Slater Invests $250,000 in Absolute Commerce
Providence, R.I., January 15, 2013 – The Slater Technology Fund today announced that it has committed $250,000 in funding to Absolute Commerce, a Rhode Island-based company that is developing a solution to make it easier for large companies to purchase the goods and services they need more efficiently and economically. Absolute Commerce’s electronic procurement technology aims to speed the process of integrating suppliers’ product catalogs with buyers’ enterprise resource management (ERP) systems, enabling companies to control costs, minimize risk, and increase their competitive advantage.
Electronic procurement, the technology-enabled acquisition of goods and services, is meant to help enhance enterprises’ purchasing power so that they get the best value obtainable. However, 74% of existing e-procurement customers are unable to realize a return on their investment because of insufficient supplier integration. By providing a way to more effectively and efficiently integrate organizations’ ERP systems with suppliers’ catalogs, Absolute Commerce can help large enterprises address this problem and save millions of dollars in the process. The company has already been recognized as a Certified Partner of Oracle, North Americe’s leading ERP software provider.
Absolute Commerce was founded by Kevin Wilbur, who has more than ten years of experience working with Global 2000 organizations to enhance operational effectiveness and efficiency in the purchase-to-pay arena. Having formerly run the global procure-to-pay team for GE Capital, and served as the head of the Oracle Applications Procurement User Group, Wilbur brings considerable practical industry expertise across both manufacturing and service industry sectors to Absolute Commerce.
"We’ve seen dizzying innovation in the consumer commerce space, including payment methodologies, price discovery and optimization, and loyalty to name a few, but enterprises across the country continue to struggle with managing their electronic procurement activities optimally," said Thorne Sparkman, managing director of the Slater Technology Fund. "Absolute Commerce knows the space cold, and Kevin and his team are bringing a cleverly crafted solution that slashes costs right out of the gate, and also brings the kind of innovation and insight to the enterprise that is so sorely needed. We are excited to be working with Absolute Commerce and look forward to helping them grow."
About Slater Technology Fund
The Slater Technology Fund is an independently chartered economic development fund that operates in accord with best practices of venture capital investing, backing new ventures committed to basing and building businesses in Rhode Island. Leveraging state and federal funding, Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.
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