Welcome Guest. | Log In| Register | Membership Benefits
  • Email this page E-mail this page
  • |  Print Print this page
  • |   Bookmark and Share
  • | 

Procurement Firm Gobbles Up Venture Funding


ICG Commerce closes $35 million funding deal; chairman Ed West to become CEO.

By Tony Kontzer
InformationWeek
January 13, 2003 12:00 AM

Raising $35 million in venture capital these days is no small feat, but that's exactly what procurement-services provider ICG Commerce has done. On Monday, the company will disclose that a group of eight firms, including its majority owner, Internet Capital Group, has invested that eye-popping amount, and that former Delta Air Lines CFO Ed West will add the CEO's title to the chairman's role he's held since May. Other investors include Graham Partners, Cross Atlantic Partners, and CIC Group.

ICG, a privately held business that helps companies monitor and manage their procurement processes, will use the funds to continue expanding its products and services, West says. For instance, the company provides sourcing services and transaction management on direct-material purchases in certain areas, such as chemicals and metals, and plans to significantly expand its efforts on that front. ICG already links into customers' ERP, asset-management, and inventory systems; serves as a conduit between customers and suppliers; and provides consulting services--but it's not content to stop there. "One of the things we pride ourselves on is having multiple tentacles of connectivity into our customers," West says.

West also says ICG is attempting to meet customers' desire to route more of their procurement outsourcing through a single vendor. If it's successful, ICG would claim a bigger piece of a growing pie. A recent report from IDC estimates that the worldwide procurement business-process outsourcing market, which reached $5 billion in 2001, will grow to $12 billion by 2006.


Subscribe to RSS


Advertisement

CAREER CENTER
Ready to take that job and shove it?



TechCareers

SEARCH
Function:

Keyword(s):

State:
SPONSOR
RECENT JOB POSTINGS
CAREER NEWS
10 Search Engines You Don't Know About
Go beyond Google and get vertical. These specialized search sites will help you find the business information you need -- fast.

Yahoo Profits Fall 23%, Cuts 1,000 Jobs
Ari Balogh was named to the post of chief technology officer as the companys for a "realignment" of employees.

More articles from our career center





Subscription Info
Apply for a free 52-week subscription to InformationWeek (a $199 value)

Last Name:

First Name:

Title:

Company Name:

City:

Business Address:

Zip:

State:

Email Address:

NOTE: Offer valid for U.S., U.S. possessions, & Canada only