CoreDial has secures a USD27.5 million investment by private equity firm LLR Partners. The strategic investment supports CoreDial’s continued technology innovation and confirms the company’s standing as a SaaS industry leader.
CoreDial, founded in the Philadelphia region in 2005, enables its Managed Service Providers (MSP), IT Solution Providers, and Value Added Resellers (VAR) channel partners to deliver high value cloud products and services to end-user customers via an innovative SaaS platform and business model. CoreDial has seen rapid growth and profitability in recent years, with nearly half of its over 350 channel partners added in the last year. The funding will allow CoreDial to extend its leading position as a SaaS provider to the channel, with a focus on expanding upon its current UCaaS offerings and adding additional cloud solutions optimised for the channel.
"There is a growing need today for SaaS platforms and cloud services designed specifically for the over 170,000 MSPs, IT Solution Providers, and VARs that make up the channel," says David Reuter, Partner, LLR Partners. "CoreDial has become the high-growth company it is today by delivering a unique UCaaS solution to the channel. We’re excited to work with the management team to help accelerate this momentum by expanding CoreDial’s cloud service offerings and executing on the team’s vision for continued success."
This announcement also underscores the increasing interest in Philadelphia-based technology companies. The new partnership with LLR, also founded and headquartered in Philadelphia, will help CoreDial to grow its local workforce by more than 50 percent this year, while fostering CoreDial’s ability to be a local hub for innovation and entrepreneurship.
"This investment is a clear vote of confidence in CoreDial’s high growth, margin-rich, channel-optimised SaaS platform and solutions from the technology investment community," says Alan Rihm, CEO and co-founder of CoreDial. "We are excited to partner with LLR in accelerating our growth and innovation on behalf of our channel partners, and to help highlight the success of the Philadelphia tech scene."
