RealTime IT News

Comergent Nets $53.7M in Second-Round Financing

Distributed e-business system company Comergent Technologies Inc. completed a $53.7 million Series B financing led by Pivotal Asset Management LLC.

Also participating were Cisco Systems Inc., Ariba Inc. and Morgan Stanley Dean Witter Private Equity. Existing investors CrossPoint Venture Partners and SOFTBANK Venture Capital also contributed.

Comergent said it will use the money to support a global expansion and for sales and marketing efforts.

"Comergent is re-defining the way manufacturers, distributors and resellers do business with one another," said Christopher Lord, general partner at Pivotal Asset Management. "Comergent is pioneering the business-to-business sell-side e-commerce market and is poised to become the dominant player in this untapped, yet highly lucrative sector."

Additional participants in Comergent's second round of financing include leading investment firms, such as Amerindo Investment Advisors, Inc., Palantir Associates and Van Wagoner Capital Management.

Comergent's "Distributed E-Business System" enables collaborative commerce across a partner marketplace to increase business efficiencies between manufacturers, distributors and resellers.