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partners by streamlining outdated and paper-laden business processes in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
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.
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 www.warburgpincus.com.
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.