New Funding for Fieldglass

Provider of professional services e-procurement solutions raises $12 million

Chicago  August 6, 2002  Fieldglass, a provider of solutions for professional services e-procurement, has completed a $12-million third-round of funding, with two new investors participating in the round, as well as all three previous institutional investors.

Fieldglass offers what it calls human capital management (HCM) software technology and services company, with its InSite solution providing an enterprise solution for services procurement, including contract labor and consulting firms.

New investor StarVest Partners, a $150-million private equity fund based in New York, led the round. Also participating were newcomer HLM Management Co. of Boston, plus existing investors BlueStream Ventures, Prism Opportunity Fund and RBC Capital Markets.

The solution provider said it would use the additional capital to support ongoing product development as well as expansion of client services, business development and marketing. Venture investment in the company now totals about $22 million.

"Raising capital in this extraordinarily difficult environment provides a powerful validation of the strategic direction of the company and the progress we've made toward realizing it," said Jai Shekhawat, Fieldglass CEO and co-founder.

Current Fieldglass customers include such companies as Verizon Wireless and American International Group (AIG).

To learn more about professional services e-procurement, see the article "It's All About People," the Net Best Thing column in iSource Business' February/March 2002 issue.