Hubspan Receives Funding from AC Ventures, Intel Capital and Seapoint Ventures
Jack Wilson of AC Ventures Joins Hubspan Board of Directors
KIRKLAND, Wash. -- 12/18/00 -- Hubspan", an e-business infrastructure provider, has secured funding from the venture capital unit of Andersen Consulting (AC Ventures), Intel Capital and Seapoint Ventures, the company announced today. Hubspan also announced Jack Wilson, managing general partner of AC Ventures, will join the board of directors.
Hubspan is a hosted service for connecting businesses to online B2B exchanges, marketplaces and private buyer networks. The company will use the funding for research and development, marketing and building out its sales and business development organization.
"Hubspan is in an ideal position to address the business objectives of suppliers who want access to new e-business channels and technologies," Wilson said. "Hubspan�s solution provides the market access, expertise, resources and to the scalability to tackle this immense connectivity challenge. Analysts estimate that more than $10 trillion in business transactions will pass over the Internet within the next few years, yet suppliers have been largely ignored when it comes to adapting their infrastructures to support the systems used by the various online procurement channels." "We believe Hubspan can not only help get these suppliers to market faster, but also help them decrease costs and reduce the risk of investments in specific channels or technologies," Wilson added.
The company�s connectivity solutions help bridge the communication barriers and technology gaps between business partners, as well as provide the infrastructure to enable full supply chain collaboration. Through one connection to the Hubspan service, businesses can reach any trading partner quickly and cost effectively while also greatly reducing the cost and impact of maintenance and change.
Hubspan was founded by veterans in the e-procurement market with a vision of enabling business partners to communicate regardless of their technology choices. Led by seasoned professionals with expertise in business strategy, supply chain management, e-procurement and XML technology, the Hubspan team includes the chief architect of Microsoft�s MS Market, one of the first Internet procurement systems, and the founder and CTO of 7Software, developers of an e-procurement system acquired by Concur Technologies. More information on the company can be found at www.hubspan.com.
About Intel Capital
Intel Capital, Intel's strategic investment program, focuses on making equity investments and acquisitions to grow the Internet economy, including Internet infrastructure, content and services in support of Intel's strategic interests. In Europe Intel Capital invests through Intel Atlantic Inc., a subsidiary of Intel Corporation. www.intel.com/capital