Madison Reed has raised $32.1 million since launching 15 months ago.
The global e-commerce network says it handled $500 billion in e-commerce transactions last year, as its number of suppliers grew by nearly a third to 1.5 million.
Global e-commerce continues to expand on the Ariba Network, where nearly 7 million buyers and sellers transacted more than $500 billion in business last year, Ariba, a unit of business software company SAP AG, said last week.
The Ariba Network’s total number of individual users increased by 34%, to 6.7 million from 5.0 million, representing more than 1.5 million companies, Ariba said at its 15th annual Ariba Live conference in Las Vegas.
The network’s user base of companies includes about 1.5 million suppliers, up from 1.05 million in 2012, and more than 2,000 companies active as buyers, including 338 buying companies added to the network in 2012, Ariba said last week.
Commerce activity on the network last year including the transmission of 24 million invoices, up from 20.6 million in 2012. Network participants can conduct business across 190 countries.
Ariba says it expects the growth to continue, particularly as it expands its operating capabilities. To increase global trade options for buyers and sellers, Ariba plans to expand this year to 50 from 35 the number of countries where it has full compliance for e-invoicing, then expand that number to more than 75 countries next year, said Sanish Mondkar, Ariba’s executive vice president and chief product officer. Full compliance for e-invoicing covers all types of local tax compliance and can include the ability to use electronic signatures on digital documents.
Ariba has also been taking other steps to upgrade its network, the company said. Its Ariba Spend Visibility software, now powered by SAP’s Hana business intelligence technology designed to pull data from multiple sources, can load data 20 times faster than Ariba’s previous software, Ariba said. That enables companies on the network, for example, to quickly analyze complex sets of data, such as analyzing the impact of a new contract on operating costs throughout a company’s operations.
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