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Fingerhut Points An Investment Finger At OrderTrust
Editor in Chief
OrderTrust, Inc., provider of integrated order management services for e-commerce, today announced it has closed back-to-back rounds of equity financing for over $33 million. Fingerhut Companies, Inc., one of the nation's largest direct marketing and online retailers and wholly owned subsidiary of Federated Department Stores Inc., led the round of financing with investment of an undisclosed sum. Fingerhut's non-exclusive investment also includes a provision for a Fingerhut representative to join OrderTrust's board of directors. The round of financing was completed with additional investments from Far West Capital Management, a venture capital firm that invests in aggressive-growth micro-cap and small-cap companies, as well as from the company's private backers, including Tim Litle, Bill Melton, and others. This round of financing helps solidify OrderTrust's ability to rapidly establish its position as the industry standard for e-commerce order management.
"Merchants are quickly discovering that successful commerce depends in large part on managing the complexity inherent in operating multiple sales channels with multiple sources of supply," says Jim Daniell, CEO of OrderTrust. "As a result, more online merchants and 'click and mortar' retailers will need to rely on our proven, scalable commerce network for accurate order processing and efficient exception handling. This investment by Fingerhut, Far West, and others demonstrates their confidence in OrderTrust's business model and our potential for rapidly becoming the industry standard for order management. Furthermore, it demonstrates our common vision for the types of services merchants need in order to engage in non-face-to-face commerce quickly, cost-effectively and with high levels of customer satisfaction."
Will Lansing, CEO of Fingerhut Companies, Inc., added, "OrderTrust represents an investment in enabling technology and network infrastructure. The services enabled by OrderTrust's scalable, high-performance network are critical to fueling the widespread implementation of online commerce and are a perfect complement to Fingerhut's online retail and fulfillment service offerings. We believe that OrderTrust is positioned to become the industry standard for order management, and we want to play a key role in shaping and accelerating the establishment of that standard."