/24-7PressRelease/ - MCLEAN, VA, August 28, 2008 -- iCore Networks, the premier provider of managed voice over IP communications in the Mid-Atlantic region, has formally closed on a $2 million second round of equity financing this past week. iCore will be using the proceeds from the offering to accelerate its growth in existing markets, expand into new markets, and continuing to scale it's customer service capabilities.
This year has seen a true transformation in the VoIP industry. According to IBISWorld, a market research firm based in Los Angeles, in 2005 the VoIP industry as a whole accounted for only $1.1 Billion in revenue, it is now expected to generate more than 3 times that figure by the end of this year ($3.9 billion)—accompanied by subscriber growth of more than 25 percent. More and more companies are reaping the benefits of VoIP technology and are replacing their traditional systems because companies like iCore have demonstrated cutting-edge disaster recovery mechanisms, feature set, systems flexibility, and an ease of use that comes with a managed solution.
iCore's performance to date has mirrored the success of the industry as a whole. The company has emerged as a leader in the VoIP industry, and is quickly becoming the provider of choice for some of the foremost businesses in the Mid-Atlantic region. This capital round was geared specifically towards enhancing the iCore customer experience and towards the expansion of the company's current infrastructure with the goal of reaching new markets in order to satisfy an increasing demand for the innovative services suite that iCore provides.
With an enhanced focus on efficient and customer-friendly operations facilitated by the capital raise, iCore will also further consolidate its position as a market leader. According to iCore's Founder and Chief Executive Officer, Stephen G. Canton, "The capital raise serves as a testimony to iCore's strong operating performance, value-added service offering, and growing market place. The additional capital will allow us to enhance our customer service and account management offerings for our existing base of over 15,000 users, and to meet the ever-increasing demand for our hosted voice over IP services."
About iCore Networks
iCore Networks is the fastest growing Voice over IP (VoIP) provider in the Mid-Atlantic region. The company provides advanced application services focused on business communications needs using VoIP technologies. VoIP allows organizations to have access to services and capabilities previously out of reach for most small to medium sized organizations. iCore services are provided through one of the most advanced and reliable networks built specifically to service business clients using VoIP technology.
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