AUSTIN, Texas
, July 23, 2001 -- Works, a leading provider of procurement applications for
midsize businesses, today announced that it has secured $15 million in
additional funding. Adams Capital Management, a national venture capital firm
that invests in telecommunications and information technology companies, led the
funding round that also included investments from Kemper Ventures and existing
Works shareholders, including members of the management team. The investment
will be used by Works to continue marketing, sales and development of the Works
Procisa™ procurement application.
Besides securing the funding, Works announced that Joel Adams, General Partner of Adams Capital; John Reynolds, Founder and Managing General Partner for Kemper Ventures; and Leland Murphy, Co-founding Partner of Trellis Partners; have all joined the Works board of directors. Works also announced that Martin Neath, current Works board member and President and COO, was elected to the position of Chairman.
"Works has developed a unique technology solution that is poised to transform both the way companies manage their spending and traditional payment platforms operate," said Joel Adams, General Partner of Adams Capital. "Our investment philosophy is focused on supporting such companies that capitalize on 'market discontinuities' and we believe Works has the plan, team and technology necessary to make it happen."
The Procisa application is one of the first procurement solutions created specifically to help midsize businesses regain control over their spending. The application, which is delivered as a Web service, allows companies to manage both online and offline expenditures for indirect goods and services.
"We are excited to have the support of Adams Capital and the rest of the investors," said Bo Holland, CEO of Works. "Their financial backing, combined with the tremendous experience of our new board members, will allow us to reach our goals and achieve profitability in 2002."
Besides securing the funding, Works announced that Joel Adams, General Partner of Adams Capital; John Reynolds, Founder and Managing General Partner for Kemper Ventures; and Leland Murphy, Co-founding Partner of Trellis Partners; have all joined the Works board of directors. Works also announced that Martin Neath, current Works board member and President and COO, was elected to the position of Chairman.
"Works has developed a unique technology solution that is poised to transform both the way companies manage their spending and traditional payment platforms operate," said Joel Adams, General Partner of Adams Capital. "Our investment philosophy is focused on supporting such companies that capitalize on 'market discontinuities' and we believe Works has the plan, team and technology necessary to make it happen."
The Procisa application is one of the first procurement solutions created specifically to help midsize businesses regain control over their spending. The application, which is delivered as a Web service, allows companies to manage both online and offline expenditures for indirect goods and services.
"We are excited to have the support of Adams Capital and the rest of the investors," said Bo Holland, CEO of Works. "Their financial backing, combined with the tremendous experience of our new board members, will allow us to reach our goals and achieve profitability in 2002."