Millennia Vision, a full service provider (FSP) of e-business solutions, this week announced that it has secured $27 million in a round of financing led by GE Equity and Venture Strategy.
This first-and-only round of venture capital funding will be used to further develop Millennia Vision’s ASP offerings and to expand its geographic reach. The Bay Area company recently opened new offices in San Francisco and Denver, in addition to its previous U.S. locations in Redwood Shores, Los Angeles, San Jose and Seattle.
Millennia Vision provides a single source for Business Modeling, Integrated e-Services, ASP and Strategic Business Process Outsourcing. While some might refer to the company as a full service provider, Austin Erlich, president and CEO of Millennia Vision, prefers a different use of the FSP acronym. “We’re a Full Solutions Partner,” he told ASP News.
“We don’t just focus on a couple of applications. We provide an end-to-end solution, and then manage that solution,” Erlich said. The solution could involve web-based commerce, B2B exchanges, supply chain management, eCRM, financial planning, business intelligence, or custom applications, he said. These solutions are targeted at specific vertical industries, including high-tech, telecom, retail, automotive, media, and high-growth emerging markets, Erlich said.
“The value’s not just in the hosting, but the integration of the applications, and the management across all the systems,” Erlich said. “First they have to be integrated with each other, and then they in turn have to be integrated with the back-end systems.”
Millennia Vision has formed strategic partnerships with the likes of Oracle (NASDAQ:ORCL), Vitrix (OTCBB:VTTX), Cognos (NASDAQ:COGN), Interwoven (NASDAQ:IWOV), BEA Systems (NASDAQ:BEAS), Sun Microsystems (NASDAQ:SUNW) and i2 Technologies (NASDAQ:ITWO).
“We’re not going to develop a custom supply-chain application when one exists,” Erlich said. “We would only do that in a case where there was no best-of-breed application available.”
Additional institutional investors include Encore Venture Partners, Phillips Capital Management, Pagemill Capital and Starwood Capital Group.
