Xterprise Inc. Rings Up $2 Million Investment From LogiSpring
Capitalizing on its success of developing and deploying RFID solutions for some of Wal-Mart and Target's top suppliers and global deployments for electronics, pharmaceutical and third-party logistics providers, Xterprise Inc. is ramping up plans for significant new growth, thanks in part to a $2 million "B" round investment from LogiSpring announced today.
"The funding, which closes today, will be used to expand the Xterprise sales force, deepen its support organization, expanding its channel programs and further develop the company's vertical solution offerings," said Dean Frew, founder and chief executive officer for Xterprise.
This is the second round of funding granted to Xterprise by LogiSpring, which invests in early-to-late-stage companies with technologies and solutions expected to have a significant impact on global supply chains. The prior "A" round investment from LogisSping was a $1 million investment made in November 2003.
"RFID technologies are being adopted by the marketplace at record pace, meaning there is an opportunity for Xterprise to grow even faster than our rapid clip of the last year," Frew said. "Our customers appreciate our innovative approach to RFID. Now that our strategy has been perfected, it's time to extend our reach and we are excited about our deepened partnership with LogiSpring."
Xterprise already supplies RFID (radio frequency identification) solutions to several of Wal-Mart's top 100 suppliers, helping these firms successfully meet the Jan. 2005 compliance line. The firm also has launched solutions in Asia and Europe with high-tech and pharmaceutical clients.
Unlike many of its competitors, which approach RFID implementations as one-off, non-scalable expensive consulting projects, Xterprise has boiled down RFID to pragmatic, turnkey solutions (software, hardware and services). An example is its XARM RFID solution for retail suppliers, a a complete RFID solution using best-of-breed components integrated into a scalable solution. Because it incorporates proven technologies from trusted vendors, the solution offers stability and reliability not available from competing proprietary products.
"The demand for cost-effective RFID solutions is literally exploding," said Frans van Schaik, managing partner for LogiSpring. "We have been impressed with the company's ability to develop and execute a business that has reached profitability so quickly. Xterprise has established itself with industry-leading product offerings, we're excited that they are poised to become a force in the marketplace."
Xterprise Inc. makes next-generation RFID supply chain solutions a reality today. The firm offers a portfolio of EPC/RFID solutions tailored to address the unique needs of specific vertical markets. Xterprise focuses on real-world solutions including RFID engineering studies, RFID and WMS implementations, and complete RFID compliance deployments. These include XARM, which helps retail suppliers efficiently meet the demands of their retail customers for RFID capability. Xterprise was founded in 2002 and is headquartered in Dallas. For more information, visit www.xterprise.com or call 972-690-9460, ext. 300.
LogiSpring is a venture capital firm investing in companies with technologies, services and solutions that improve supply chains, industrial processes and enterprise infrastructure. LogiSpring has a global mandate, and is predominantly a pan-European, transatlantic investor, whose international team brings a wealth of experience in supply chains, technology and private equity. LogiSpring has invested in companies in Europe and the USA. LogiSpring operates from Geneva, Switzerland. Investors in the LogiSpring managed funds include TPG and Booz Allen Hamilton. LogiSpring's portfolio companies include Apriso, Covast, Datatrac, Kiala, Optiant, Solsoft and Xterprise. For more information, visit www.logispring.com.