Cortera Raises $8 Million

Cortera Inc. (f.k.a. eCredit), a Dedham, Mass.-based provider of online solutions for commercial credit and collections professionals, has raised $8 million in new funding. CIBC Capital Partners led the round, and was joined by return backers Fidelity Ventures and Battery Ventures. Fidelity Ventures acquired Cortera in 2006 and, with Battery Ventures, provided $11 million in growth capital.

 

PRESS RELEASE

Cortera, a foremost provider of U.S. business information services, announced today that CIBC Capital Partners has led an $8 million investment in the company, with participation from existing investors Fidelity Ventures and Battery Ventures.  Cortera, formerly eCredit, will use the capital infusion to accelerate its recently unveiled mission to provide customers with better, more actionable insights about companies without the hassles or high prices. 


“Cortera has the key hallmarks of a business we like to invest in,” said Mark Hastings, managing director, CIBC Capital Partners, the private equity investing division of CIBC World Markets. “It operates in a large market that is ripe for innovation, has a differentiated business and technology model and is led by an experienced entrepreneur and management team.  The company stands out from other business data providers by delivering on its promise of providing truly unique, unparalleled business insights with flexibility and extraordinary value.”


“CIBC Capital Partners has a history of successful investing in technology and information services companies,” said Jim Swift, president and CEO, Cortera. “We welcome Mark's experience and insight and are confident that he will make a great addition to the board of directors.


“Over the past 15 years, Cortera has developed a strategic relationship with many leading multinational companies including AB Electrolux, Chevron, Cisco and NEC. This investment will enable us to make further inroads in our market-leading products and enhance our ability to earn these relationships with even more customers,” Swift continued.


Fidelity Ventures acquired Cortera in 2006 and, with Battery Ventures, provided $11 million in growth capital.  Since then, the company has broadened its business strategy and enhanced its business information solutions by leveraging its technology development expertise and data assets.


“Cortera is well-positioned to fundamentally transform the multi-billion dollar business information market,” said Larry Cheng, partner, Fidelity Ventures.  “Over the past two years, Cortera has developed a robust database containing virtually every private and public company in the U.S., innovative analytics about each of those companies and advanced workflow applications.  This broadened approach to providing business information benefits all companies seeking unique insights into their business partners.”

 

About Cortera
In a sea of business information providers, Cortera is different.  Cortera provides a fresh perspective on business information and offers innovative tools to improve corporate intelligence.  With its robust database containing virtually every private and public U.S. company, innovative analytics about each of those companies and advanced workflow software, Cortera helps business analysts, sales and marketing experts and credit & collections professionals know more than ever before about their prospects, customers and partners.  More information about Cortera can be found at  www.cortera.com .