MADISON, Wisconsin – August 12, 2010 – Peak Ridge Capital announced today that one of its venture capital funds, the Avolte Venture Partners Midwest Fund, has made an investment in New River Technologies, a Grafton, WI-based technology company that allows financial institutions to aggregate demand for purchased items in order to achieve cost savings.
New River is a developer of a web-based software transaction platform that helps financial institutions, specifically banks, aggregate demand for items such as office products or collector coins, reducing cost and providing the power to allocate resources at the branch level. In addition, those items, and any products sold through their branches, are inventoried and tracked to their customers. Currently, many banks use basic spreadsheets and other low-tech methods to manage their purchasing and inventory. This product provides banks with an innovative ability to benefit from the buying power involved with being part of a cooperative of businesses purchasing similar items. Furthermore, this system gives bank managers the greatly enhanced ability to better understand their spending in these areas. The system is web-based and hosted by New River; therefore, banks are able to attain benefits without software or IT costs. The current system design will be able to help institutions immediately.
“As smaller institutions are competing against large, regional and national banks, this system helps them to reduce costs in an increasingly challenging marketplace. It allows them to realize a level of savings otherwise out of reach to small institutions,” remarked Michael McNally Chairman and CEO of Peak Ridge Capital.
Scott Kunz, the General Manager of New River commented, “Peak Ridge has been a vital partner in the successful development of this system. As we commercialize the product we are excited about the vast market potential and the unique opportunity to unite and assist the banking industry.”
The Avolte Venture Partners Midwest Fund primarily focuses on investments in early through growth-stage technology and life science companies in the Midwestern United States.
About Peak Ridge Capital Group:
Peak Ridge is a leading alternative asset management firm that focuses on providing truly unique investment products to its diverse investor base. Its goal is not driven by simply amassing assets under management, but rather by generating uncorrelated returns while at all times limiting overall risk and market exposure. The firm achieves this goal by bringing together the brightest minds in each specific asset class and trading strategy in an attempt to exceed its investors’ expectations and desired investment objectives.
Media contact:
Laura Small
Peak Ridge Capital
http://www.peakridgecapital.com
(617) 425-0100
For more information about New River Technologies, please visit http://www.newrivertechnologies.com
###
