Southfield, MI March 13, 2002 Software company SupplySolution reported today that it has raised $28.5 million in expansion financing to augment its product development activities, manage a formal channel partnership program and expand its marketing outreach program to Europe.
SupplySolution is known primarily for its supply chain execution applications for the automotive industry. The company says its i-Supply Service is the most widely used direct material fulfillment application in the automotive supply chain.
The provider says it has raised a total of about $55.7 million in funding to date. Previous investors led the latest round, including Enterprise Partners, The Sprout Group, the venture affiliate of Credit Suisse First Boston (formerly Donaldson Lufkin and Jenrette), and Sigma Partners.
"SupplySolution is a unique success story in an unfavorable economy," said Tom Clancy, managing director at Enterprise Partners. "At its core, the value proposition of the i-Supply Service and its related technology lies in the ... reduction of the costs and time associated with inventory management. We believe this technology will continue its rapid adoption in the automotive supply chain as well as related manufacturing supply chains."
Technology consultancy AMR Research has pegged the market for supply chain execution management solutions at $1.1 billion by 2005."
SupplySolutions says its software is currently in use within more than 2,000 manufacturing organizations, including 38 percent of the top 150 North American automotive suppliers. i-Supply has been the exclusive fulfillment application available through auto industry-sponsored e-marketplace Covisint since March 2001.
Chris Moritz, CEO of SupplySolution and one of iSource Business' supply chain "Pros to Know" for 2002 (see related story), said, "We are pleased to have such high caliber investors extend their relationship with us in this difficult funding environment."
SupplySolution is known primarily for its supply chain execution applications for the automotive industry. The company says its i-Supply Service is the most widely used direct material fulfillment application in the automotive supply chain.
The provider says it has raised a total of about $55.7 million in funding to date. Previous investors led the latest round, including Enterprise Partners, The Sprout Group, the venture affiliate of Credit Suisse First Boston (formerly Donaldson Lufkin and Jenrette), and Sigma Partners.
"SupplySolution is a unique success story in an unfavorable economy," said Tom Clancy, managing director at Enterprise Partners. "At its core, the value proposition of the i-Supply Service and its related technology lies in the ... reduction of the costs and time associated with inventory management. We believe this technology will continue its rapid adoption in the automotive supply chain as well as related manufacturing supply chains."
Technology consultancy AMR Research has pegged the market for supply chain execution management solutions at $1.1 billion by 2005."
SupplySolutions says its software is currently in use within more than 2,000 manufacturing organizations, including 38 percent of the top 150 North American automotive suppliers. i-Supply has been the exclusive fulfillment application available through auto industry-sponsored e-marketplace Covisint since March 2001.
Chris Moritz, CEO of SupplySolution and one of iSource Business' supply chain "Pros to Know" for 2002 (see related story), said, "We are pleased to have such high caliber investors extend their relationship with us in this difficult funding environment."
