SPS COMMERCE SECURES ADDITIONAL $10 MILLION IN FOURTH ROUND OF FUNDING
-- Newest Venture Capital Investment Affirms SPS Commerce’s Leadership
in the Supply Chain Integration Service Market --
St. Paul, MN, June 4, 2001 – SPS Commerce, the leading Supply Chain Integration Service provider, today announced that it has secured an additional $10 million in financing. Led by CID Equity Partners, this round of funding includes additional contributions from existing investors St. Paul Venture Capital, Adams Street Partners, Granite Private Equity and Axiom Venture Partners.
SPS Commerce will use the funding to increase operational efficiencies, continue building its hosted Internet service infrastructure and support the expansion of key strategic partnerships.
“During the past year, SPS Commerce has demonstrated strong growth and market penetration based on its strategic vision and an effective business model,” said CID Equity General Partner Kevin Sheehan. “With an impressive marquee customer base and an infrastructure designed to meet the e-business needs of both large and small enterprises, SPS Commerce has proven it has the right combination of innovation and ingenuity to continue to dominate the supply chain integration service market.”
This latest round of funding comes after the recent announcement that SPS Commerce has expanded its B-to-B catalog service while continuing to penetrate the retail and distribution markets with new customers including Grainger, Pacific Sunwear, Sport Chalet, BoatU.S. and Canadian Tire. Through its hosted Internet service, SPS provides the foundation for supply chain integration and has become a critical e-business component for large enterprises as they incorporate small- and mid-sized trading partners into their e-supply chain.
“This past year has been our strongest yet with over 300 percent growth in new accounts, and we fully anticipate accelerated growth, increased sales and expanded market penetration well into the future,” said SPS Commerce President Archie Black. “This continued support from a very strong core of investors is testimony to our proven e-business model and will assist us in our goal to be cash-flow positive by early next year.”
About SPS Commerce
SPS Commerce is the leading Supply Chain Integration Service provider. The Company specializes in helping large enterprises optimize their supply chains by providing transaction management, application integration and supply chain services to their small- and mid-size trading partners via a hosted Internet service. It has helped key enterprises, including Sears Roebuck & Co., Kmart, Target Corp., and Dura Automotive, electronically enable and integrate over 25,000 small and mid-sized trading partners into their e-supply chain. SPS Commerce is headquartered in St. Paul, MN. For more information, visit the Company at www.spscommerce.com or call (651) 603-4400.
SPS Commerce and the SPS Commerce logo are the property of SPS Commerce, Inc. All other names and trademarks are the property of their respective holders.
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