Led by New Investor, StarVest Partners, L.P., Financing Enables
Vcommerce to Accelerate Product Development and Business Growth
SCOTTSDALE, Ariz., March 10, 2003-- Vcommerce Corporation, a leading supply chain execution solutions provider, today announced that it has closed over $8 million in additional financing. The lead investor in this round is StarVest Partners, L.P., a New York-based venture capital firm that has experience in supply chain solutions. Also participating in this round are previous investors including Archery Capital, Benchmark Capital, @Ventures and CMGI.
"In this challenging funding environment, it is critical for investors to focus on companies that are leaders in their fields. To that end, we put Vcommerce and its technology to the test throughout our due diligence process. Vcommerce management consistently displayed a commitment to delivering quality solutions and an impressive depth of market understanding and domain expertise. The technology proved to give the visibility to the supply chain that customers needed with high quality of service that was unparalleled," said Jeanne M. Sullivan, Partner for StarVest. "Vcommerce will emerge as the undisputed leader among supply chain execution solution providers and we are looking forward to being part of the company`s growing success," added Sullivan who will also serve on the Company`s Board of Directors.
"Although 2002 was a difficult year for the economy, and especially difficult for the enterprise software industry, Vcommerce had the fortitude and great fortune to be successful in the downturn. We consider the closing of this outside-led round the `icing on the cake` of a record year where major players such as Gateway, Sony, GE and Walden Books were added to our client base," said Mark Jensen, CEO of Vcommerce. "We are pleased to have the support of such a strong group of strategic and financial investors working with us to accelerate our growth and expand our leadership position in the supply chain execution market."
Vcommerce will use the funds to accelerate delivery and launch of its state-of-the art version of the company`s current supply chain execution solutions. The sales and alliance forces will also be expanded to cover growing market and partnership demand.
About Vcommerce Corporation
Vcommerce gives customers command and control over their extended trading networks through a scalable technology platform and an extensive suite of supply chain execution software and services. The company`s solutions deliver extended supply chain visibility, performance monitoring and exception notification to improve order and inventory management, reduce operational costs, and optimize performance across the supply chain and outside the enterprise.
Customers across a variety of industries are successfully using Vcommerce solutions to effectively manage orders, improve customer satisfaction, reduce operational costs, and enhance performance across the supply chain. The Company`s growing installed-base includes enterprises such as HP, GE, Gateway, Sony, eBay, Borders, and Walden Books. A privately held company, Vcommerce is headquartered in Scottsdale, AZ. Visit Vcommerce at www.vcommerce.com. For more information, call 480-922-9922.
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