PRZOOM - /newswire/ -
Calverton, MD, United States, 2015/02/02 - New York City-Based Brevet Capital Management, LLC, approves $20 million growth financing round - EngagePoint.com.
EngagePoint, an IT software and services company that provides ingenious solutions for modernization for government programs and agencies, today announced it has closed on a growth financing round from a New York City-based hedge fund managed by Brevet Capital Management, LLC, for the amount of $20 million.
The funding will be used to expand the company’s product and service offerings, accelerate development of its industry-leading ERP platform for health and human services agencies, in particular, and state, local, and federal government, in general. EngagePoint also plans to add to its sales and support staff to serve its growing set of government clients across the country. EngagePoint is working with multiple states on implementing health insurance marketplaces, building integrated eligibility and enrollment systems, and providing software-centric solutions and integration services.
“We’re very pleased with this round of funding as it validates the company’s business model and direction, and allows us to expand and accelerate our products and services to serve the needs of state and federal agencies in the US,” said Pradeep Goel, Founder and CEO of EngagePoint.
Funds managed by Brevet Capital Management, LLC have provided this round of financing via a senior debt facility for $20 million immediately, with the option to provide additional capital as needed to support growth.
“We are very pleased to provide this growth capital and forge a relationship with EngagePoint as it continues to expand and serve a greater diversity of clients within the U.S.,” said Douglas Monticciolo, CEO of Brevet Capital. “This financing will continue to support the company’s growth in this exciting space where EngagePoint has shown thought and technology leadership. We were very impressed by what EngagePoint has accomplished for its clients.”
About EngagePoint, Inc.
Calverton, Maryland-based EngagePoint (engagepoint.com) is a software and solutions company providing enterprise software and solutions for state and federal government clients throughout the U.S. EngagePoint has been recognized as one of America’s fastest-growing private companies for three years in a row, including being on the 2012, 2013 and 2014 Inc. 500/5000 list.
About Brevet Capital
Brevet is a leading provider of customized debt solutions to growth companies. Brevet provides direct financing solutions to small and middle market companies across a wide range of industries and has built its business on the principle that integrity and experience are the primary drivers for success in the financial services industry. Brevet was established in 1998 and is a recent winner of the Best Performing Middle-Market Institutional Investment Manager, USA and Best Performing Absolute Return Fund Since Inception.