Atlanta-based Auctionworks Changes Name to Marketworks, Secures VC Funding, Opens Three International Offices and Doubles Workforce
ATLANTA--06/22/2004-- Auctionworks - an Atlanta-based online sales automation software developer - has changed its name to Marketworks, according to company officials. CEO - Alec Peters - also announced that Marketworks has secured more than $3 million in a round of VC funding - led by Crosslink Capital.
Since the late 1990s, successful Internet selling for small to mid-size companies has been predominantly focused on the auction format and eBay. In that arena, Marketworks has become the number one provider of sales automation software for eBay sellers and facilitates over $30 million a month in gross merchandise sales.
Today, as online selling continues to explode, new opportunities have emerged for businesses, large and small, to increase sales and profits beyond the auction format and eBay. These sales and newly acquired customers come via public and private marketplaces, through company-owned websites and from traditional brick & mortar locations. As an industry software leader, Marketworks has anticipated this growth and broadened the scope of its infrastructure to include multi-channel selling capabilities, creative and marketing services, and channel outsourcing. Seizing new growth opportunities within the market propelled the name change to Marketworks, reports Peters, who is also the founder of the company.
"Marketworks is the next step in the evolution of Auctionworks," explains Peters. "We are now operating in six countries, we just closed on a round of venture capital and we`ve doubled our workforce in the past six months. With our expertise and role in the evolution of our sellers` e-commerce strategies - beyond eBay - our name is now catching up to what we provide."
In May 2004, Marketworks secured $3 million in funding in a financing round led by Crosslink Capital. The proceeds will be used to hire top talent to build quality technology and sales teams and continue to deliver extraordinary customer service. Additionally, the company now has three international offices located in the UK, Germany and Ireland.
"Since Marketworks has already built a profitable track record, we actively pursued them," explains Jim Feuille, partner with Crosslink Capital. "Our capital investment in this growing company will be used to accelerate business operations, not just fund cash flow, which gives Marketworks a significant competitive advantage."
Marketworks attributes its continued success, customer and employee loyalty, and low turnover rates to a perpetual commitment to build on the core philosophy of providing product innovation and superior customer service that was established at its inception in 1999.
"The growth of online selling is transforming the way business is being conducted and Marketworks is committed to enabling `commerce without limits` for our customers," explains Paul Lundy, Chief Marketing Officer, "We are helping businesses break down operational, marketplace and geographical barriers to growth. The sky`s the limit for selling potential online and we plan to continue to lead the way in sales automation software and services."
About Marketworks:
Marketworks is the leading provider of sales automation software and marketing services for multi-channel online selling. As eBay`s largest Preferred Solution Provider, and with an international presence in six countries, Marketworks is committed to driving customers` sales and profits by eliminating operational, channel and geographic barriers associated with selling online. For further information on the Atlanta-based company, please go to www.marketworks.com.
About Crosslink Capital:
Since 1989, Crosslink Capital, headquartered in San Francisco, California, has invested in growth equities through venture capital, hedge funds and crossover funds. The current venture fund (the firm`s fourth) is a $240 million fund formed in 2000. Currently, its venture investing activities are focused on the software, core technology/semiconductor and business services industries. Crosslink invests in very early, seed stage financings all the way through later-stage private opportunities and into the public market. This strategy allows Crosslink to remain a long-term partner to its portfolio companies. Crosslink Capital was the first venture capital firm in the U.S. to integrate public and private technology investing. To learn more about Crosslink Capital visit http://www.crosslinkcapital.com.
CONTACT:
For Marketworks
Alison Ilg
770-565-5440
alisonipr@aol.com
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