ECI2 Secures $16 Million in Funding

Start-up eCommerce Industries Inc. (ECI2), a provider
of e-commerce solutions for the office products industry, closed on a a $16
million round of venture financing to further develop its technology platform
and expand its marketing and sales initiatives.

EC12 is the parent company of Online Office Supplies Company (OOSC) and
Internet Office Solutions and Services (IOS2).

New Enterprise Associates (NEA), an international venture capital firm, led
this venture investment. Other investors include Inc., a provider
of business-to-business e-commerce technology and content for the computer
industry; John Sidgmore, vice chairman of MCI WorldCom and chairman of UUNET
Technologies, and several others from the Internet and telecommunications

ECI2 and pcOrder have formed a strategic partnership to create a
business-to-business (B2B) e-commerce platform for the office products
industry. Together the companies are developing a multi-channel,
multi-category e-business solution to streamline the office products industry
supply chain.

“The online office products market is exploding, and ECI2 is uniquely
positioned to drive that explosion,” said Peter Barris, managing general
partner at NEA.

“The company’s combination of Internet heritage and direct
experience as an online office products retailer (through OOSC’s S Web-based
superstore, is unmatched in the industry.”

ECI2’s two subsidiaries also will use the investments to fund sales and
marketing initiatives. OOSC will launch a national advertising campaign
targeting Web portals and other Internet companies. IOS2 will use the funds
to build out its infrastructure.

IOS2 was formed as a result of a strategic alliance between ECI2 and United
Stationers, North America’s largest office products wholesaler.

News Around the Web