SANTA CLARA, CA - May 1, 2002 - Cardonet, Inc., provider of enterprise solutions for the creation, management, and distribution of electronic product information, today announced that it had secured an additional $10 million in funding from a combination of new and existing investors. The Series D round was led by Cargill, with new investor Intel Capital also participating. Existing investors in the round included Giza GE Capital, Mentor Capital Group, Sequoia Capital, and Yozma Venture Capital.
In conjunction with the investment, Monica Morse, managing director of Cargill`s venture investment group, Cargill eVentures, will join the Cardonet Board of Directors. "Structured, usable information is a foundational building block for the digital enterprise," Morse said. "Cardonet`s solution is the strongest we`ve seen to help manage masses of disparate information."
The privately held Cardonet will use the funds to support continued enhancement of its core software products -- the Cardonet e-Catalog Automation Platform and the Cardonet Transactive Catalog -- as well as to fund the company`s ongoing sales and marketing efforts.
"The market is moving towards content-rich applications, websites, and services, and many enterprises are coming to realize that managing their product information as a corporate asset is a key to e-business," said Lisa Williams of Yankee Group. "Cardonet can provide companies with a framework to centrally manage this data, and, just as important, define how it is distributed and managed to many target systems."
Cardonet`s software and services are used by large enterprises to build and manage electronic databases containing detailed product-level information. Typical uses include the aggregation of supplier catalogs for corporate e-procurement and/or inventory management systems; the capture, cleansing, and maintenance of internal product data to create clean master catalogs for manufacturers and distributors; and the electronic syndication of custom-filtered product catalogs both within an organization and to external marketplaces or trading partners.
Current users of Cardonet software include Cargill, Newark Electronics, Alcon Laboratories, Commercial Metals Company, Hoovers, Epylon, and more than a dozen others. The company was founded in late 1997, and brought its first generation of software to market in early 2000.
"Despite an overall sluggish economy, our recent sales successes have convinced us more than ever of the growing need for solutions that help both buyers and sellers to efficiently manage complex product information in electronic form," said Itay Meiri, co-founder and CEO of Cardonet. "This additional round of funding enables us to continue to aggressively pursue our goal of developing and delivering the most advanced software automation technology available for this purpose."
About Cardonet, Inc.
Founded in 1997 and headquartered in Santa Clara, Calif., Cardonet, Inc., (www.cardonet.com) is a leading provider of catalog content management solutions for e-business. Cardonet`s advanced process automation technology and rapid deployment services provide both buy-side and sell-side organizations with the industry`s most powerful solutions for developing and managing electronic catalogs. Privately held, Cardonet`s investors include Cargill, Giza GE Capital, Intel Capital, Mentor Capital Group, Sequoia Capital, and Yozma Venture Capital.
Cargill is an international marketer, processor and distributor of agricultural, food, financial and industrial products and services with 90,000 employees in 57 countries. The company provides distinctive customer solutions in supply chain management, food applications, and health and nutrition. Cargill eVentures is a wholly-owned venture investment group of Cargill and invests in early stage technology companies that enable global commerce, innovation, and efficiencies across supply chains.
Brandon Osterhout, PepperCom