The EC Company Closes $17.3 Million in Series B Round of Financing.
PALO ALTO, Calif.--(BUSINESS WIRE)--Jan. 19, 2000
$17.3 million raised includes investments from Acacia Research
Corporation, Talkot Capital, Wasserstein Adelson Ventures, and
White Rock Capital
The EC Company, which offers a hosted business to business Internet transaction exchange, today announced that it has completed a $17.3 million round of Series B financing. In addition to Talkot Capital, Wasserstein Adelson Ventures, and White Rock Capital, this round included Acacia Research Corporation (Nasdaq:ACRI), an investment company specializing in Internet and technology-related businesses. The EC Company will use this equity financing to continue building its sales and marketing initiatives, develop its next generation of products and services, and support the company's growth in the booming business to business e-commerce market.
"We believe The EC Company is rapidly becoming a major force in the business to business market as a leader in Internet transaction exchange solutions for mid-market suppliers," said Paul Ryan, CEO of Acacia Research.
"Support from all of our existing investors and participation by Acacia Research Corporation is a powerful endorsement of our technology, vision, and market opportunity," said Andrew T. Duncan, president and CEO of The EC Company. "This financing demonstrates the investment community's belief that The EC Company will continue to be a driving force in the rapidly expanding business to business e-commerce segment. Acacia Research offers the added strength of being a seasoned investor with deep industry ties in the business to business market, which will help The EC Company rapidly expand into managing eTransactions for digital marketplaces."
About Acacia Research Corporation
Acacia Research develops and operates Internet and technology-related businesses. Subsidiaries include: Acacia Launchpad (Internet incubator), CombiMatrix Corp. (biochip technology), Greenwich Information Technologies LLC (video and audio-on-demand technology), Mediaconnex Communications (b2b e-commerce), MerkWerks Corp. (software development), Signature-mail.com llc (personalized e-mail service), Soundbreak.com Inc. (music broadcast and lifestyle Internet site), and Soundview Technologies Inc. (V-chip technology).
About The EC Company
The EC Company offers a business to business Internet transaction exchange that provides e-commerce solutions for mid-market suppliers. The company's EC Exchange product and EC Exchange.net service enable trading relationships within and across communities. The combined offering is a hosted Internet-based electronic transaction exchange that manages and translates data standards seamlessly and effortlessly at a fraction of the cost of non-Internet based solutions.
The EC Company has partnered with over 75 industry leading companies including Ace Hardware, Distribution America, Do It Best, Fisher Scientific, Food Lion, Pacific Gas and Electric, and TruServ Corporation. The company is backed by several venture firms, including Talkot Capital, Wasserstein Adelson Ventures, and Invemed Associates. For more information, The EC Company can be contacted at 650/323-7500 or www.eccompany.com.
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|Date:||Jan 19, 2000|
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