Edison Fund Lights Up Georgia Firm with $8M Investment

Updated March 27, 2008

Edison Fund Lights Up Georgia Firm with $8M Investment

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Alpharetta, Ga. —

With accelerated advancement of mobile devices, Agentek closes an $8 million Series A round of investment to expand sales and marketing of its enterprise-class mobile automation software.

Edison Venture Fund of Lawrenceville, N.J. led the financing round to further Agentek's sales and product development for service-related organizations looking to improve field efficiency and reduce costs. Currently, Agentek offers technology for mobile field service in home repair, electronics, medical equipment, communications, utilities and office equipment.

“The mobile field force market is set to explode and Agentek is positioned as the software development leader," says Joe Allegra, the Edison general partner who will join Agentek’s board. “Executives look at their kids’ mobile devices and marvel at the much more powerful applications compared to those used by their own company’s field force. Agentek has what is needed: a powerful, comprehensive solution to quickly build robust enterprise-class mobile solutions.”

Edison Venture Fund typically serves as a sole or lead investor for IT businesses needing $5 to $10 million for expansion. The firm has $550 million under management.

Agentek launched in 1995.

“The investment validates our market and solution vision and allows us to accelerate our momentum,” said Agentek Chief Executive Officer Jeff Jarvis. “The promise of mobile solution business breakthroughs has been around for years, mostly unfulfilled except for costly, complex custom solutions. Now, with radically reduced mobile equipment and connection costs, the economics are there for mobile applications breakthroughs. This investment allows us to greatly expand the reach of Agentek’s product and service offerings.”

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