MarketSpark Secures $7 Million Series B Financing Round Led by IDT Corporation
Industry Leading Provider of Managed Wireless Services to Aggressively Scale Sales, Marketing and Platform Development
SAN DIEGO, April 7, 2021-- MarketSpark, the industry leading provider of managed wireless services for POTS (Plain Old Telephone Service) replacement today announced it has completed a $7 million Series B round of financing to accelerate growth and rapidly scale its sales, marketing and platform development efforts. The investment was led by IDT Corporation with participation from existing and new investors Goldie Group, and Klein Enterprises. The company also announced the addition of Shmuel Jonas, CEO of IDT Corporation, and Daniel Klein, CEO of Klein Enterprises to join MarketSpark's Board of Directors.
This Series B financing builds on an incredible year of growth in which MarketSpark established itself as the leading provider for wireless 4G and 5G-enabled LTE solutions for the enterprise. In partnership with the major carriers, MarketSpark already services 35 Fortune 500 companies as they upgrade telecom equipment to deliver new wireless connectivity across their nationwide footprint.
"POTS lines are being decommissioned at an accelerated pace by the big carriers and MaketSpark is purpose built to meet the needs of our nation's largest enterprises," said Jeff Gower, CEO of MarketSpark. "This investment allows us to accelerate the digital transformation of the customer experience and scale the operational side of the business to ensure seamless installations and service delivery for our large customers. We are excited to have great investors whose deep industry expertise perfectly complements our own."
IDT Corporation, a global provider of communications and payment services, listed on the New York Stock Exchange, invests in early-stage telecom start-ups that have the opportunity to completely revolutionize the space.
"MarketSpark's managed services platform is a unique and powerful solution to the POTS replacement problem and they are perfectly positioned to deliver for thousands of companies managing millions of 4G and 5G-enabled LTE lines," said Shmuel Jonas, CEO of IDT Corporation. "We couldn't be more excited to make this investment and help accelerate MarketSpark's growth."
MarketSpark's managed service solution replaces the aging infrastructure and legacy copper lines associated with life safety systems. Key features include:
• Cloud PaaS (Platform as a Service)
• Hardware as a service offering (HaaS)
• Proactive system alerts and notifications
• Remote diagnostics and resolutions
• 4G optimized and 5G ready routing equipment
• UL and FCC approved hardware
• Fail safe redundancy
In addition, the transition from POTS lines to the MarketSpark solution simplifies the connectivity issues for large enterprises who often have to manage multiple carriers across multiple states and jurisdictions. With MarketSpark, the enterprise deals with one vendor responsible for the end-to-end solutions from planning to installation to on-going operation and maintenance.
MarketSpark's business model reduces the costs, simplifies the management and has an immediate return on investment for our enterprise customers. Better yet, since it's a cloud enabled platform, as more services and capabilities come online everyone benefits automatically," said Jake Jacoby--MarketSpark's CTO and Co-founder. "We not only update our customer's businesses; we future proof them."
About IDT Corporation:
IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud communications and traditional communications services. We make it easier for families to connect, support and share across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight.
Our BOSS Revolution branded money transfer and international calling services make sending money and speaking with friends and family around the world convenient and reliable. National Retail Solutions' (NRS) point-of-sale retail network enables independent retailers to operate and process transactions more effectively while providing advertisers and consumer marketers with unprecedented reach into underserved consumer markets. net2phone's unified communications as a service solution provides businesses with intelligently integrated cloud communications and collaboration solutions across channels and devices. Our IDT Carrier Services and. IDT Express wholesale offerings enable communications companies to provision and manage international voice and SMS services.
MarketSpark is the leading provider of POTS replacement solutions for the enterprise. Our cloud enabled platform helps companies escape from the world of yesterday and prepare for the world of tomorrow by replacing static, costly copper telephone lines (POTS) with a managed wireless solution that is 5G ready. MarketSpark is the only MSP in the telecom space purpose built to handle POTS replacement on a global scale. Whether retrofitting or building new, we give our customers a platform for growth. Oh, and the ROI is immediate.
For more: www.marketspark.com
Contact: Robert Kulewicz, firstname.lastname@example.org
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