Irvine-based startup Mavenlink raised $3.9 million in its first institutional fundraising round.
The company—which makes software to manage projects involving geographically dispersed clients, contracts and consultants—will use the funding for product development and hiring. It expects to add about 20 jobs in customer service, marketing, sales and engineering, Chief Executive Ray Grainger said.
The financing round was led by Aliso Viejo-based Quest Software Inc. and Madden Capital Partners LLC in Newport Beach.
Quest is Orange County’s third-biggest software maker by revenue with some $800 million in yearly sales. It’s a frequent company buyer and investor.
In May, Quest joined the venture arm of Intel Corp. to lead a $6.5 million funding round for Silicon Valley software developer WSO2 Inc., and earlier this year the company took a stake in Irvine security software startup SecureAuth Corp.
Mavenlink was established in 2008 and launched its first set of products in January 2010. It has since picked up some 130,000 users and is adding about 15,000 a month as more companies count on employees spread over various sites, Grainger said.
Customers can get basic communications software features for free and pay for upgrades that allow business to commercialize products, such as invoicing and branding.
Mavenlink has an office in San Francisco for engineering and a location in the Philippines that handles customer support. The company started with $2 million in funding from its founders and an investor group primarily tied to Dublin, Ireland-based consulting, management and outsourcing firm Accenture Plc, where Grainger served as global managing partner.
Roku Taps Universal
Universal Electronics Inc. was selected by Saratoga-based Roku Inc. to supply remote controls for its latest streaming players.
Chief Executive Paul Arling said the Cypress-based company, which makes universal remote controls and related wireless devices, worked with Roku to integrate motion control and Bluetooth connectivity into the remote controls.
The Roku remote control is included with the Roku 2 XS player and also sold separately for use with other models.
Roku makes small black boxes that allow users to watch movies, TV shows, live sports events, listen to music and play video games through their TVs.
Universal Electronics is in position to benefit from the ongoing shift from DVDs to over-the-Internet video adoption.
The number of U.S. households that have broadband and stream video and other data over the Internet through set-top boxes is expected to grow from 38 million in 2009 to 81 million by 2014. Revenue from the segment will more than quadruple by 2014 to nearly $20 billion, according to an estimate by Scottsdale, Ariz.-based In-Stat.
In the recently ended quarter, Universal Electronics posted record revenue of $123.5 million, up 56% from a year earlier. Adjusted profit topped $7.1 million, up 51% from a year ago. But tempered consumer spending and an expected slower holiday shopping season prompted the company earlier this month to offer a forecast for sales and profit below Wall Street expectations.
Universal Electronics projects an adjusted profit of $4.9 million to $6.4 million in the December quarter. Revenue is expected to range from $115 million to $121 million.
In the current quarter, analysts on average forecast an adjusted profit of $9.7 million on $128 million in revenue.
T-Mobile Stores Get Makeover
Bellevue, Wash.-based T-Mobile USA Inc. has renovated its retail stores in Orange County as part of a national push as more wireless options and complexity hit the market.
T-Mobile stores in Irvine and Anaheim were among 23 stores to get a face-lift last month in the greater Los Angeles area. Nearly 400 stores across the U.S. are being built or remodeled in the new format before the holiday sales season.
The company is expanding its local work force, adding marketing, operations, and retail employees.
The company now employs about 300 people in OC. T-Mobile could be bought by Dallas-based AT&T Inc. in a $39 billion deal that’s awaiting regulatory approval.
