E-commerce trading exchange company Commerce One Inc. has received a $10 million investment from BayStar Capital Management LLC, a private equity fund that invests in leading edge companies in the technology and life sciences industries. Commerce One says it will use the proceeds for working capital and to further develop its Composite Process Management product and to support the recent launch of the Commerce One Conductor platform.
"BayStar`s investment reflects confidence in our product strategy and ability to seize a leadership position in Composite Process Management," said Mark Hoffman, CEO, president and chairman of Commerce One. "We expect this investment, along with our other efforts, to enhance our traction with customers and partners for the Commerce One Conductor platform."
Composite Process Management allows companies to use existing technology to streamline their supply chain relationships.
"We are investing in Commerce One because it has the right product and the right strategy at the right time," said Steven Lamar, managing partner of BayStar Capital. "In our view, the market for Composite Process Management is impressive, and we believe that the Commerce One Conductor platform positions Commerce One to establish itself as an early market leader."