London, 26th March 2001 - Cataloga, Europe’s leading provider of catalogue content management solutions to supply-side organisations and corporate users of e-procurement applications, announced today that it has secured £3.2 million in a second round investment funding led by Elderstreet Capital Partners. Kennet Capital, which led Cataloga’s first VC round last summer also re-invested in the company. Adam Jacobs, Cataloga’s CEO commented: "This latest injection of capital provides the financial platform to aggressively develop Cataloga’s sales and marketing operations. It will also allow the company to support future product development and consolidate our market-leading position in the UK, as well as continue to serve our growing customer base in Europe and the US.”
Cataloga’s CatTrade e-cataloguing software suite, launched earlier this year, facilitates a fast and cost effective route to building and maintaining high-quality electronic catalogues for all eProcurement platforms - including Ariba, CommerceOne, Oracle and SAP. Suppliers deploying the software are able to easily create and maintain pre-configured advanced catalogue content, which can be directly syndicated to multiple buy-side systems. Until now, the lack of appropriately formatted, quality supplier content has seriously undermined many corporate eProcurement projects and dramatically reduced expected ROI on these implementations.
Commenting on the investment, Byron Sheppard at Elderstreet said: "We are delighted to be investing in Cataloga, Europe's leading electronic catalogue management company. The e-procurement tornado has been held back by a dearth of quality electronic catalogue content. We believe Cataloga has developed a unique software offering, capable of unlocking the value trapped in the e-procurement market. Over the last year, Cataloga’s significant sales growth highlights its market potential and demonstrates the value of its technology. This investment underlines Elderstreet’s continuing commitment to investing in world class technology companies addressing significant growth markets.
David Carratt, director of Kennet Capital said: “The opportunities within the content management marketplace are enormous. Through recognising and addressing the supplier side issues of eProcurement, Cataloga has rapidly established itself as Europe’s leading content specialist. Our decision to re-invest in Cataloga is testament to our belief in the company's proposition and proven technology.”
Greg Swimer, COO Cataloga added: “Its no secret that the funding market has cooled over the last year, venture capitalists are being more selective over where they put their money. However, if the market validates a company’s business approach and product strategy, as it has with Cataloga, demonstrated by consistent growth in revenues and customer base, then, smart money is available. These funds mean more than the ability to take Cataloga through the next stage of its development: they’re a clear endorsement of our technology and proposition in the business-to-business marketplace.”
The Aberdeen Group in Boston points out that the sale of Internet procurement solutions will continue to increase between 200% and 300% annually. As a result the demand for content management services are poised to take off. The Aberdeen Group predicts estimated revenues for the catalogue content market will be in excess of $1.8 billion by 2002.
Over the last year, corporate buyers, suppliers and technology vendors such as Cataloga have worked more closely together to solve a raft of technical challenges including the lack of universal data sets and e-commerce standards that have hampered the uptake of e-procurement. With these challenges now being addressed by software solutions such as Cataloga’s, suppliers are able to provide rich catalogue content, giving both buying organisations and supply-side organisations an opportunity to take advantage of the distinct commercial benefits eProcurement offers.
Earlier this month, Cataloga was highlighted as one of Europe’s hottest new software prospects by a panel of European Venture Capitalists in the Wall Street Journal’s ‘Envy Portofolio.’
Cataloga is Europe’s leading eCatalogue management company specialising in the provision of software for the development and management of quality catalogue content for eProcurement systems and Netmarkets. The company provides tools for suppliers to develop, maintain and distribute Ready-to-Load; multi-format electronic catalogues to the growing number of public and private exchanges in operation.
Cataloga also works with buyers implementing eProcurement systems and with Netmarkets in order to accelerate the process of supplier adoption and create critical Netmarket liquidity. For resellers and partners, Cataloga has created a packaged methodology Ready-to-Tradeä a technical solution which enables partners to deliver its catalogue management services in international markets.
Customers on the supply side include companies such as Corporate Express, Idem and ARCO. Cataloga also works in partnership with buyers and Netmarkets such as Sainsburys, Messier Dowty and Tejari.
The company was incorporated in January 2000 with seed funding from private investors. These included Robbie Vann-Adibé who was formerly with Informix and Illustra two of the world's biggest software companies, as well as co-founding Viant and Simon Olswang founder of Olswang Solicitors. Cataloga also received first round funding in July 2000 investors led by Kennet Capital.
More information about Cataloga can be found on the company’s web site at http://www.cataloga.com
Kennet Capital is the early-stage venture capital arm of Broadview, a leading global M&A advisor and private equity investor focused exclusively on the IT, communications and media industries. Kennet Capital manages or advises on $320 million in venture capital funds focused exclusively on the IT, communications and media industries. Within these industries, the firm places a strong emphasis on funding companies in Networking and data communications, Wireless and optical technologies and services and Internet infrastructure and eBusiness.
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