Communications as a Service (CaaS) Industry News

TMCNet:  Norwest Venture Partners invests $35 million in PICS Auditing

[January 17, 2013]

Norwest Venture Partners invests $35 million in PICS Auditing

Jan 17, 2013 (Datamonitor Financial Deals Tracker via COMTEX) -- Norwest Venture Partners, an investment firm, has made a $35 million minority equity investment in PICS Auditing LLC, a software-as-a-service developer which provides contractor screening and credentialing software. Both the entities are based in the US.

Deal Value (US$ Million) 35 Deal Type Private Equity Sub-Category DIRECT INVESTMENT Deal Status Completed: 2013-01-16 Deal Participants Target (Company) PICS Auditing LLC Deal Rationale PICS will use the capital infusion to expand into new sectors and geographies, as well as develop new product offerings that augment the value of the PICS platform to contractors and enterprises.

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