Wednesday, April 29, 2009
Fonality Claims Growth, Cash Flow
Culver City-based Fonality, a developer of commercial PBX phone systems based on open source software, is trumpeting "strong financial results" today, claiming that it was cash flow positive in March and has seen a 102 percent annual growth rate. The firm did not, however, disclose actual financials or details on its growth. Fonality's software is used to replace expensive telecom equipment with PC telephony equipment. Fonality claimed that it has seen an increase in sales of applications, call center software, and larger customers purchasing multi-site systems. Fonality is venture backed by Draper Fisher Jurvetson, Intel Capital, and Azure Capital Partners.