Rearden Commerce, Inc., provider of the industry’s first
Services On–Demand™ commerce platform and application suite,
announced a few weeks ago the closing of a $25 million round of
financing. Oak Investment Partners led the round with strong
participation from Foundation Capital and other existing investors.
This latest round of financing brings the total investment of
Venture Capital companies in the company to $67 million.
In conjunction with this investment round, Fred Harman, a general
partner at Oak Investment Partners, has joined the Rearden Commerce
board of directors. “We have consistently helped entrepreneurs
exploit new business opportunities,” said Harman. “Rearden Commerce
is no exception. It is an impressive late-stage technology company
with the right business model and technology stack to radically
change the way employees, and eventually consumers purchase and
manage services. The company has embarked on a unique opportunity
that is virtually untapped.”
The company’s initial suite of e-commerce applications address the
approximately $500 billion spent annually on business services such
as travel and entertainment, package shipping, and conferencing.
Nearly 50 percent of this spend is not controlled by the procurement
department resulting in nearly $50 billion in lost savings
opportunities annually. The Rearden Commerce solution delivers a
platform where buyers and suppliers of services can interact in an
intelligent and automated manner. In addition, companies can offer
employees a single solution for scheduling and purchasing business
services instead of asking them to use disparate solutions that
don’t interoperate or integrate with their personal applications and
devices. Using the Rearden solution, companies can better control
services spend, substantially improve employee productivity and
optimize relationships with preferred suppliers.
Rearden’s latest round of financing will be used to further expand
its marketing and sales efforts, expand its portfolio of suppliers
and service verticals, as well as open its platform to third-party
developers.
“This funding validates the disruptive nature of our stack and
business model and our ability to capitalize on the world’s largest
e-commerce opportunity—Services On–Demand,” said Patrick Grady,
founder and CEO, Rearden Commerce. “We look forward to aggressively
expanding into new service areas and opening up our industry-leading
SOA platform.”
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