Press Releases

OpsXchange, Inc., Secures Third Round Financing Led by New Strategic Investors

Investors Include Trio of Real Estate Industry Heavyweights


SAN FRANCISCO--(BUSINESS WIRE)--June 7, 2001 OpsXchange, the e-procurement enabler for the real estate industry, has secured a third round of funding led by Internet Realty Partners, LLC, a fund sponsored by Cohen & Steers Capital Management, Inc.

Also investing in the round are Equity Residential Properties Trust (EQR) and Camden Property Trust (CPT), two of the largest and most technology savvy real estate investment trusts (REITs) in the country.

The participation of Internet Realty Partners, Equity, and Camden represents a substantial endorsement of the OpsXchange e-procurement software application, OpsCommerce Platform, by the real estate industry. The round also includes capital commitments from previous investors SAP Ventures, the venture capital arm of software giant SAP AG, and Vortex Partners, a venture capital firm specializing in the communications industry and e-commerce.

"Our ability to close this round during an extremely difficult investment climate for technology start-ups clearly indicates that the industry firmly believes we are on the correct path," said Rajiv Naidu, CEO of OpsXchange. "With Equity and Camden, we have secured not only additional capital, but two very enthusiastic clients who will help prove the OpsCommerce Platform and drive adoption by the real estate industry."

OpsXchange will use the new funds to integrate a robust supplier network, enabling Equity, Camden, and other new clients to begin online purchasing. The company will also continue to develop and enhance the OpsCommerce suite of e-procurement products, which include the OpsBuyer buyer interface, the OpsMarket trading hub, and the OpsPartner and OpsMerchant integration technologies. The OpsCommerce Platform connects buyers and suppliers via digital pipelines, allowing for real-time transactions, and integrates with the existing buyer and supplier ERP and management applications. It supports the full range of transaction processes -- from direct catalog orders to RFPs -- for both goods and services while maintaining existing industry relationships, such as contract pricing.

Ric Campo, CEO of Camden Property Trust, commented, 'After evaluating the available e-procurement solutions in the market, we found that OpsXchange offers the best online procurement software, backed by a superior team. The flexibility of OpsXchange's e-procurement application combined with the company's integration services will allow us to leverage our existing information systems to conduct business with our suppliers in the most efficient way.'

Leslie Fox, Division President at Equity Residential, added, ``Unlike other e-procurement offerings in the real estate industry, OpsXchange supports the business processes, relationships, and pricing that already exist between the real estate owners-operators and their preferred suppliers. This was a critical issue in Equity's decision to back OpsXchange.'' Fox heads the committee for Internet initiative at Equity. In conjunction with its investment, Equity has named Leslie Fox as an outside director on the board of OpsXchange.

During the past 18 months, OpsXchange focused on developing proprietary e-procurement technology to enable the online procurement of goods and services along the real estate operations supply chain. OpsXchange will now use its OpsCommerce suite of e-procurement products and professional services to build out the supplier network and establish e-marketplaces for property management companies, net market makers, suppliers, service providers, and other industry participants.

About Internet Realty Partners, LLC
Internet Realty Partners, LLC is a private equity fund sponsored by Cohen & Steers Capital Management, Inc. to invest in real estate-related technology companies. Cohen & Steers was founded in 1986 and is today the largest money manager focusing exclusively on real estate securities. Cohen & Steers manages over $5 billion in real estate securities portfolios on behalf of institutional investor clients, its five proprietary mutual funds and several unit investment trusts. For more information, visit www.cohenandsteers.com.

About Equity Residential Properties Trust
Equity Residential Properties Trust is the largest publicly traded apartment company in America. It is a self-administered and self-managed equity real estate investment trust engaged in the acquisition, disposition, ownership, management, and operation of multifamily properties. Equity Residential owns or has an interest in 1,102 properties in 35 states consisting of 225,433 units. For more information, please visit www.eqr.com

Camden Property Trust
As one of the largest multifamily real estate investment trusts (REITs) in the nation, Camden Property Trust is engaged in the ownership, development, acquisition, marketing, management and disposition of multifamily apartment communities. Camden owns interests in and operates over 145 properties containing more than 51,336 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon completion of three properties under development, the company's portfolio will increase to 52,874 apartment homes in 148 properties. For more information, please visit www.camdenprop.com.

About OpsXchange
Founded in 1999, OpsXchange is the e-procurement enabler for real estate operators and suppliers. The company licenses its proprietary hosted technology to simplify the procurement of goods and services along the supply chain for real estate management, maintenance, and operations. For more information, visit www.opsxchange.com.