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Rivio Scores $12M

Small business Web services developer Rivio Inc. announced today it has raised $12 million in its fourth external financing round, bringing its total funding to $61 million to date.

Investors involved in this round represent strategic partners, distribution partners and venture capital firms, including Accenture Technology Ventures, Bank of America, Opportunity Capital Partners and SOFTBANK Venture Capital.

"Many of our direct competitors are on the verge of closing, if they haven't already. This funding round and the latest release of our product clearly demonstrate that Rivio is built to last, with strong distribution and growing product adoption," said Navin Chaddha, Rivio president and CEO.

Significant milestones in the last six months have included an alliance with Microsoft, leveraging product services and distribution of both Microsoft bCentral and Rivio Business Services, as well as the launch of the Bank of America Business Center, powered by Rivio. The company will also soon release a customized online small business center, powered by Rivio, for Verizon Communications.

Rivio Business Services, the company's core small business Web services offering, enables small businesses to manage their daily operations from a central online location and streamline workflow. The latest version of Rivio Business Services includes enhancements to Rivio Office Manager's HR Management Services and the introduction of online payroll processing from InterPay, an accounting hub that features synchronization with Intuit Inc.'s QuickBooks accounting software, and access to Microsoft bCentral Services.

The Rivio Business Services suite is deployed through the Rivio Integrated Business Services Network (iBSN), an integration of suppliers and distribution partners that represent access to more than 15 million small and home-based businesses nationwide.

Members of the Rivio iBSN can easily customize the Rivio Business Services suite, integrating their own products and services, and deliver a Web-based business solution to their small business customers. iBSN members are able to attract and retain small business customers by delivering this robust online offering.

"The industry should interpret this announcement as a clear indicator of Rivio's growing presence in the Web services marketplace," said Kneko Burney, director, eBusiness infrastructure and services for Cahners In-Stat Group. "The company continues to deliver on key partnerships, technology and the customer experience. These achievements, combined with funding, position Rivio well for success."