Rivermine brings in $8.7 million in third round

Rivermine announced Monday that it closed its third round of financing bringing in $8.7 million.

The telecom expense management (TEM) company says it will use the new capital to build up its managed services, channel partner business and expand overseas.

Rivermine is looking to build on enhancements it has made over the years including its announcement earlier this year with BBR Wireless Management. The vendors are partnering to combine wireless and wireline TEM solutions for businesses.

Rivermine provider TEM software and also fully managed TEM services to business users trying to reduce telecom costs as well as better manage their telecom assets. But before its announcement with BBR, Rivermine only had limited wireless TEM support.

Rivermine says in a press release that SoftBank Capital led this round of financing. Investors include Columbia capital, Longworth Venture Partners and Valhalla Partners.