Accruent Secures $10M to Accelerate Growth; Financing Earmarked to Drive Company Growth In Multi-Billion Dollar Contract Management Space.Business Editors SANTA MONICA, Calif.--(BUSINESS WIRE)--Nov. 18, 2002 Accruent, a leading provider of contract management solutions, announced today that it closed a $10 million round of financing. The funding is part of the company's rapid expansion in the burgeoning market for contract management solutions. The funding round was led by Sierra Ventures, a 20 year veteran of funding communications, software, and internet related content and infrastructure companies. Other new investors are Constellation Real Technologies, Peninsula Equity Partners and Stanford University, as well as continued support from existing investors Innocal Venture Capital, Red Rock Ventures, and Pequot Venture Partners. "Global 2000 companies are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. solutions to manage the volume, value and complexity of operational contracts for everything, including purchasing agreements, licenses, real estate, equipment and services," states David Schwab, Managing Partner, Sierra Ventures. "These organizations are keenly aware that contract management solutions support cost reduction initiatives, reduce corporate risk, and enhance the visibility into their businesses. Our goal is to invest in organizations that demonstrate thought leadership and exceptional domain expertise in contract management. We believe the combination of Accruent's unmatched customer base and longevity in the marketplace has positioned the company for market leadership." Citing increasing market demand, analysts expect the contract management software market to grow to $20 billion by 2007. "Managing contracts is no longer a peripheral business activity," states Mark Friedman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. at Accruent. "As the business landscape continues to become increasingly complex, contract management is clearly evolving into a required core competence Core competence Primary area of expertise. Narrowly defined fields or tasks at which a company or business excels. Primary areas of specialty. of executive management," stated Friedman. "We're proud we continue to instill investor confidence, particularly given the current investment climate. Sierra's commitment to lead the equity round combined with the renewed commitment of our existing investors is a powerful endorsement of our leadership in the space." Friedman indicated that Accruent will use the funds to scale activities across the board. "We'll utilize the capital infusion to support the company's aggressive product development efforts and step up sales, marketing and customer service initiatives to consolidate our industry leadership position." About Accruent: Accruent is the leading provider of enterprise contract management solutions that enable organizations to improve business performance through better cost and revenue management while reducing corporate risks associated with contracts. Accruent enables improved decision-making and obligation management of complex business contracts and financial relationships. The results are better visibility into business performance and total spend while maintaining corporate compliance and minimizing risk. Accruent's clientele includes over 125 enterprise companies including Wells Fargo (NYSE NYSE See: New York Stock Exchange :WFC WFC Wi-Fi Connection (Nintendo gaming service) WFC Wide-Field Camera WFC World Financial Center (New York) WFC Workforce Center WFC World Federation of Chiropractic WFC World Food Council ), Fluor Corporation (NYSE:FLR FLR Floor FLR Florence, Italy (Airport Code) FLR Flare FLR Florida Lambda Rail FLR Forest Land Reserve FLR Forward-Looking Radar FLR Female Led Relationship FLR Force of Lower Readiness ), Lehman Brothers (NYSE:LEH), Rite Aid (NYSE:RAD), Hertz, Lockheed Martin (NYSE:LMT LMT left mentotransverse (position of fetus). ), Raytheon (NYSE:RTN RTN Return RTN Raytheon Company (stock symbol) RTN Research Training Network RTN Rotarian RTN Routing Transit Number RTN Recursive Transition Network RTN Register Transfer Notation RTN Radial Tangential Normal ), Sempra Energy (NYSE:SRE SRE SecretarÃa de Relaciones Exteriores (México) SRE Sex and Relationship Education SRE Serum Response Element (biochemistry) SRE Software Reliability Engineering SRe Seychelles Rupee ), and Viacom (NYSE:VIA). The company is headquartered in Santa Monica, California For other uses, see Santa Monica (disambiguation). Santa Monica is a coastal city in western Los Angeles County, California, USA. Situated on Santa Monica Bay of the Pacific Ocean, it is surrounded by the City of Los Angeles — Pacific Palisades and Brentwood on the north, . For more information, visit www.accruent.com Additional Investor Information: -- Sierra Ventures, www.sierraventures.com -- Constellation Real Technologies, www.constellationllc.com -- Peninsula Equity Partners, www.peninsulaequity.com -- Stanford University, www.stanford.edu -- Innocal Venture Capital, www.innocal.com -- Red Rock Ventures, www.redrockventures.com -- Pequot Venture Partners, www.pequotcapital.com -- Marcus & Millichap Venture Partners, www.mm-vp.com |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion