Renewity RMA Launches with Capital Injection from Canadian Tech Leader, Terry Matthews
OTTAWA, ON – May 5, 2015 – Renewity™Systems, today announced that it has received a joint injection of capital from Canadian tech leader, Terry Matthews’ private investment fund, Wesley Clover, Naavon Capital managed by Leo Lax, as a result of their partnership with Enterprise Software Accelerator L-SPARK.
Renewity RMA™ (formerly FrontLines 247) is a SaaS business process automation system to manage the complete product return lifecycle for service teams in manufacturing companies and repair depots, starting with their customers’ initial RMA request and continuing through the entire repair process. Unlike alternatives, Renewity RMA provides a portal for customer self-service, plus a feature-rich business process management system that can be configured by a service team without IT involvement.
“Renewity RMA’s solution addresses an unfilled need of manufacturers who are struggling with traditional, out of date methods of managing their returns process,” says Terry Matthews. “I believe in their vision for automating these returns processes, and feel it will lead to increases in service revenue for manufacturers and their partners, creating a real win-win.”
The Ottawa-based company moved into L-SPARK’s office space in January, and has been working since then to advance the product and scale the company towards further investment.
Serial software entrepreneur, Ken Leese will serve as CEO for Renewity Systems, and has been guiding the company towards this growth. Leese was originally paired with Renewity to provide mentorship to the growing team, per L-SPARK’s high-touch mentoring model.
“The ecosystem fueled by Terry Matthews and L-SPARK continues to provide Renewity with significant value beyond this capital injection, which will strengthen our marketing, sales, and support capabilities” said Leese.
Leese has forty five years’ experience in the software industry, serving as Vice President of Product Development for Performance Management at Cognos Inc. (since acquired by IBM) as well as founding Transform Research Inc., a contract enterprise software product development organization, whose projects included development of a business process automation software product subsequently acquired by Adobe Systems Inc.
Through its participation with L-SPARK, Renewity has already been presented with significant new business opportunities. Leese has pitched their process automation software to angel investors and venture capitalists, in a bid to secure additional funding. One-on-one meetings with L-SPARK’s strategic partners, including Google, Microsoft, Citrix, OpenText, Mitel and IBM have also opened new avenues to identify customer and partnership opportunities.
“Renewity’s database is our lifeline. It is an integral part of my department,” said Steve Moore, Production & Services Manager at Instantel, a Renewity customer for over seven years.
The Renewity RMA team will be in San Jose in search of new business development opportunities at the Netsuite SuiteWorld Conference from May 4-7, 2015. To connect with a member of their team contact firstname.lastname@example.org.
For more information on Renewity please visit: www.renewityrma.com
About Renewity RMA
Renewity is a 7-year-old company that was built around a customer’s need to have help desk software that specialized in product returns management. Stephen McNally, the Founder & Chief Product Officer, is a serial entrepreneur who has had a previous successful exit. Renewity RMA has processed over 1,000,000 RMAs to date for name brand customers like Panasonic Industrial Devices, BridgeWave, and Instantel. Customers have achieved up to a 66% decrease in turnaround times, the most important metric in the RMA world. Visit us at www.renewityrma.com , connect with us on linkedin.com/renewityrma or follow us on Twitter @RenewityRMA.