Provade Secures Venture Funding to Fuel Expansion Initiatives
SAN MATEO, Calif., Aug. 3, 2010 – Silicon Valley-based Provade, Inc., a leading provider of Vendor Management System (VMS) technology for workforce spend management, announced the closure of a new round of venture funding today. This announcement follows several important developments for the company, including exponential revenue growth, strategic investments and growing market confidence.
Provade announced the $3 million funding, led by Asset Management Company, and also including Altos Ventures and new investor Harbor Pacific Capital, to solidify its product leadership position and expand its sales and marketing initiatives.
“We have been an investor from the company’s beginning and continue to see Provade as a sound investment,” said Han Kim, General Partner, Altos Ventures. “We are impressed with how the management team has performed in building the business during a difficult economic time.”
Provade’s results and reputation as a leading VMS provider reinforces investors’ interest in Provade. With the funding round closed yesterday, the total venture investment in the company now exceeds $23 million.
“We are quite pleased with the rapid progress of Provade in the marketplace and developments with key strategic partners,” said Skip Fleshman, General Partner, Asset Management Company. “This next round of funding should significantly enable Provade’s expansion as a leading VMS provider.”
Provade’s SaaS revenues and deployments have increased over 200 percent since 2008 on a year-over-year basis, according to Provade President and CEO Edward Jackson. “We are increasing the size and frequency of deployments with new customers and program expansions into additional spend categories and geographies,” Jackson said. “As the only enterprise-class VMS in the market, we deliver global capabilities, complete integrations, and world-class analytics for nearly 50 companies.”
“Provade is gaining traction in the market,” said Jason Ezratty, Managing Partner at Brightfield Strategies, an independent contingent workforce management consultancy. “Their flexible VMS feature set and partnership with Oracle make Provade a compelling option for enabling complex contingent labor programs.”
Contact: Colin Hutt, Primum