Requisite Technology Scores $30M
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Requisite Technology Inc. today announced it has secured $30 million in strategic funding from Oracle Corp., SAP and three current investors. This round of financing brings total capital invested in Requisite to $75 million.
Oracle Corp., of Redwood Shores, Calif., and SAP AG, based in Walldorf, Germany, led the financing. Follow-on investments were secured from Mohr, Davidow Ventures (MDV) and Trinity Ventures of Menlo Park, Calif.; and Bowman Capital of San Mateo, Calif.
Oracle and SAP were Requisite's first two enterprise software partners, embedding Requisite's patented BugsEye finding engine into their procurement products. Since then, Requisite has partnered with both companies and their customers to create a total e-commerce solution for large buying organizations, Net marketplaces and suppliers. Requisite's e-content solutions allow desktop users to find and buy from electronic catalogs at more than 750 customer sites around the world.
"After collaborating closely with Oracle and SAP for more than two years, we're gratified that both companies chose to underscore the importance of catalog content management with an equity investment in Requisite," said Barbara Mowry, chairman and CEO of Requisite Technology. "We also appreciate the continuing confidence of our early investors."
Funds will be used for general corporate purposes. Requisite's board of directors is comprised of Noel Fenton of Trinity Ventures; Steven Scheid, enterprise president and vice chairman of The Charles Schwab Corp.; Nancy Schoendorf of MDV; Tom Washing of Sequel Venture Partners; and Barbara Mowry. Other investors in Requisite include Barnard & Co.; Chase H&Q; Liberty Venture Partners; and Sumitomo Corp.