NEAT Receipts, a Philadelphia-based company committed to developing user-friendly scanning solutions, today announced a combined $5 million investment from Edison Venture Fund, MMV Financial and MentorTech Ventures. The funding will allow the company with the top-selling portable scanner* to increase research and development spending and enhance marketing and sales initiatives for 2008.
The new investment marks the latest success after a year of record growth for the Company. Notable accomplishments and developments include:
Expanding Product Line
2007 marked a year of significant technological development for the Company with the launch of two new products; NEAT Business Cards, a new stand-alone hardware unit which allows users the capability to scan directly into Outlook and ACT!, and NEAT Receipts Version 3.0, which boasts enhanced document management capability.
Industry Recognition
During 2007 NEAT Receipts was recognized with a number of industry awards, including the Ernst & Young Entrepreneur of the Year (winner, Philadelphia region; finalist national) and Deloitte’s Technology Fast 50 “Rising Star” award. Regionally, the Company was named “Best Small Company to Work For” by Philadelphia Magazine and acknowledged by the Philadelphia 100 as the fourth fastest growing company in the region after being named number one to that list in 2006.
Company Growth
Over the last year, NEAT Receipts nearly doubled its revenue growth versus 2006 by expanding sales and distribution across all direct and indirect channels. The retail channel, at 125 percent growth, led the way as the Company developed new partnerships with several leading retail companies. As a result, the NEAT Receipts team has more than doubled its total staff. Notably, the Company has doubled its marketing staff, created an Apple Mac development team and added several software engineers in the research and development area.
Business users and individuals can use NEAT Receipts’ user-friendly, hardware and software scanning systems for a variety of uses including:
Extracting information directly off of receipts and into spreadsheet format for better management of finances, taxes or expense reporting
Seamlessly moving contact information from business cards into the digital contact management application of their choice
Creating a digital filing cabinet by transforming paper documents into searchable PDFs
* Source: NPD Group, 2006 Retail Track, Sheetfed category
QUOTES
“Historically NEAT Receipts has seen exceptional growth. We expect that trend to continue based on the tenacity of the management team and the Company’s strong strategic road map,” said Michael Kopelman, Edison principal.
“NEAT Receipts has been on our radar for more than a year. In that time we’ve watched them grow to become a tech innovator and a market leader,” said Greg Dimmer, senior vice president, MMV Financial. “We are very excited to be a part of their future success.”
“It’s been a tremendous year for us as we’ve continued to evolve from a company that makes a receipt scanner, to a trusted resource for business solutions,” said Les Spero, CEO and founder of NEAT Receipts. “We forecast further success based on the strength of our retail partnerships and the continuing expansion of our product line, all aimed at the single goal of delivering a system of digital organization for our customers.”
ABOUT NEAT RECEIPTS
Founded in 2002 as a scanning solution for streamlining the expense reporting system, NEAT Receipts now offers a full range of products and complete system for managing all the paper clutter in your life.
Much more than just creating digital copies of important papers, NEAT Receipts’ combined software and hardware solutions transform data trapped on the paper into information that can be organized, stored, secured and activated. NEAT Receipts is a privately-owned company headquartered in Philadelphia. For more information please visit www.neatreceipts.com.
COMPANY HIGHLIGHTS
• October 2002: Founded by Rafi Spero and Les Spero
• November 2003: NEAT Receipts launched at Philadelphia Airport kiosk
• November 2005: NEAT Receipts launched at Staples, Amazon, Fry’s; additional kiosks opened
• August 2006: Awarded Best Product honors at Retail Vision
• October 2006: Named #1 Fastest Growing Private Company by Philadelphia Business Journal
• December 2006: Named Startup Company of the Year by Eastern Technology Council
• April 2007: NEAT Receipts named NAPO’s Organizer’s Choice Award for Best Technology Product
• June 2007: Rafi Spero recognized as a top 40 Under 40 by Dealerscope magazine
• June 2007: Les and Rafi Spero named Ernst & Young Entrepreneur of the Year 2007 Award Winner in Greater Philadelphia
• October 2007: NEAT Receipts named A Rising Star Company for Deloitte Fast 50
• October 2007: NEAT Receipts named #4 Fastest Growing Company by Philadelphia 100
• October 2007: NEAT Receipts named Best Small Company To Work For by Philadelphia Magazine
CONTACT INFORMATION
Jeff Vogel
Director of Marketing, NeatReceipts
(215) 382-3300 Ext. 103
jvogel@neatreceipts.com
Elizabeth Rizzo
SHIFT Communications
(617) 779-1845
erizzo@shiftcomm.com
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