Rearden Commerce Inc., a Foster City, Calif.-based provider of an on-demand personal assistant for business spend management, has raised $100 million in fifth-round funding. JPMorgan Chase was joined by return backers American Express, Oak Investment Partners and Foundation Capital. The company has now raised around $200 million since its 1999 founding as Talaris Corp.
Rearden Commerce, Inc., creator of the first web-based personal assistant and a leading choice of CFO's for managing spending on business services, today announced that it has secured $100 million in funding from investors including JPMorgan Chase & Co. (NYSE: JPM) and American Express (NYSE: AXP) with participation from Oak Investment Partners and Foundation Capital.
This funding will be devoted to supporting Rearden Commerce's rapid expansion and development plans due to the widespread adoption of its user- friendly, web-based personal assistant. The company's growth plans include dramatically expanding its B2B penetration and ultimately delivering the Rearden Personal Assistant(TM) to the consumer space. Additionally, the company plans to rapidly scale its on-demand platform, which supports its online personal assistant, with new merchants and third-party applications providers.
“Rearden Commerce has produced a game-changing platform that not only delivers applications that make procuring services much easier for people, but helps companies achieve significant savings,” said Fred Harman, managing partner of Oak Investment Partners. “Through its broad strategic partnerships with American Express and JPMorgan Chase, the company is in a great position to dramatically expand its user base and further develop its growing ecosystem of merchants and third-party application providers.”
In the past year and a half, Rearden Commerce has added more than 1,700 new corporate customers representing more than one million contracted users. This roster includes such Fortune 500 companies as ConAgra Foods and Thomson as well as small/medium enterprises like C-COR, Diagnostic Health, and Symplified Technologies.
“Closing a round of this magnitude in today's tumultuous economic environment is a tremendous validation of Rearden Commerce's business model, our market momentum and the quality of our people and technology,” said Patrick Grady, founder and CEO of Rearden Commerce. “At a time when the capital markets are closed for new investments, Rearden Commerce has captured the attention and support of credit card powerhouses Chase and American Express, as well as two of Silicon Valley's premier venture capital firms, Oak and Foundation Capital. We are excited to use these funds to continue expanding upon the Rearden Commerce vision to broaden the reach of the Rearden Personal Assistant to the mainstream.”
Rearden Commerce delivers the ultimate productivity tool: the Rearden Personal Assistant. The Rearden Personal Assistant helps users quickly find and book the range of services they need based on company policies, their personal preferences, location and the context of what they're doing. Just like a seasoned executive assistant, the Rearden Personal Assistant automatically inserts details into the user's calendar and proactively notifies them of schedule changes via phone, email or text message — whether they're in the office or on the road.
The Rearden Personal Assistant lets companies track spend across all services while applying corporate policies and managing preferred supplier relationships. Enterprises can easily set and manage spending policies, effectively communicate those policies and guide employees to preferred suppliers at the point of purchase. To see a demo of the Rearden Personal Assistant, click here: http://www.reardencommerce.com/resources/demos.php.
Rearden Commerce, Inc.
Rearden Commerce makes life simpler by delivering an on-demand personal assistant that intuitively manages the everyday details of business and personal life. Just like a seasoned executive assistant, the Rearden Personal Assistant handles an impressive array of tasks and services, and delights users by considering their unique needs and personal preferences. The Rearden Personal Assistant is built on the Rearden Commerce(TM) Platform, which supports an ecosystem of more than 137,000 trusted merchants and third-party applications providers. Today, more than one million contracted users at organizations ranging from the Fortune 500 to small/medium enterprises, including ConAgra Foods, Glaxo Smith Kline and JDSU, rely on the recommendations and assistance of the Rearden Personal Assistant to save time and be more efficient, while saving their companies money. Rearden Commerce is headquartered in