RealTime IT News

ICOMS Raises $10 Million in Second-Round of Funding

Nashua, NH-based ICOMS (Internet Commerce Services Corp.), an independent outsourced Internet commerce service provider, said it raised $10 million in a second round of venture capital funding.

The company received $2.3 million in startup funding to launch the company in 1997. ICOMS provides electronic commerce order management and payment processing services.

Investors in this round include Technology Link Capital, AsiaTech Ventures, Primus Capital, Corning Capital, Venture Investment Management Co. and FINECO.

"ICOMS will do for Internet transaction processing what ADP did for payroll processing: turn a difficult and inefficient backroom process into a billion-dollar third-party business," said Neal Hill, director of investments at Venture Investment Management. "With the infrastructure and partnerships that ICOMS already has in place, this is a company that now has a real chance to own the 'Buy' button on tens of thousands of Web sites."

ICOMS said it will use the funding to expand its marketing efforts to individual merchants and through a channel of Internet service providers, hosting companies, developers, portals, associations, communities and banks.

Using Open Market's Transact as its base technology, ICOMS provides a scalable payment processing and order management packages.