Burlington, MA January 23, 2003 e-Sourcing solution provider Emptoris this week revealed that it had secured a third round of funding, bringing in a total of $20.5 million from new and existing investors.
Menlo Ventures led the third funding round, with participation from new investor HarbourVest Partners and all existing investors from previous funding rounds, including NETinvest.
Four-year-old Emptoris said it would use the funds to finance further expansion of the company in a number of areas, including sales, marketing, product development and penetration into new global markets.
Avner Schneur, president and CEO of Emptoris, attributed the company's ability to raise the latest funding in part to the provider's market traction. The company's client list includes such marquee accounts as Boeing, GlaxoSmithKline, Molson and Motorola.
"e-Sourcing has emerged as a key cost saver for Global 5000 companies," said Mark Siegel, managing director for Menlo Ventures. "As the e-sourcing market continues its rapid growth, the market potential for Emptoris will be enormous, and we are excited to be part of the company's success."
Indeed, e-Sourcing has been a rare bright spot in an otherwise difficult market for supply chain technologies, with a recent survey of sourcing professionals by technology consultancy Aberdeen Group revealing that enterprises are increasing the cost savings they are realizing through the use of e-sourcing tools.