SPS Commerce Receives $12.2 Million in Venture
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St. Paul, MN-based business-to-business e-commerce solutions provider SPS Commerce, said it has secured $12.2 million in venture funding raised by Donaldson, Lufkin and Jenrette (DLJ).
Existing investors St. Paul Venture Capital and CID Equity Capital were joined by new investors Axiom Venture Partners, Damac Al Baraka Investment Co. and Granite Private Equity.
"SPS Commerce exactly fits the criteria Axiom looks for in an Internet company," said Alan Mendelson, general partner, of Axiom Venture Partners. "The company cost effectively solves a real and very large business bottleneck; it has a strong, defensible market position; a blue chip list of customers, such as Sears & Roebuck Co. and Cisco Systems; and an experienced veteran management team. And, unlike most Internet companies, we expect SPS Commerce to become very profitable in the foreseeable future."
SPS Commerce markets its Trading Partner Enablement Program and operates its SPS Commerce Service Center that allows businesses the ability to expand their business-to-business e-commerce initiatives by outsourcing without having to invest in, or maintain new technology, train personnel or IT departments to manage it.