UCN, a vendor of off-premises contact center software, has completed its previously announced registered direct offering of approximately 2.43 million shares of its common stock to institutional investors resulting in gross proceeds to UCN of approximately $8.5 million.
Roth Capital Partners, LLC acted as the sole placement agent on the transaction.
UCN plans to use the net proceeds from this financing for working capital and other general corporate purposes, including, sales and marketing programs, general and administrative expenses, and purchases of equipment. "UCN may also, at its discretion, apply the proceeds of the offering to pay down a portion or all of its revolving credit facility," company officials said.
UCN's software supports both traditional TDM
and VoIP connectivity models. Without requiring the purchase of onsite hardware or software, the inContact platform delivers network routing, skills-based contact distribution, sophisticated interactive voice response
and call recording and monitoring, among other features.
As an on-demand product, inContact customers pay a monthly fee based on usage.
In August UCN announced that "the U.S. subsidiary of one of the world's largest electronics manufacturers" signed a two-year contract for the inContact product. The company will keep their legacy telephone system in place while implementing contact handling technology from UCN.
"Our contact with customers occurs across different departments and getting the most out of our interactions with them frequently requires cooperation between various departments such as tech support, contract sales, inside sales, RMA, shipping and receiving and others," said the unnamed subsidiary's technology support manager. "Our employees were doing their best with the old phone system but increasingly did not have the technology to effectively manage interactions with a customer."
The company was operating two phone systems in tandem in order to maintain basic transfer functions and they were reluctant to pursue a fork-lift upgrade at this time. "Our existing system was a dinosaur and upgrades offered by our current IP
phone system provider were insanely expensive," said the manager.
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David Sims is a contributing editor for ContactCenterSolutions. To see more of his articles, please visit his columnist page.