PITTSBURGH, June 9 /PRNewswire/ -- CombineNet, the leading provider of advanced sourcing and optimization technologies, announced today that private equity firm Alta Communications, along with previous CombineNet investors, is providing a significant capital investment that will enable it to drive innovative product development and growth in the delivery of eSourcing and supply management solutions.
"CombineNet has been at the forefront of technological innovation in strategic sourcing and optimization, delivering unparalleled results in savings, supply chain efficiency, and buyer productivity for the world's leading brands. Alta Communications recognizes the exceptional value we've delivered to our clients, and is seeing the results of our client-focused strategy to provide easy to use solutions with a broader appeal across our customers' supply chains," said Rich Wilson, president and COO of CombineNet. "With new funding from Alta Communications and some of our previous investors, we will be able to ramp up our operations and continue on a more aggressive path to deliver innovative solutions that help companies identify, execute, and achieve greater financial and operational results from their sourcing and supply chain organizations."
"CombineNet has industry-leading technology and a 'who's who' roster of extremely supportive global clients. They have provided exceptional value and hard dollar savings for some of the world's largest companies, and we see their strategy for product innovation and delivery creating an opportunity for growth that warrants new and aggressive funding sources," said Tim Dibble, Partner at Alta Communications.
With this investment, Alta Communications has acquired a majority stake in CombineNet, becoming the primary investor alongside previous investors and CombineNet management. The capital infusion will provide financial support to fuel the company's growth in a field that has found increasing interest from the corporate ranks.
"CombineNet represents an extremely attractive investment at a time when its clients, and their peers in industry, are looking to technological and operational innovation to drive cost savings and efficiencies in their businesses," said Dibble. "We are confident that with the financial support now available to CombineNet, the company will continue to produce immense value for its customers and drive new innovation within the supply chains of the Fortune 1000."
CombineNet is a leader in the field of advanced sourcing and optimization technologies. The company's clients include many of the world's most recognizable global CPG, Food and Beverage, Manufacturing and Retail companies, which have achieved more than $5 Billion in supply chain savings through the use of its Advanced Sourcing Application Platform. CombineNet's optimization-driven sourcing and supply planning solutions enable more efficient, productive and effective sourcing and procurement activities that deliver cost savings and supply chain efficiencies through advanced sourcing strategies.
CombineNet is the advanced sourcing technology company. The company's optimization-driven solutions deliver the absolute best total cost of goods and services based on the buying organization's unique business needs. Easy to use advanced sourcing solutions significantly increase the speed and efficiency of the sourcing cycle, increasing buyer productivity and decision-making power. CombineNet has delivered more than $5 Billion in bottom line savings for the largest businesses in the world including General Mills, PepsiCo, Procter & Gamble and others. For more information, visit www.combinenet.com.