To Top It All Off ...

CascadeWorks closes $8 million in second-round funding after busy year

San Francisco  November 30, 2001  CascadeWorks is in the money. The services e-procurement provider today announced the completion of its second round of financing totalling $8 million, led by Kennet Capital Limited  Broadview's early stage venture affiliate, with existing investor NEA also participating.

In a statement, CascadeWorks said it will use the funding to continue penetrating the market for services e-procurement solutions and to grow its customer base, which currently includes leading companies such as ABN AMRO North America, Autodesk, Charles Schwab and Texas Instruments.

Javier Rojas, managing director at Kennet Capital LLC, said CascadeWorks has been successful in creating cost savings for its customers, which has enabled it to attract customers and partners and made it a prime candidate for funding.

The company also recently announced that top staffing firms joined the CascadeWorks Ready program, demonstrating their endorsement of CascadeWorks Clarity and the benefits of services e-procurement.

CascadeWorks also signed a partnership with PrO Unlimited to offer optional supplier on premise services for companies preferring centralized staffing management. Other recent partnerships accelerated CascadeWorks' drive to deliver maximum value in the areas of human capital management, professional services automation and contractor compliance screening.

"In today's difficult business environment, funding is awarded only to companies that will emerge from this market as leaders," said Diana Jovin, CEO of CascadeWorks. "Clearly, the investment community has confidence that CascadeWorks is bringing real value to customers by driving significant cost savings in an area where companies currently spend the majority of their purchasing dollars. This funding is an endorsement of how important our solution is to businesses right now and our ability to lead in this new market for services e-procurement."