Connecticut Innovations Invests $1.5 Million in PCC Technology Group
Cloud-based software company funded through CI’s Venture and Mezzanine Debt Fund.
ROCKY HILL, Conn., June 12, 2014-- Connecticut Innovations (CI), the leading source of financing and ongoing support for Connecticut's innovative, growing companies, today announced it has provided PCC Technology Group, LLC (PCC), a company that offers software solutions for government applications, with a $1.5 million loan from CI’s Venture and Mezzanine Debt Fund as part of a larger $5.5 million financing round led by Stonehenge Growth Capital.
Proceeds from the investment will provide working capital to support several of PCC’s growth initiatives, including new contracts, expanded marketing and sales initiatives and the introduction of its Cenuity software platform on a national scale.
“Using its proprietary platform, PCC has been able to grow and retain business in several verticals as the e-government space continues to develop,” said Peter Longo, senior managing director of investments at Connecticut Innovations. “This investment will allow the company to meet the demands of the growth through a uniquely-structured product.”
PCC is a Software-as-a-Service (SaaS) company that has deployed horizontal public and private cloud platforms that incorporate mobile and business social features in the areas of corporation management, campaign finance and election administration. PCC has successfully deployed systems in 21 states and globally for enterprise and institutional clients serving more than 100 million constituents.
Founded in 1994, PCC develops and implements technology solutions for state and local governments, and the energy and education sectors.
“PCC provides solutions that enable more than 80 million Americans to vote and is a recognized leader in the quest to further democracy,” said Joe Singh, cofounder and president of PCC. “We are also excited about working with our partners in the education sector to leverage our platform as we strive to help children learn more efficiently and effectively.”
“This investment is critical to PCC’s strategy to accelerate growth by providing exciting and innovative products to domestic and international markets,” said Jerry Long, cofounder and CEO of PCC. “We are proud of PCC’s heritage in Connecticut and because of CI’s investment we can continue to grow in Connecticut and beyond as we become a recognized leader in the expansion of the cloud ecosystem.”
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut's innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. Through all these initiatives, CI has helped bring $4 billion in financing to Connecticut companies. The state’s most active early-stage investor, CI has created more than 26,000 jobs. For more information on CI, please visit http://www.ctinnovations.com.
About PCC Technology Group
PCC Technology Group, LLC (PCC) is a global provider of business domain expertise and information technology solutions and is a recognized leader in eGovernance. Additionally, the company provides digital solutions in the energy, healthcare, manufacturing and education sectors. For the past two decades, PCC has served public and private sector clients by developing web applications, providing consulting and project management services, and building secure cloud-based systems.
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