eCredit Closes $9 Million in Financing

New funds to boost sales and marketing for provider's credit and collections automation software

Dedham, MA — April 7, 2003 — eCredit, a provider of credit and collections automation software, has closed a $9 million round of financing co-led by Apex Venture Partners and Sterling Venture Partners, with participation from existing investor Internet Capital Group.

The solution provider said the investment would be used "to accelerate the sales and marketing momentum of eCredit's newest credit processing application, nFusion, extend the product footprint and increase the value eCredit's installed base is deriving from its solutions."

According to eCredit, the weakening economy has moved credit and collections issues forward on the agenda for many corporate chief financial officers and lending institutions. The provider therefore believes that solutions that decrease operating costs, increase sales and improve how organizations manage risk are compelling to organizations seeking to improve their working capital and portfolio risk positions, despite the poor economic climate.

"We believe there is a large market opportunity for technology companies that drive efficiencies into working capital management," said Wayne Boulais, general partner at Apex. "After completing supply chain management and [customer relationship management] implementations, large and mid-sized companies will shift their focus to solutions that improve operations along the financial value chain."

Recent wins for nFusion include Hagemeyer North America, Old National Bancorp, Paymentech, Ryder System and XTRALease.