iJET Travel Risk Management have announced that the firm has secured $5.4 million of growth capital from new and existing investors. The lead investor in this round is Longworth Venture Partners, a Boston-based venture investor that specializes in assisting technology and business service companies expand their market penetration. In addition to Longworth, all existing institutional investors participated in this round, including EuclidSR Partners and PA Early Stage Partners.
In reflecting on events leading up to this latest financing, iJET CEO Bruce McIndoe stated, “In less than three years, iJET has grown to support more than 350 multi-national clients through a combination of direct sales and targeted acquisitions. After becoming cash flow positive at the end of 2003, this new capital gives iJET a solid balance sheet upon which to enhance and continue the global expansion of our services. We are indebted to Longworth and our existing investors for providing the fuel to grow iJET to the next level of performance.”
Peter Roberts, partner in Longworth, will join iJET’s Board of Directors effective immediately. In commenting on why Longworth found an investment in iJET to be compelling, Roberts stated, “iJET is a unique blend of innovative technology, seasoned management, and dedicated staff that have successfully combined to create a new standard in the field of real-time risk management. The fact that iJET has successfully integrated acquisitions of Kroll and Pinkerton information service subsidiaries and partnered with larger, industry leaders indicates a maturity not often found in companies at this stage. After speaking with both iJET clients and prospects, we became convinced that this is both a sustainable and exciting company in which to leverage Longworth’s core expertise - investing in technology and technology-enabled business services companies.”