TradeCard Closes $10 Million in Series C Equity Round
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 TradeCard delivers immediate supply chain cost savings to global trade partners by streamlining outdated and paper-laden business processes in purchasing transactions.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 2002. -- 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 www.tradecard.com. 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.
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