CommerceRoute Receives Funding from Intel, Closing $21 Million Round; Data Integration Solutions Provider Teams with Intel to Develop E-commerce Products and Services
EMERYVILLE, Calif. -- (BUSINESS WIRE) -- Jan. 8, 2001 -- CommerceRoute, a leading provider of simplified data integration hardware solutions, today announced an investment from Intel Capital that caps the company's third round of private equity financing and brings the total for the round to $21 million. Previously announced investors in the round include CMGI , Kohlberg Kravis Roberts & Co. and JGE Capital Management.
"Intel Capital's investment in CommerceRoute will help accelerate our technology development and product marketing as we launch an exciting new product category for data and application integration," said Erickson Shirley, CEO, CommerceRoute. "We plan to work closely with Intel to develop products that address key integration and e-commerce implementation issues facing today's business decision-makers and IT managers."
In addition, CommerceRoute will join the Business Internet Consortium, an industry think-tank formed by Intel and other e-business industry leaders to address growing e-business implementation challenges. The consortium aims to bring customer and vendor e-business technology priorities closer together and will serve as a global industry group to advocate the e-business architectural directions and the basis for future e-business Internet development. Other charter members of consortium include Compaq Computer Corporation, Computer Associates International, Inc., Dell Computer Corporation, Hewlett-Packard Company, IBM Corporation, Microsoft Corporation and SAP.
Forrester Research projects the worldwide integration market will reach $20 billion by 2003. CommerceRoute's integration solutions enable organizations to quickly and easily exchange information and execute transactions among internal departments and with external business partners, regardless of platform or protocol.
CommerceRoute, Inc. is the leading provider of simplified data integration hardware solutions. The company develops products that enable any organization to quickly and easily exchange information and execute transactions between departments, business partners and vendors via the Internet. Its products offer companies of all sizes the business benefits of integration without costly, time-consuming enterprise-wide implementations or cumbersome, hard-coded connections. The company's customers include Boeing, Ernst & Young and the State of California. CommerceRoute is a privately held company backed by leading venture capital firms and corporate investors including CMGI , Kohlberg Kravis Roberts & Co. and JGE Capital Management. For more information about CommerceRoute, visit www.commerceroute.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. For more information, please see www.intel.com/capital.
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