Nomis Solutions Raises $8 Million to Expand Market Leadership Position in the
Accelerating Price Optimization Market for Banking and Finance
Investment to Fuel Product Development, Enhance Services, and Boost Sales and Marketing in the U.S. and Abroad
SAN BRUNO, CA April 24, 2007-- Nomis Solutions, the recognized leader in Profit-based Pricing for banking and finance, announced today that it has raised an additional $8 million in Series C funding from existing investors Bain Capital Ventures, August Capital, and Redrock Ventures. This latest infusion of capital brings Nomis Solutions' total investments to $20 million.
Three key areas of the business will benefit from this latest round of funding: product development, services, and sales and marketing. The company plans to further invest in its award-winning Nomis Price Optimizer™ solution suite, ensuring that its pricing optimization solution, technoloy and science cater to the unique needs of banks and finance companies. It will enhance the services organization to better serve the growing list of customers and their evolving needs. Nomis Solutions also plans to maintain its thought leadership and market leadership positions in the U.S. and abroad by augmenting its marketing and sales efforts.
"We are energized by the level of interest and momentum in the market for a Profit-based Pricing approach. We plan to continue to lead in product superiority and attracting the best talent to help banks and finance companies realize substantial benefits," said Dennis Stradford, chairman and CEO of Nomis Solutions. "We've received tremendous support, commitment and confidence from our existing investors in our ability to solve the financial service industry's need for a more advanced approach to pricing."
Powered by price optimization technology, Profit-based Pricing is an innovative approach that enables executives to strategically use pricing to increase profits and market share. The award-winning Nomis Price Optimizer™ is a suite of business solutions that combine pricing analytics, price optimization, and price execution into a comprehensive pricing strategy and process.
The suite includes specific solutions for auto finance, mortgage, home equity lending, personal lending, and deposits. Each solution delivers benefits within 12 weeks, increases profits by 10-20%, and provides valuable insights about customers and portfolio performance within a strong compliance framework. Select customers include AmeriCredit, Ford Motor Credit Company, GE Consumer Finance, HBoS, and Royal Bank of Canada.
"We are particularly excited about this investment because of the timing. Banks have undergone a lot of consolidation and are now looking internally for ways to grow their businesses," said David Hornik, director of August Capital. "Profit-based Pricing offers bank executives a business solution and a business process that can help them generate a lot more profit and a competitive advantage by optimizing the pricing of their products."
Jeffrey Schwartz, director of Bain Capital, comments, "Since our original investment in Nomis Solutions, the company has proven its ability to execute. We decided to augment our investment for three reasons: Nomis Solutions is the acknowledged market leader, they have a strong track record in generating profits and market share increases for customers, and because of their exclusive focus on the industry, they have developed best-in-class technology, price optimization science, and implementation processes."
About Nomis Solutions
Nomis Solutions is the recognized leader in Profit-based Pricing for banking and finance. Powered by price optimization technology, Profit-based pricing is an innovative approach that enables executives to strategically use pricing to increase profits and market share. The award-winning Nomis Price Optimizer™ is a suite of business solutions that combine pricing analytics, price optimization, and price execution into a comprehensive pricing strategy and process.
The suite includes specific solutions for motor finance, mortgage, home equity lending, personal lending, and deposits. Each solution delivers benefits within 12 weeks, increases profits by 10-20%, and provides valuable insights about customers and portfolio performance within a strong compliance framework. Select customers include AmeriCredit, GE Money, HBOS plc, and Royal Bank of Canada. Headquartered in San Bruno, CA, Nomis Solutions has offices in Charlotte, NC and London, United Kingdom. Visit www.nomissolutions.com or contact us at info@nomissolutions.com or 650-588-9800.
Nomis Solutions and Nomis Price Optimizer Suite are trademarks or registered trademarks of Nomis Solutions, in the United States and in other countries. Other product and company names herein may be the trademarks of their respective owners.
