BURLINGTON, Mass., January 21, 2003 - Emptoris, Inc., a leading provider of e-sourcing solutions that support the end-to-end strategic sourcing needs of Global 5000 companies, today announced the completion of financing from new and existing investors totaling $20.5 million. Menlo Ventures led the third funding round, with participation from new investor HarbourVest Partners and all existing investors, including NETinvest, from previous funding rounds.
Emptoris will use the funds to finance further expansion of the company in a number of areas, including sales, marketing, product development and penetration into new global markets. Since its founding in 1999, Emptoris has quickly become one of the leading e-sourcing software vendors with industry-leading technology that is used by numerous Global 5000 companies across a wide range of industries, including electronics, pharmaceutical, metals and mining, aerospace and defense, and financial services.
“E-sourcing has emerged as a key cost saver for Global 5000 companies,” said Mark A. Siegel, Managing Director, Menlo Ventures. “As one of the leading e-sourcing vendors, Emptoris is helping large companies in many vertical markets to significantly reduce product costs by automating the strategic sourcing process. As the e-sourcing market continues its rapid growth, the market potential for Emptoris will be enormous and we are excited to be part of the company’s success.”
"Emptoris’ ability to raise such a large amount of funding is a direct result of the strong market traction we have generated and our leadership position in the e-sourcing market,” said Avner Schneur, President and CEO, Emptoris. “I'm pleased to have two of the top financial institutions, Menlo Ventures and HarbourVest Partners, join this round. It is also very gratifying that all existing investors continue their support of the company. Emptoris has come a long way since its inception in 1999. With this new funding, the company is positioned to establish itself as the standalone leader in the e-sourcing software market.”
About Emptoris
Emptoris is a leading provider of e-sourcing solutions that support the end-to-end strategic sourcing needs of Global 5000 companies. By implementing the Emptoris Sourcing Portfolio, a suite of Web-based sourcing solutions, enterprises can quickly deploy sourcing best practices across the enterprise, automate all strategic sourcing processes and determine the optimal allocation of business among suppliers. Key benefits include lower costs, shorter sourcing cycles and total sourcing program visibility. Emptoris, a privately held company, is headquartered in Burlington, Massachusetts.
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