PORTLAND, Ore., November 12, 2003 #&8212; Vesta Corp., the leader in stored value recharge solutions, today announced that it has closed a $20 million investment from Oak Investment Partners. Vesta will use the capital infusion to support the company's U.S. and international expansion.
"There is enormous opportunity in the stored value marketplace," said Ann Lamont, general partner at Oak Investment Partners. "We believe Vesta's niche focus, strong leadership team and customer relationships have earned them a dominant position in this growing market segment."
Since 1995, Vesta has played a key role in the creation, definition and widespread adoption of prepaid products and services. Originally focused on supporting loyalty programs for the airline industry, Vesta's recharge solutions are now used by the majority of tier one prepaid long distance and wireless service providers. Today, Vesta is expanding its offerings into the broad financial services sector including stored value credit, payroll and gift cards among others.
With over 25 years of investment experience, Oak Investment Partners is a venture equity firm focused on global information technology and services with a total of $4.2 billion in committed capital. Investments are primarily focused on growth opportunities in enterprise application and infrastructure software, telecommunications equipment and services, data storage, financial services technology, outsourced services, healthcare services and retail."
Our relationship with Oak Investment Partners will allow us to accelerate our expansion strategy," said Doug Fieldhouse, president and CEO of Vesta Corporation. "In addition, Oak brings a team with extensive experience in the financial services industry that will be instrumental as we continue to establish our leadership role in stored value recharge."
Headquartered in Portland, Ore., Vesta is the leader in stored value recharge services. Uniquely suited to stimulate customer loyalty in the telecom, financial services and retail industries, Vesta's solutions are designed to support credit card-not-present (CNP) transactions requiring real-time customer authentication and account recharge. For over seven years, the Company's proprietary recharge and authentication technologies have maximized revenue and provided secure, convenient account recharge services for customers of AT&T Long Distance, Cingular, American Airlines, Citibank, AT&T Wireless, and others. Vesta has been ranked as one of America's fastest growing private technology companies by Inc, Fast Company, and Deloitte and Touche, and was recognized by the ComputerWorld Honors Program for technological advancements. For more information on Vesta Corp. email info@trustvesta.com.
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