INVERNESS, IL MARCH 5, 2001 - Enable Systems announced a second round of funding of $22 million in new equity and debt capital today. The equity component of the financing was led by Saunders Karp & Megrue, a Stamford, CT-based private equity firm. CIT Business Credit led the senior debt financing. Also participating in the round were members of the company's senior management team and other private individuals.
Enable plans to use the capital to expand its comprehensive suite of procurement applications and to grow its catalog content services offerings. To date, Enable Systems has raised more than $42 million in equity financing.
With this additional round of financing, Enable is well-positioned to continue to capitalize on its proprietary technology and further expand its blue-chip customer base, said Chris Reilly, a Partner with Saunders Karp & Megrue.
Enable Systems provides scalable, Web-based applications and services for direct and indirect procurement.