CrossRoute Software Inc. Closes 2nd Round of Funding as it Preps for Product Launch; New Investor Piper Jaffray Leads $5M Funding Effort.REDWOOD redwood: see sequoia; brazilwood. redwood or sequoia Coniferous evergreen timber tree (Sequoia sempervirens) of the family Taxodiaceae, found in the fog belt of west-coastal North America. SHORES, Calif.--(BUSINESS WIRE)--July 7, 1997-- CrossRoute Software Inc., a developer of business-to-business electronic commerce software, announced that it has recently closed a $5 million investment. The completion of this second round of financing, coupled with the first round of $3 million, brings the total company funding to $8 million. An impressive roster of well-known technology venture capital organizations has participated in the financing of CrossRoute. Investors in both rounds include The B.J. Cassin Group, Bay Partners, Telos Venture Partners and Ziff Brothers, with new investor Piper Jaffray Piper Jaffray & Co. (NYSE: PJC), often shortened to just Piper Jaffray or PiperJaffray, is a U.S. middle-market investment banking firm based in Minneapolis, Minnesota and is a focused on delivering financial advice, investment products and transaction execution taking the lead in the second round of financing. The company's initial financing was used to develop CrossRoute's core technology and identify the market opportunity. The second round of funds will finance the product launch, including completion of field-testing, development of the sales and service channels, and delivering the first product to customers. "We were pleased with the enormous interest from the investment community in CrossRoute's efforts," commented Ken Ross, President and 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. of CrossRoute Software. "This investment will enable us to complete our product field testing and make preparations for a successful product roll out during the fourth quarter of this year." "The strong preliminary market reception of CrossRoute's unique, leading-edge products make us believe this is a wise investment," said Gary Blauer, Managing Director, Piper Jaffray Ventures. "We see the market moving towards convergence applications that allow companies to integrate business processes with their partners." The company's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , CrossRoute Alliance, is cross-enterprise software that allows companies to forge tight relationships with its customers, distributors and suppliers by securely connecting their enterprise systems over the Internet. It provides all of the capabilities needed to automate To turn a set of manual steps into an operation that goes by itself. See automation. sophisticated cross-enterprise processes, including inventory replenishment replenishment the addition of an appropriate quantity of properly prepared solution containing the correct concentration of chemicals to the developer solutions used in radiography. , distributor ordering, supplier procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and logistics coordination. This seamless enterprise-to-enterprise communication results in reduced lead times and inventories, and increased productivity. The Alliance software resides on a Microsoft Windows See Windows. (operating system) Microsoft Windows - Microsoft's proprietary window system and user interface software released in 1985 to run on top of MS-DOS. Widely criticised for being too slow (hence "Windoze", "Microsloth Windows") on the machines available then. NT Server. It is connected to a company's enterprise systems via the corporate network and to the company's partners via the extranet or Internet. Alliance supports standards-based integration to seamlessly connect to a company's enterprise systems. Product is scheduled for general availability during the fourth quarter of 1997. Founded in 1996, CrossRoute Software Inc.'s objective is to be a premier provider of electronic commerce applications. Its products are targeted at large domestic and global organizations looking to connect their enterprise systems with those of their supply chain partners. Kenneth Ross, president and CEO, was formerly the founder and CEO of Ross Systems and the CEO of Documentum and Pillar pillar, freestanding columnar supporting member. It is a general term, little used as an exact architectural definition except as applied to an upright support in the medieval styles, consisting of an assemblage of juxtaposed shafts and moldings; unlike the column, Corporations. CrossRoute relies on an Advisory Council comprised of large-scale manufacturing and distribution organizations for product validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. and market insight. The company is funded by several leading venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] including The B.J. Cassin Group, Bay Partners, Piper Jaffray, Telos Venture Partners and Ziff Brothers. CrossRoute is located in Redwood Shores. For additional information about the company and its revolutionary offering, visit their website at http://www.crossroute.com or contact them directly at 415/596-1300. -0- Note to Editors: CrossRoute Software and CrossRoute Alliance are trademarks of CrossRoute Software Inc. All other names are trademarks or registered trademarks of their respective vendors. CONTACT: CrossRoute Software Inc. Kim Weins, 415/596-4511 kweins@crossroute.com or Pacific Bell Marilyn Callaghan, 415/342-6087 mcallagh@pacbell.net |
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