Press Releases
Investors back end-to-end Global Trade Solution and strong Management Team
San Mateo, CA, May 20, 2003—TradeBeam, Inc. today announced $9.85 million Series C financing led by a new investor—Sigma Partners. Enterprise Partners Venture Capital continues to be a major investor in TradeBeam along with Silicon Valley BancVentures who joined this round.
Investors are demonstrating their continued support for TradeBeam’s unique end-to-end trading solution, and strong management team. The TradeBeam solution manages the entire breadth of an international order, optimizing the global procure-to-pay and order-to-cash cycles, with a goal of reducing twelve days from a customer’s cash cycle.
“We were impressed by TradeBeam’s customer traction and strong management team,” said Cliff Haas, Managing Director at Sigma partners. “TradeBeam’s focus on the end-to end transaction and improving an organization’s cash cycle makes them unique in the Global Trade Management space, we believe their unrivaled solution will enable TradeBeam to become the market leader in Global Trade Management software.”
TradeBeam intends to use the new funds to expand its sales and channel development and extend product functionality, including cargo insurance, customs auditing and transfer pricing. Targeting customers in cash sensitive industries, organizations are quickly seeing the value of automating the entire global transaction from order through to payment.
“TradeBeam is a customer relationship and product driven company that is here for the long-run,” said Graham R. F. Napier, CEO at TradeBeam. “With this investment we have in excess of two years operating capital that provides our current and future customers with confidence that TradeBeam is a company with which they can build a long-term partnership.”
TradeBeam recently launched TradeBeam 2.0™. The solution dramatically reduces costs associated with the order, shipment and settlement aspects of global trade flow. A collaborative application suite that extends an ERP system to enable trade processes to flow smoothly across the multiple players, multiple systems, documentary and new regulatory requirements. TradeBeam 2.0 enables customers to continue building and expanding global supply chain capabilities over time by adding new modules and global trade services.
About TradeBeam
TradeBeam is a Global Trade Management software and services company providing a solution that streamlines global trading processes for enterprises and their partners. TradeBeam delivers an end-to-end solution across order, logistics and settlement to improve global trade operating efficiencies and cash flows. The Company expects TradeBeam 2.0 to deliver twelve plus (12+) days of improvement to businesses’ cash flow.