Primus receives capital boost

Primus has been handed $12.3 million in additional equity capital from its investment partners, with which the company plans to fund sales and marketing activities. All existing investment partners reinvested, with Nevis Capital Management and Piper Jaffray Venture Fund joining the group. Primus will use the cash infusion to fund and support sales and marketing activities and customer care initiatives, a new partner program, customer relations programs, an extended professional services program, technology enhancements, and international expansion. Jon Baker, principal of Nevis Capital Management, says that Primus fits the profile his firm looks for when investing in a company. "They are in a market segment that has a well-defined need for their product offering [and] their technology provides a solution that is clearly superior to other methods," he said. "There is an experienced management team in place, and they have a solid business plan and an impressive list of customers." Primus president and CEO Michael Brochu predicts "continued hypergrowth" as a result of the new capital.