Web-based retail industry supply chain transaction processor TradeCard Inc. has received $10 million in equity financing from investment firm Warburg Pincus.
Web-based retail industry supply chain transaction processor TradeCard Inc. has received $10 million in equity financing from investment firm Warburg Pincus, TradeCard reported today. Although TradeCard and Warburg decline to specify how the money will be used, they said it will support TradeCard’s overall operations and technology platform to promote continued growth.
"Last year we measured our business in hundreds of millions of dollars in purchase orders processed. This year we are measuring our business in billions,” said Kurt Cavano, TradeCard`s chairman and CEO. “To grow your business that fast you need happy customers, great staff, superior technology and services offerings and extensive venture capital backing.”
TradeCard said transaction volume has increased 225% over the past 12 months, leading to a fivefold increase in revenue from customer transactions since January 2002. Its customers include J.C. Penney Co Inc., Linens ‘n Things and Wolverine Worldwide. TradeCard uses a web-based platform for electronic financial processes in supply chains, providing buyers and sellers with greater visibility for managing transactions.
"TradeCard`s continued accelerated growth and firm establishment in targeted industries over the past two years have been extremely encouraging," said Cary J. Davis, a Warburg Pincus managing director. "We believe that with the proven success of its technology platform and services, the market traction it has developed and a sound business strategy formulated by an experienced management team, TradeCard has the right fundamentals to grow into a large and successful global enterprise."