UDEX Secures $5 Million in Financing for U.S. Expansion; 3i, Montagu Private Equity and Northbridge Ventures Support Leader in Product Data Quality Management.REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif. -- UDEX UDEX Universal Descriptor Exchange , the world's leading provider of Product Data Quality (PDQ (Parallel Data Query) A query optimized for massively parallel processors (MPPs). The software breaks down the query into pieces so that several parts of the database can be searched simultaneously. See SMP. ) management software and services, today announced the completion of an additional round of venture capital financing To start an own company or to bring a new product to the market, the venture may need to attract financial funding. There are several categories of financing possibilities. If it is a small venture, then perhaps the venture can rely on family funding, loans from friends . The financing was led by 3i, a leading international private equity and venture capital firm, and included existing investors Montagu Private Equity and Northbridge Ventures. UDEX will use the funding primarily for its U.S. market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market
penetration - the act of entering into or through something; "the penetration of upper management by women" through expanded infrastructure, operations, sales and marketing efforts.
"Retailers and suppliers spend billions of dollars every year to address product data quality errors and to increase revenues," said Ali Erfan, partner with 3i and UDEX board member. "UDEX offers the world's only product data quality solution that provides trading partners with continuously accurate product data. As the company continues to build upon its success in Europe, we are delighted to support the team's US expansion through our global network."
"As the exchange of accurate product data reduces costs and maximizes efficiency across the supply chain, retailers, suppliers and consumers will all significantly benefit," said Ira Zalesin, chief executive officer of UDEX. "Trading partners need to start with accurate product data in order to comply with U.S. federal regulations and succeed with future technologies such as RFID (Radio Frequency IDentification) A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna. . Without an accurate product information foundation in place, the era of true global supply chain collaboration -- to which we are deeply committed -- cannot become a practical reality."
UDEX, the world's leading provider of Product Data Quality (PDQ) software and services, offers the industry's only solutions that provide retailers and suppliers with continuously accurate product data. UDEX PDQ solutions allow retailers to develop predictable margin analysis, suppliers to protect brand equity, and consumers to make informed product decisions. UDEX customers comprise some of the world's most respected retailers and suppliers, consisting of 24 demand-side trading partners and nearly 3,000 supplier companies. Strategic partnerships with global standards organizations A standards organization, also sometimes referred to as a standards body, a standards development organization or SDO (depending on what is being referenced), is any entity whose primary activities are developing, coordinating, promulgating, revising, amending, , data pools, solution providers and other industry bodies ensure interoperability and a consistent flow of accurate and complete product information to all parties. UDEX is headquartered in the United Kingdom, with further offices in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . For more information, please visit the UDEX website at www.udex.com.
3i is a world leader in private equity and venture capital. We focus on Buyouts, Growth Capital and Venture Capital and invest across Europe, in the United States and in Asia Pacific. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. These underpin the value that we deliver to our portfolio and to our shareholders.