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| Ketera Raises $14 Million in Oversubscribed Funding Round and Hires IBM Executive |
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Strategic Investment led by DAG Ventures and Teachers′ Private Capital – also
Senior IBM Executive, Thomas Webb, joins as VP of Business Development
Santa Clara, Calif., January 08, 2007 – (Business Wire) – Ketera, the leading provider of On Demand Spend Management
solutions, announced today that it has secured $14 million in its
mezzanine round of funding. This over–subscribed round was led by
Duff, Ackerman and Goodrich (DAG) Ventures, and was joined by
Teachers′ Private Capital, the private investment arm of the Ontario
Teachers′ Pension Plan (OTPP), one of the world′s largest pension
plans with CDN $96 billion in assets. The round included follow–on
investments from all existing venture investors, a world–class team
including Concentric Equity Partners, Emergence Capital, Integral
Capital, Foundation Capital Partners, and Kleiner, Perkins Caulfield
and Byers (KPCB).
"Based on market demand and our successful FY06 results, the
additional capital will be used to expand our direct sales force and
our channels program," said Burton M. Goldfield, CEO, Ketera
Technologies. He added, "We had significant incremental demand from
existing customers while generating a record number of new
opportunities in 2006, so the additional funding will be used to
accelerate growth, both organically and inorganically, while providing
us with significant cash leverage on our balance sheet."
"Ketera had a phenomenal 2006, and closed out the year by beating
their plan in both Q3 and Q4," said Tom Goodrich, co–founder and
managing director of DAG Ventures. "They have proven that they can set
aggressive goals and meet them. I am very excited about the prospects
for Ketera."
"Teachers′ Private Capital has a reputation for being very
selective about its direct investments in venture–backed
companies. They only invest in top performers with a demonstrated
history of results. After all, they shoulder the responsibility of
investing for 264,000 teachers in Ontario," Goldfield added. "I
believe Ketera has achieved amazing results to date and we are
confident that we′ll continue to excel in this space, delivering the
right results not just to the pension plan, but to our entire team of
world–class investors."
In addition to the latest round of funding, Ketera has hired
Thomas Webb as the new VP of Business Development to further expand
the company′s partnerships and broaden its channel relationships.
Previously, Webb served as Director of Business Development for IBM′s
Rational Software brand. Webb was also VP of Corporate Development for
Rational Software prior to its acquisition by the IBM Software Group
in 2003. Webb has more than 25 years of experience in the software
business, holding positions in product management, marketing, sales
and business development.
"Ketera has demonstrated tremendous success in the spend
management space and is poised for explosive growth as SaaS continues
to revolutionize the software industry," said Webb. "Ketera is
definitely an emerging leader in the SaaS market. I′m thrilled to be
joining their seasoned executive team and helping the company through
its next phase of growth."
About Ketera
Ketera is the fastest–growing provider of on demand spend
management solutions, providing companies with the applications and
services needed to control and reduce corporate spending. Ketera′s
closed–loop spend management solutions include applications for spend
analysis, sourcing, contract management, procurement, supplier
enablement & content management, supplier performance management, and
invoice management.
Since its inception, Ketera has supported enterprises customers of
all sizes, industries and geographies, including numerous Fortune 500
companies. In 2006, Ketera surpassed $4 trillion in spend analyzed and
more than $1 billion in transactions between buyers and suppliers.
Many of the world′s leading enterprise companies, including
ServiceMaster, American Express, Kennametal, Con–way, and Northrop
Grumman Corporation depend on Ketera Spend Management to deliver real,
hard–dollar savings quickly.
For more information about Ketera and the Ketera Spend Management
suite of services, please visit: http://www.ketera.com.
Contact:
Voce Communications, Inc.
Amy Wall
650–228–5182
awall@vocecomm.com
Source: Ketera Technologies
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