Investors include JPMorgan Chase, American Express, Oak Investment Partners
and Foundation Capital
FOSTER CITY, Calif., May 6 /PRNewswire/ -- Rearden Commerce, Inc.,
creator of the first web-based personal assistant and a leading choice of
CFO's for managing spending on business services, today announced that it
has secured $100 million in funding from investors including JPMorgan Chase
& Co. (NYSE: JPM) and American Express (NYSE: AXP) with participation from
Oak Investment Partners and Foundation Capital.
This funding will be devoted to supporting Rearden Commerce's rapid
expansion and development plans due to the widespread adoption of its user-
friendly, web-based personal assistant. The company's growth plans include
dramatically expanding its B2B penetration and ultimately delivering the
Rearden Personal Assistant(TM) to the consumer space. Additionally, the
company plans to rapidly scale its on-demand platform, which supports its
online personal assistant, with new merchants and third-party applications
providers.
"Rearden Commerce has produced a game-changing platform that not only
delivers applications that make procuring services much easier for people,
but helps companies achieve significant savings," said Fred Harman,
managing partner of Oak Investment Partners. "Through its broad strategic
partnerships with American Express and JPMorgan Chase, the company is in a
great position to dramatically expand its user base and further develop its
growing ecosystem of merchants and third-party application providers."
In the past year and a half, Rearden Commerce has added more than 1,700
new corporate customers representing more than one million contracted
users. This roster includes such Fortune 500 companies as ConAgra Foods and
Thomson as well as small/medium enterprises like C-COR, Diagnostic Health,
and Symplified Technologies.
"Closing a round of this magnitude in today's tumultuous economic
environment is a tremendous validation of Rearden Commerce's business
model, our market momentum and the quality of our people and technology,"
said Patrick Grady, founder and CEO of Rearden Commerce. "At a time when
the capital markets are closed for new investments, Rearden Commerce has
captured the attention and support of credit card powerhouses Chase and
American Express, as well as two of Silicon Valley's premier venture
capital firms, Oak and Foundation Capital. We are excited to use these
funds to continue expanding upon the Rearden Commerce vision to broaden the
reach of the Rearden Personal Assistant to the mainstream."
Rearden Commerce delivers the ultimate productivity tool: the Rearden
Personal Assistant. The Rearden Personal Assistant helps users quickly
find and book the range of services they need based on company policies,
their personal preferences, location and the context of what they're doing.
Just like a seasoned executive assistant, the Rearden Personal Assistant
automatically inserts details into the user's calendar and proactively
notifies them of schedule changes via phone, email or text message --
whether they're in the office or on the road.
The Rearden Personal Assistant lets companies track spend across all
services while applying corporate policies and managing preferred supplier
relationships. Enterprises can easily set and manage spending policies,
effectively communicate those policies and guide employees to preferred
suppliers at the point of purchase. To see a demo of the Rearden Personal
Assistant, click here: http://www.reardencommerce.com/resources/demos.php.
Rearden Commerce, Inc.
Rearden Commerce makes life simpler by delivering an on-demand personal
assistant that intuitively manages the everyday details of business and
personal life. Just like a seasoned executive assistant, the Rearden
Personal Assistant handles an impressive array of tasks and services, and
delights users by considering their unique needs and personal preferences.
The Rearden Personal Assistant is built on the Rearden Commerce(TM)
Platform, which supports an ecosystem of more than 137,000 trusted
merchants and third-party applications providers. Today, more than one
million contracted users at organizations ranging from the Fortune 500 to
small/medium enterprises, including ConAgra Foods, Glaxo Smith Kline and
JDSU, rely on the recommendations and assistance of the Rearden Personal
Assistant to save time and be more efficient, while saving their companies
money. Rearden Commerce is headquartered in Foster City, CA. For more
information, visit http://www.reardencommerce.com.
Copyright 2008 Rearden Commerce, Inc. All rights reserved.
SOURCE Rearden Commerce, Inc.
Marian Hughes, +1-708-246-0083, mhughes@tieronepr.com, or Kim Amsbaugh,
+1-650-815-1724, kamsbaugh@tieronepr.com, both for Rearden Commerce,
www.tieronepr.com
