified messaging, follow-me calling, and group calendaring. For more information, visit www.allworx.com or call 1-866-ALLWORX (255-9679).
Allworx is a division of InSciTek Microsystems, Inc., which was founded in 1998. InSciTek is a multi-million dollar consulting company. Its experienced engineers apply their hardware and software expertise to help other businesses develop high performance, cost effective digital products, specializing in imaging, systems monitoring and communications applications. The company is located in Fairport, NY. For more information, visit the company's web site at www.InSciTek.com or call 585.421.3850
About High Peaks Venture Partners
High Peaks Venture Partners (www.hpvp.com), based in Troy, NY, is the largest early stage venture fund in Upstate New York, with nearly $50 million in capital under management. The fund is focused on emerging technology businesses throughout New York, and is affiliated with Village Ventures, a venture firm that works with a nationwide network of regionally focused funds. The High Peaks team brings substantial experience as venture investors, entrepreneurs, and business advisors across a variety of industries.
About Advantage Capital Partners
Advantage Capital Partners (www.advantagecap.com) is a private equity firm focused on investing in promising companies in connection with federal, state and local economic development efforts. Since 1992, Advantage has raised nearly $700 million in institutional capital and invested in geographic areas underserved by venture capital.
NEWS SOURCE: InSciTek Microsystems, Inc. / Allworx
Send2Press® is the originating wire service for this story.
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REFERENCES: InSciTek Successfully Closes $4.0 Million for the Allworx Product Line, InSciTek Microsystems, Inc., Allworx, High Peaks Venture Partners, Advantage Capital Partners, imaging, systems monitoring and communications applications, Allworx 10x, Internet access, remote office, group collaboration tools and messaging software, email, voicemail, unified messaging, follow-me calling, group calendaring, New York, Aug 31, 2005.
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