CombineNet Closes $6 Million in Additional Funding; Advanced Solution Sciences Technology Provider Garners Top Tier Venture Support.Business Editors PITTSBURGH--(BUSINESS WIRE)--May 28, 2002 CombineNet, Inc., a developer of advanced combinatorial optimization Combinatorial optimization is a branch of optimization in applied mathematics and computer science, related to operations research, algorithm theory and computational complexity theory that sits at the intersection of several fields, including artificial intelligence, mathematics software that solves complex business allocation problems, has closed on a $6.0 million second round of financing. Apex Venture Partners of Chicago and ECentury Capital Partners of the Washington D.C. Metro Area This article is about the music production team. For the article about population centers, see metropolitan area. Metro Area are a Brooklyn-based dance music production team composed of Morgan Geist and Darshan Jesrani. are the principal investors. Oak Hill Capital Partners acted as financial advisors and assisted in arranging the financing. Proceeds of the round will be used to scale the Company's operations. CombineNet has pioneered the commercial use of combinatorial optimization software, a technology uniquely suited to solving the complex decisions businesses face in industries such as consumer products, manufacturing, transportation, energy and communications. Through its solution science program, CombineNet has helped its clients save over $100 million dollars in the first quarter of 2002 alone. The company's customers include PPG Industries PPG Industries (NYSE: PPG) was founded in 1883 as the Pittsburgh Plate Glass Company. PPG is an American manufacturer of glass and chemical products, including automotive safety glass. , Raytheon, H.J. Heinz, Unilever, Bausch & Lomb, Procter & Gamble and Bayer. Said George Middlemas of Apex Venture Partners, "Apex is very excited about this investment, because we see the technology as having a broad impact on corporate purchasing and supply Purchasing and Supply can have several different definitions. According to the Institute for Supply Management (ISM) [1], purchasing is defined as a major function of an organization that is responsible for acquisition of required materials, services, and equipment. chain management. Furthermore, it creates a win-win situation for clients and vendors that solidifies relationships rather than making them antagonistic." CombineNet was founded in April 2000 by Dr. Tuomas Sandholm, a computer science professor at Carnegie Mellon University Carnegie Mellon University, at Pittsburgh, Pa.; est. 1967 through the merger of the Carnegie Institute of Technology (founded 1900, opened 1905) and the Mellon Institute of Industrial Research (founded 1913). . The company recently hired Tony Bonidy as its president & 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. , who brings to CombineNet almost thirty years of experience in strategic sales, marketing, and product development from major corporations such as IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , NeXT Computer and Legent Corporation. Bonidy stated: "We earned a powerful position in the venture financing process. The Company's early and large client successes clearly speak for themselves. Our financing round was significantly oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. , allowing us to choose the best possible investors." In connection with the round, George Middlemas, managing partner at Apex, and Marsh Marshall, managing director at ECentury will join the Board of Directors. About Apex Venture Partners Apex Venture Partners, established in 1987, has more than $450 million under management with five funds. The firm has invested in over 100 technology companies, such as RSA Security RSA, The Security Division of EMC Corporation, is headquartered in Bedford, Massachusetts, and maintains offices in Ireland, the United Kingdom, Singapore, India, and Japan. RSA organizes the annual RSA conference. , Exodus and Tradex. Apex focuses on early stage technology investments in software, enterprise/network infrastructure and telecommunications. Additional information about Apex can be found at www.apexvc.com. About ECentury Capital Partners ECentury is a $90 million early-stage technology venture fund sponsored by the Rothschild Group in partnership with Allied Capital, Hitachi and Mitsubishi. ECentury invests principally in the Mid-Atlantic region in new companies with outstanding potential and global growth prospects. ECentury's primary focus is to add value to early stage companies whose technology solutions address critical commercial needs in global markets. Its strategic partners are poised to explore licensing, distribution, co-investment and other growth opportunities with ECentury's portfolio companies. Additional information about ECentury can be found at www.ecenturycapital.com. |
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