Bedford, MA June 21, 2001 It's a happy day at SupplyWorks, Inc, a provider of supplier relationship management (SRM) solutions. The company announced today that it has raised an additional $19.2 million in equity capital, bringing the company's total financing to more than $26 million. New investor Longworth Venture Partners led the round, joining with previous investors North Bridge Venture Partners, Atlas Venture, and New Meadows Capital, and a new participant, Spinner Global Technology Fund, Ltd.
SupplyWorks' ability to secure additional financing was no doubt facilitated by the recent popularity rise of SRM in the B2B market. Poised to be the next big thing' in supply chain management, SupplyWorks stands to benefit from its experience in the field. And, with its new capital, SupplyWorks will continue its growth, which includes a substantial expansion of its sales and marketing efforts, further development of SupplyWorksMAX, its SRM solution, and continuing build-out of its hosted applications infrastructure.
We're poised to capture a commanding share of the emerging SRM marketplace, which analysts predict will become a multi-billion dollar market segment over the next several years, said Jeff Herrmann, president and CEO of SupplyWorks. Our approach stresses rapid implementation, quick wins, and fast payback, exactly what manufacturers need today. The quality and track records of our investors, combined with the level of capital we've raised in the current market, is strong validation of our value proposition and indicative of the tremendous need for SupplyWorks' solutions.