RealTime IT News

SubmitOrder.com Secures $75 Million Investment

E-fulfillment services company SubmitOrder.com said that Silver Lake Partners and The Barksdale Group have agreed to invest $75 million in the company to acquire a majority stake.

The funding will be used to support rapid expansion of distribution centers and IT infrastructure in 2000, the company said.

"We chose Silver Lake Partners and The Barksdale Group to become our partners because of their industry expertise, relationships, relevant operations experience, and capital that will enable SubmitOrder.com to become the leader of and set the standard for e-fulfillment services," said Richard Langdale, SubmitOrder.com founder.

SubmitOrder.com is a pure play e-fulfillment service provider targeting retailers, virtual stores and manufacturers.

The company provides e-fulfillment customers with everything from Web site development to inventory management, order fulfillment and processing, "pick, pack and ship" services, and integrated call center services.

"SubmitOrder.com is the perfect first deal for Silver Lake," said Roger McNamee, Silver Lake partner and co-founder. "If Internet commerce is to reach its full potential, a world class player must emerge to provide third-party fulfillment services. SubmitOrder.com has demonstrated both the vision and ability to execute."

"The mandate of The Barksdale Group is to invest in companies which define and address new e-commerce market opportunities. We predict that the outcome of this holiday shopping season alone will validate the need for an independent Internet-based fulfillment service," said Jim Barksdale, partner of The Barksdale Group.

SubmitOrder.com said its customers include Zany Brainy, Limited Too, indulge.com, goodhome.com, and "certain Fortune 500 manufacturers."