NetworkStreaming Closes $5M in Series B Funding; Changes Name to Bomgar Corporation
Bomgar Corporation (formerly NetworkStreaming), the only provider of appliance-based remote support software, announced it has closed $5 million in series B funding. Investors included Southern Farm Bureau Life Insurance Company and GulfSouth Capital - both of which participated in the previous round. This investment brings the total capital backing of Bomgar to $12 million.
This infusion of financing will fuel the company’s sales and marketing initiatives, allowing the company to educate the market on the benefits of Software as an Appliance (SaaA) and to adjust its branding as Bomgar Corporation to set itself apart from competitive remote support vendors selling software via the Application Service Provider (ASP) model.
“BomgarTM has taken a fresh approach to the remote control support market, offering an appliance solution to a previously ASP-saturated market,” said John Palmer, owner of GulfSouth Capital and founder of SkyTel, which was bought by MCI WorldCom in 1999. “Bomgar’s product also addresses the real needs for today’s enterprises - security, productivity and scalability - making BomgarTM a very compelling investment.”
BomgarTM also expects to use the financing to further develop and enhance its product line, the Bomgar BoxTM (formerly SupportDeskTM), including the introduction of the newest product in the suite, the Bomgar Box 100TM. The B100TM, also announced today, is the smallest, lightest, and most affordable product in the suite and is targeted toward the individual IT support and repair consultant. It is designed to be a head-to-head alternative to service-based offerings. See release: “Bomgar Corporation Announces the B100TM, its ASP-alternative Remote Support Tool” - https://www.bomgar.com/press/pr021207-1.htm
The changing needs of the enterprise have spurred the trend for software that can be easily installed, readily scaled for growth, and compliant with the latest governance standards. Based on the Software as an Appliance (SaaA) model, the Bomgar BoxTM is the gold standard for remote support technology that enables support reps to access any PC or Mac computer, anywhere in the world, through a secure web interface, connecting through firewalls in seconds. This appliance-based approach also allows organizations to keep the product and record of helpdesk sessions stored within the company’s walls, alleviating liability concerns.
About Southern Farm Bureau Life Insurance Company Since its inception in 1947, Southern Farm Bureau Life Insurance Company has experienced tremendous growth, both in the extent of areas serviced and in the types of coverage provided. Currently, Southern Farm offers insurance in eleven southern states. The company has also expanded to provide not only life insurance but also disability insurance, long term care, and annuities. No longer serving only farm-related families, Southern Farm is one of the top 100 insurance companies in the United States.
About GulfSouth Capital GulfSouth Capital, Inc., is an investment management company based in Jackson, Miss. Ambassador John N. Palmer is the Chairman of the Board and sole owner of GulfSouth Capital, Inc.
Ambassador Palmer has been an entrepreneur, telecommunications pioneer, and community leader. He began his career in telecommunications with the purchase of a local radio common carrier in 1965. By 1973, he had developed more than nine regional paging companies throughout the South. That year, he formed Mobile Communications Corporation of America (MCCA). During his 16-year tenure as Chairman and President, MCCA grew to become a significant force in the cellular telephone business.
In 1989, Ambassador Palmer sold MCCA to BellSouth but retained certain businesses that became SkyTel Communications. These operations included SkyTel’s domestic one-way paging and advanced messaging system and Latin American paging services. SkyTel became a leader in advanced wireless messaging and deployed the first nationwide two-way wireless messaging network. Ambassador Palmer served as Chairman of SkyTel until its sale to MCI WorldCom in 1999.