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BlueMeteor Lands $23 Million to Fund Rapid Growth

In what the company claims to be one of the largest first rounds of funding for an integrated ASP, BlueMeteor, inc. announced this week that it secured $23.5 million.

The team of investors was led by Minotaur Capital Management, a privately held merchant bank, and included Bluevector LLC and Wheatley Partners.

BlueMeteor, inc. hopes to quickly establish its role as the ASP partner of choice for the B2B market. The company plans to dedicate the funds to the accelerated development of e-Catapult, its integrated suite of hosted applications that allow dotcom-minded organizations to rapidly and cost-effectively exploit B2B Internet-enabled opportunities.

According to William Lederer, chairman and chief executive officer, Minotaur, BlueMeteor stands for something the company believes in. "Their fundamental business proposition is helping companies quickly turn B2B Internet revenue into Internet profit," Lederer said.

Minotaur will also provide consulting and operational support to help BlueMeteor with its anticipated expansion plans. Minotaur is no stranger when it comes to growth companies. Included in Minotaur's portfolio is Starbelly.com, Ax.com, Morgan Works.com, Xor Inc. and Refer-Nut.

Chicago, Ill.-based BlueMeteor is an ASP and Internet accelerator that offers clients end-to-end integrated technical and infrastructure-related e-commerce solutions, hosting services and a network of value-added partners to assist in implementation.



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