iPad point-of-sale platform maker Revel Systems has raised $13.5 million in funding from ROTH Capital Partners to fuel its rapid growth. A follow-up to Revel’s Series C, which it announced last November, the new capital brings that round’s total to about $113.5 million, valuing the company at more than $500 million. The company, which is eyeing an initial public offering, also disclosed that financial software developer Intuit was an investor in its Series C.
Revel is preparing to expand into international markets quickly, targeting European and Asian countries where some of its clients already have franchises, says co-founder and chief technology officer Chris Ciabarra. Its enterprise users have as many as 2,000 retail locations, but Revel also serves small- to medium-sized businesses. The company now has about 14,000 to 15,000 terminals installed and that amount is growing at about 1,000 terminals per month.
Ciabarra says Revel will continue differentiating from other tablet POS systems by including a wide array of features in its software suite so it can handle deliveries and shipping in addition to payment processing. This allows Revel to compete with enterprise software like Micros System, which was acquired by Oracle for about $5.3 billion last year. Revel also recently added Ethernet connections for clients who want to use iPads to handle transactions but can’t rely on wireless connections, such as sports stadiums and government agencies.
In a prepared statement, ROTH Capital Partners managing director Gordon Fallone said
“While looking for a strategic investment in commerce, we came to understand that Revel’s cloud-based platform is uniquely positioned to control payments and commerce, not just in physical stores but across the whole omni-channel. Revel’s POS platform is uniquely scalable, from small SMB locations with one terminal to large enterprises with high volumes and multiple terminals. We have recently seen Revel selected by industry leaders as their POS platform of choice for both SMB and enterprise applications, and we have seen the Revel platform displace Micros and NCRs in some of the largest global enterprise chains. It is unusual to find a company with huge technology leadership and no effective competitors, and Revel’s growth potential and marketing position are amazing.”
The company plans to complete one more round of funding before holding an IPO in the next 18 to 24 months, Ciabarra says.