St. Paul, MN-based business-to-business e-commerce solutions provider SPS Commerce, said it has secured
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
veteran management team. And, unlike most Internet companies, we expect
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.
Separately, the company announced that Kodak Polychrome Graphics selected
SPS Commerce to outsource its e-commerce program. Financial arrangements were