TradeCard Closes $10 Million in Series C Equity Round

Nov 17, 2003, 00:00 ET from TradeCard Inc.

    NEW YORK, Nov. 17 /PRNewswire/ -- TradeCard Inc., the financial supply
 chain service provider, today announced the closure of a $10 million equity
 financing in Series C Preferred Stock. The latest funding round was led by
 Warburg Pincus, the global private equity firm, which first invested in
 TradeCard in 1999.
     TradeCard delivers immediate supply chain cost savings to global trade
 partners by streamlining outdated and paper-laden business processes in
 purchasing transactions. By managing transaction workflow across enterprises
 from order to settlement, TradeCard customers are able to optimize cash flow
 and credit lines while improving partner relationships and shortening the
 trade cycle.
     Commenting on the new financing round, Kurt Cavano, TradeCard's Chairman
 and CEO, said: "Last year, we measured our business in hundreds of millions of
 dollars in purchase orders processed. This year we are measuring our business
 in billions. To grow your business that fast you need happy customers, great
 staff, superior technology and services offerings and extensive venture
 capital backing. TradeCard is fortunate to have the support of Warburg Pincus,
 not only as investors but as business partners and advisors."
     In leading another investment round, Warburg Pincus is demonstrating its
 continued support for TradeCard's unique services while recognizing the
 company's considerable growth.
     "TradeCard's continued accelerated growth and firm establishment in
 targeted industries over the past two years has been extremely encouraging,"
 said Cary J. Davis, a Warburg Pincus Managing Director. "We believe that with
 the proven success of its technology platform and services, the market
 traction it has developed and a sound business strategy formulated by an
 experienced management team, TradeCard has the right fundamentals to grow into
 a large and successful global enterprise."
     TradeCard's solutions have gained significant momentum in the market by
 helping companies optimize trading partner connectivity and financial
 processes. These are some of TradeCard's important recent achievements:
     -- The transaction volume processed through the TradeCard Platform has
        increased by 225% over the past twelve months.
     -- A fivefold increase in revenue from customer transactions since January
     -- A customer base that includes well-known companies such as Staples, JC
        Penney, Linens N' Things, Wolverine Worldwide, Hurley International,
        TAL Apparel, Van Heusen and Vans.
     -- A recently granted patent by the European Patent Office (EPO) for
        TradeCard's entire trade transaction platform, as well over certain
        elements of the process. With two U.S. patents granted in 1998 and
        2000, these European patents extend the protection of TradeCard's
        unique offerings to additional geographies.
     Eighteen banking partners worldwide offer various services from financing
 to sales of the TradeCard platform or provide a white-labeled version of the
 TradeCard platform to their own customers.
     The new round of financing will enable TradeCard to continue to fund the
 growth and rollout of the company into new industries and countries.
     About TradeCard
     TradeCard is leading the emerging financial supply chain market. TradeCard
 is revolutionizing global trade with a Web-based platform that automates the
 financial processes in supply chains that have been plagued with decades-old,
 paper-based solutions. With TradeCard, buyers and sellers can manage their
 transactions from order to settlement with complete visibility by using event
 management. In addition to process improvements, customers realize immediate
 cost savings, optimized cash flow, reduced reliance on credit lines and
 improved supply chain relationships.  TradeCard's partners provide automated
 services on the platform including supply chain financing, credit protection,
 money movement and inspection. Headquartered in New York City, TradeCard, Inc.
 has offices in San Francisco, Hong Kong, Brussels, Taipei, Seoul, Tokyo and
 Shenzhen.  TradeCard is a registered trademark in the United States and
 elsewhere throughout the world. TradeCard is located online at
     About Warburg Pincus
     Since 1971, Warburg Pincus has invested more than $16 billion in
 480 companies in 30 countries. The firm currently has approximately
 $9 billion under management and $5 billion available for investment in a range
 of industries including: media and business services, information and
 communication technology, financial services, healthcare, energy and real
 estate. Throughout its 35-year history in private equity, the firm has
 invested at all stages of a company's life cycle, from founding start-ups and
 providing growth capital to leading restructurings, recapitalizations and
 buy-outs. Warburg Pincus has been the lead investor in such leading enterprise
 software and financial services companies as BEA Systems, VERITAS Software,
 Dime Bancorp Inc., Mellon Bank Corporation and Renaissance Re Holdings Ltd.
 For more information, please visit
     This press release contains a number of matters that constitute
 forward-looking statements.  The presentation reflects the current views of
 TradeCard's management with respect to future events and is subject to risks
 and uncertainties that could cause actual results to differ materially from
 those contemplated in such forward-looking statements.

SOURCE TradeCard Inc.