Press Releases
OpsTechnology Receives $4 Million in Series D Funding
-- Total Investment in San Francisco Software
Firm Tops $16M --
San Francisco, California July 27, 2004
OpsTechnology, creator of the largest Web-based supplier network for real estate operating companies, today announced that it has raised $4 million in its fourth round of funding. The first three rounds, completed between 1999 and 2003, totaled $12 million, bringing overall investment in the company to $16 million. Series D investors include:
- SAP Ventures, the venture capital arm of SAP AG.
- Internet Realty Partners, a venture fund sponsored by Cohen & Steers Capital Management, Inc.
- Vortex Partners
- Crest Opportunity Fund IX
OpsTechnology was founded in 1999 by real estate and software industry experts to improve efficiencies, reduce costs and save money for real estate operating companies by improving their ability to manage the relationships between property personnel and their suppliers. The company's customers include Real Estate Investment Trusts (REITs), product and service suppliers, and property management companies. OpsTechnology's supplier network includes more than 80 top vendors, including Sherwin Williams, Home Depot Supply and Whirlpool. United Dominion Realty Trust, the fourth largest apartment REIT in the US, recently reported a three-month payback and savings of more than $1.1 million by using OpsTechnology to manage and standardize its procurement, purchasing and payables functions.
OpsTechnology’s spend management solution, OpsBuyer™, is the real estate industry’s only comprehensive onsite payables and purchasing application with full budget-based controls, automated approval routing, full detailed reporting and access to a complete network of online vendors. OpsBuyer provides clients with the ability to centralize their data, standardize workflow processes, reduce administrative costs and increase purchasing compliance to achieve significant, sustainable cost savings.
Rajiv Naidu, Founder, Chairman, and CEO of OpsTechnology, said, "This round of funding represents not only a major step for our ability to grow our business, but it is also a testament to the success of our model. Our ability to raise more than $4 million from public and private companies in this economic climate is a validation of OpsTechnology products, which have generated proven, tangible financial benefits for our customers."
Chris O’Neill, a General Partner at Vortex Partners and a board member for OpsTechnology, said “The OpsTechnology model is now proven, and this latest round of financing will help fuel their growth and market penetration. With demonstrated success among real estate companies and their product & service suppliers – whether they be national companies or smaller, regional players – OpsTechnology has the momentum to continue scaling.”
Media Contact:
OpsTechnology, Inc.
Sukhi Singh, 415.222.6992
Email: ssingh@opstechnology.com
Web site: www.Opstechnology.com
