December 14, 2010 — SAP Ventures Leads $8 Million Series C Funding for Lavante
Strategic Investment will Fuel Lavante’s Market Momentum, Customer Acquisition and Advancement of its Innovative On-Demand Supplier Management Solutions
San Jose, Calif. — December 14, 2010 — Lavante, a leading provider of on-demand recovery auditing and supplier information management solutions, today announced an $8 Million strategic investment led by SAP Ventures, a division of SAP AG. This C round of funding also includes participation from current investors ATA Ventures and Venrock. In conjunction with the new funding, Lavante has added Andreas Weiskam, partner at SAP Ventures, to its Board of Directors.
Since 2001, Lavante has delivered ground-breaking supplier management solutions that seamlessly connect companies and their suppliers. Lavante solutions include on-demand recovery auditing and supplier information management, which allow companies to drive dollars to the bottom line, ensure accurate quality of supplier data, and improve supplier relationships. Lavante on-demand solutions are used to recover millions of dollars for large enterprises on an annual basis.
The new funding will enable Lavante to fuel market momentum and growth, invest in new products, and accelerate customer acquisition. The announcement follows multiple quarters of record growth for Lavante, including over 100 percent year-over-year growth and record customer acquisition in the third quarter of 2010. Lavante will continue to advance its revolutionary on-demand supplier management solutions, including recovery auditing and supplier information management, while also expanding the Lavante Supplier Network™.
“Lavante is the leader in technology for recovery auditing. Its unique recovery solution automates the traditionally manual process of vendor statement audits, delivering multiple times the results of traditional approaches to customers in near immediate timeframes. Lavante’s supplier information management solution, combined with its recovery auditing solution, is the killer application to drive rapid adoption of the Lavante Supplier Network. SAP Ventures sees a massive market opportunity for Lavante.” — Andreas Weiskam, partner, SAP Ventures
“We are very excited to have SAP Ventures join our group of financial investors. We see this as a strong endorsement of our strategy and value to the market, and we look forward to leveraging SAP’s tremendous expertise to further expand our business. Lavante is committed to delivering the leading technology for recovery auditing and supplier management, allowing our enterprise customers to recover more dollars faster than any other solution in the industry, all while improving their supplier data. This incremental funding enables us to invest aggressively in our supplier management solutions and helps ensure the success of our rapidly-growing customer base.” — Joe Flynn, founder and CEO, Lavante
Lavante is the leader in on-demand supplier management solutions, including recovery audit and supplier information management applications. Built with advanced, patented-pending technology, Lavante delivers to the financial arena a new standard in efficient technology-driven solutions that allow companies to quickly drive dollars to the bottom line, improve supplier communications, and assure high supplier data quality. Lavante solutions are deployed across Fortune 1000 enterprises including the hospitality, retail, entertainment, manufacturing and medical industries. Headquartered in San Jose, California, Lavante is privately held and was founded in 2001. For more information please visit www.lavante.com.
About SAP Ventures
SAP Ventures invests in innovative and disruptive software and services companies globally. We pursue opportunities across all stages for outstanding financial return. Our goal is to bring substantial benefit to all parties by facilitating interaction between portfolio companies and SAP and its ecosystem of customers and partners. SAP Ventures has a successful track record of building industry-leading companies by partnering with outstanding entrepreneurs and top-tier venture capital firms since 1996. For more information, visit www.sapventures.com.
© 2010 Lavante, Inc. The Lavante Supplier Network™ is a trademark of Lavante, Inc.
SAP and all SAP logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries. All other product and service names mentioned are the trademarks of their respective companies.
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