Provider of decision support tools for strategic sourcing raises $12 million to beef up sales teams, fund product development
Pittsburgh, PA — March 4, 2004 — CombineNet, developer of decision-guidance solutions for strategic sourcing and resource projects, has closed a $12 million Series C round of funding led by Advanced Technology Ventures (ATV).
The provider said the funds will be used to establish its U.S. and European sales and marketing teams and further invest in product development efforts.
CombineNet's so-called "Decision-Guidance Systems," currently employed by such corporations as Procter & Gamble and DuPont, are designed to help executives make strategic sourcing and procurement decisions, identifying the lowest cost, highest quality products, and connecting the purchaser and buyer.
Founded in 2000 and headquartered in Pittsburgh, the company said that it has signed more than 40 Fortune 500 companies in less than two years and helped them source more than $6 billion in spend and save more than $1 billion.
CombineNet's previous investors, Apex Ventures, eCentury and Revolution, also participated in this round. Bill Wiberg, a partner at ATV, joined the company's board of directors.
"CombineNet has created a product that is changing the way corporations make strategic decisions," said Wiberg. "Today, forward-thinking Global 1000 companies are saving hundreds of millions of dollars in strategic sourcing and beginning to apply decision-guidance systems to other parts of the enterprise. The combination of CombineNet's strong management team and differentiated technology made this investment very appealing to ATV."
"CombineNet is on the fast track to establishing a new product category that will be mandated by CEOs running global companies," said Tony Bonidy, president and CEO of CombineNet, in a company statement. "During this rapid growth phase of our company, we will work closely with Bill Wiberg and leverage his operational expertise to support us in managing the expansion of our business."