Colorado-based services procurement, spend management provider to use money to accelerate growth
Denver, CO — October 8, 2004 — IQNavigator, Inc., a provider of services procurement and spend management solutions, today announced that it has raised $8.7 million in an oversubscribed mezzanine round of equity financing. The round, led by Baker Capital Corp., also includes repeat investments from The Hillman Co., Sequel Venture Partners, Colorado PERA and Raeder Venture Management. IQNavigator said the funding will be used to continue international expansion and product expansion.
Jonathan Grabel, partner at Baker Capital, said, "IQNavigator's compelling value proposition has manifested itself in significant market traction from Global 2000 customers in virtually all major economic sectors. We expect IQNavigator's experienced management team will continue to deliver innovative solutions and lead the Company to the next level."
The provider said its current solution platform, IQNavigator6, is designed to manage the services procurement and spend management processes of global enterprises. Additionally, the company touted the solutions ability to generate cost savings through competitive bidding and process efficiencies, as well as contract compliance mechanisms.
"This round of investment will enable us to accelerate our growth by expanding the functionality and reach of our solution to existing and new customers globally in the services procurement and spend management space," said John Raeder, Jr., president and CEO of IQNavigator.
This funding announcement comes on the heels of strong momentum from IQNavigator. The company has more than doubled its revenues in each of the past three years.