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FOR IMMEDIATE
RELEASE
San Mateo, California, January 23, 2006 – Provade,
Inc., the leader in on-demand managed procurement services, today
announced that it has raised $4 million in financing, led by Altos
Ventures. Han Kim, General Partner and co-founder of Altos Ventures,
will join Provade’s Board of Directors in connection with the
financing.
“With this investment, Provade is now well-positioned to offer
the next-generation solution that finally fulfills the promise of
e-procurement for all categories of spend,” said Edward Jackson,
CEO of Provade. “Companies are moving away from assembling
and integrating a set of niche products and services for managing
their procurement. What they want is a single stack wherever possible
that leverages the ERP investment they have already made.”
This investment is a strong endorsement of Provade’s approach
to helping Global 2000 companies achieve sustainable cost savings.
By leveraging and extending Oracle’senterprise procurement
platform and delivering it on-demand, Provade customers can quickly
realize the savings and efficiencies from utilizing an advanced procurement
solution with minimal up-front investment. In addition, by having
native Oracle and PeopleSoft integration, Provade is positioned to deliver what no
niche procurement solution provider can offer.
“It is clear that the traditional approach to enterprise software
solutions has a mixed track-record of success,” said Han Kim. “Provade
brings a customer-driven approach to addressing these issues in the
procurement arena, especially with on-demand and managed solutions
gaining significant traction. We at Altos Ventures are excited about
the potential opportunity, and look forward to working with the Provade
team.”
In their recently released Procurement Outsourcing report, Everest
Research Institute estimates that the Procurement Business Process
Outsourcing market is growing at a rate of 30% per year. In addition,
other analyst firms have estimated the total value of procurement
outsourcing contracts signed in 2005 to be over $1 billion.
About Provade
Provade is the leader in managed procurement services for
the Global 2000. Built around Oracle’s enterprise procurement
platform, Provade’s managed procurement services and solutions
provide customers what they need to achieve best-in-class savings
with minimal investment. Provade is a global company based in San
Mateo, California with offices in Chicago, Illinois and Sydney, Australia.
For more information about Provade, visit our Web site at www.provade.com.
About Altos Ventures
Altos Ventures is a first-stage venture capital firm focused on leading
investments in emerging technology companies with the goal of building
market leaders. Since 1996, the Altos Ventures team has worked closely
with talented entrepreneurs to build companies that have generated
more than $1 billion in revenue. Altos manages $200 million in dedicated
first-stage capital on behalf of leading endowment, fund-of-funds,
financial and family office investors based in the United States
and Asia. Altos Ventures is based in Menlo Park, California.
Additional information is available at www.altosvc.com.
SOURCE: Provade, Inc.
CONTACT: Henry Hwong, Provade, +1-650-931-1005 or pr@provade.com
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