Ketera Raises New Funding

"On-demand" spend management specialist appoints CEO, points to new customers

Mountain View, CA — May 13, 2003 — Ketera Technologies has had a busy week. The provider of online procurement solutions has raised new funding, appointed a new chief and signed up four new customers for its hosted spend management applications.

Formerly known as MarketMile, privately held Ketera said the new funding came from founding parent American Express and from Kleiner Perkins Caulfield & Byers. Other investors in the company include TPG and Bain & Co.

While not disclosing the level of the new funding, Ketera said the latest infusion of cash would help the company grow to meet increasing demand for its services, which it describes as "on-demand" spend management solutions.

Meanwhile, the company also removed the qualifier from the title of interim CEO Steve Savignano. A 15-year software industry veteran, Savignano, late of Manugistics and Netscape, had been serving as interim chief since last year and will now be the company's full-fledged CEO.

In addition, Ted Schlein, general partner with Kleiner Perkins Caufield & Byers, will join Ketera's board of directors. Ed Gilligan, group president of global corporate services at American Express, continues to serve as chairman of the Ketera board of directors.

Finally, Ketera pointed to four customer wins over the past few weeks as evidence of the company's momentum. Three of the four new customers are public companies. As reported on iSourceonline, recent customer wins for the solution provider include metals company Kennametal and freight carrying conglomerate CNF.