CK Hutchison, owner of the Three network has participated in a $40 million Series C funding round for Matrixx Software that was led by Sutter Hill Venture.
The round also includes existing investors and strategic partners Greylock Partners, Adams Street Partners, Telstra Ventures, and Swisscom Ventures.
Silicon Valley based Matrixx Software provides a next-generation digital commerce platform for Telco and related industries.
Faced with the threat of disruption from online-savvy market entrants, Telecom operators around the globe have been moving quickly to digitalize their businesses. Challenged by aging IT systems that are out of step with evolving network and service portfolios, Telco’s are looking outside of their traditional vendor ecosystem for innovative IT solutions.
MATRIXX Software said its Digital Commerce platform is a reinvention of telco business support systems that brings together typically separate applications for product design & lifecycle management, customer engagement, service delivery and monetization into a single, comprehensive platform.
With customer engagement increasingly digital, Telco’s have prioritized their IT investments to favor ‘digital out-of-the-box’ as a replacement to their traditional BSS/OSS applications, said the company.