Outsourced Multi-Channel Retail Solutions, Customer Base and Strong Management Team Attract Multiple Investors
SCOTTSDALE, Ariz., July 1, 2004-- Vcommerce Corporation, the leading provider of multi-channel retail solutions, today announced that the company has closed a $3.5 million round of funding and a $1.5 million line of credit. This infusion of capital will bolster Vcommerce's sales and marketing efforts as it serves the growing need for outsourced multi-channel retail solutions.
Peacock, Hislop, Staley & Given, Inc., a Phoenix-based investment banking firm, was placement agent for the private offering, which was sold to accredited investors. The line of credit was secured with Comerica Bank.
The offering was very well received by investors and will provide Vcommerce with additional working capital to fuel its rapid growth. Vcommerce has gained tremendous traction with customers and prospects since its corporate re-launch earlier this year. Additionally, the round of funding progressed unusually quickly - rather than taking months, it went from start to finish in just four weeks.
"This is a proven management team with a common sense approach to business. Vcommerce clearly understands the importance of customer results and we see a great deal of potential in its solutions," said Tom Thomas, managing director, Peacock, Hislop, Staley & Given, Inc. "Prospects and investors alike are excited about Vcommerce's low-upfront-cost, pay-as-you-go model, which has been a key factor in the company's sales traction. We had to turn away a number of interested investors."
"Vcommerce offers valuable outsourced multi-channel retail solutions that are very appealing to retailers and manufacturers," said Chris Wooley, senior vice president and regional managing director, Comerica Bank. "We are committed to serving the technology market and providing financial products and services to help both emerging and mature companies compete successfully, and we are pleased to provide this credit facility to Vcommmerce."
"We saw a tremendous amount of interest while raising this round of capital, and I am pleased with the group of experienced investors we have assembled," said Vcommerce CEO Dan Clarke. "This positive feedback and recognition by the financial community is a testament to what can be achieved with the right business model, an experienced leadership team and a total commitment to customers.
"This is an exciting time for Vcommerce and I am confident that our solid, end-to-end technology and services will continue to provide real strategic value to our customers," said Vcommerce President and CTO Dan Kennedy. "The investment community was very receptive to Vcommerce's new business model and multi-channel retail solution, and we expect that it will only continue to become more attractive as we make the move to profitability."
Vcommerce provides solutions to capture, source and manage orders in multi-channel retail environments. Vcommerce's proven, end-to-end solutions make it easy for clients to conduct all aspects of direct-to-consumer transactions in multiple channels, such as e-commerce, phone order entry, kiosks or catalogs. Vcommerce's flexible offerings enable clients to control the way they operate their multi-channel businesses. Clients can choose to outsource some or all of their commerce chain functions - all the way from order capture to fulfillment to reverse logistics - or use Vcommerce's robust, Web-based tools to manage the process themselves. A single management console allows companies to control high-volume order traffic across complex supplier networks.
About Vcommerce Corporation
Vcommerce is the leading provider of multi-channel retail solutions. Vcommerce provides proven solutions to capture, source and manage orders, so retailers can dramatically minimize risks, increase efficiencies and reduce costs associated with multi-channel retail initiatives. Vcommerce makes it as easy as possible for retailers to do business in multiple channels, such as e-commerce, phone order entry, kiosks or catalogs. Clients control the way they operate their multi-channel businesses - they can choose to outsource some or all of their commerce chain functions, or use Vcommerce's robust, Web-based tools to manage the process themselves. The company's growing client base includes Gateway, Borders, GE and Waldenbooks. A privately held company, Vcommerce is headquartered in Scottsdale, AZ.
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