Denver, CO – September 8, 2011 – IP Commerce announced today that it has raised $20.7 Million in growth capital. The funding round was led by Intel Capital, with participation from existing investors Meritage Funds, Venrock, TTV Capital, Fifth Third Processing Solutions, LLC, and Iron Gate Capital. The funding will be used to further enhance the capabilities within the IP Commerce Platform and drive application developer adoption.
“Commerce is the lifeblood of businesses of all sizes,” said Dave Flanagan, Managing Director, Intel Capital. “IP Commerce enables the application developer to innovate on behalf of their retail customers. We share the IP Commerce commitment to provide applications developers with the tools to build solutions that address the entirety of the commerce lifecycle – whether they leverage mobile, eCommerce, self-service (unattended), back-office, or multi-channel applications.”
“We are thrilled to have Intel Capital as a new investor and a valuable collaborator in our efforts to broaden the availability of our platform, and commerce-enablement tools, to application developers and their customers,” said Alfred “Chip” Kahn IV, CEO of IP Commerce. “Never has innovation in Commerce been so relevant to so many service and technology companies. Our Platform-as-a-Service has modularized Commerce requirements into a software stack that creates new opportunities for these application developers, service providers, and retailers.”
IP Commerce provides a Platform-as-a-Service (PaaS) which functions as an OS for commerce. Managing payments technology, security, underwriting risk, network connectivity, and integration is a daunting task for any commerce enabled solution which IP Commerce addresses. IP Commerce enables customer-driven application developers to create intelligent multi-channel commerce applications and payment workflows that give retailers enhanced opportunities to interact with their customers. Averaging a 20% monthly growth rate for the past two years, IP Commerce represents the largest proven open platform for integrated commerce software and will exceed a $3B TPV run rate in 2011. Go to http://developer.ipcommerce.com to start your development project today.
About IP Commerce
Based in Denver Colorado, IP Commerce provides a Platform-as-a-Service (PaaS) which functions as an OS for commerce. The IP Commerce Platform enables developers to create customized, multi-channel commerce applications and payment workflows that allow retailers to support their customers across all touch points. IP Commerce enables customer-driven software companies to develop customized, scalable solutions for their most innovative retail partners that need new ways to create and enhance consumer relationships.
IP Commerce maintains partnerships with some of the world’s most respected financial institutions and software companies. Leading investors, including Meritage Funds, Venrock, Intel Capital, Fifth Third Processing Solutions, LLC, TTV Capital, and Iron Gate back the company. For more information visit www.ipcommerce.com
About Intel Capital
Intel Capital, Intel’s global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$10 billion in over 1,140 companies in 50 countries. In that timeframe, 191 portfolio companies have gone public on various exchanges around the world and 268 were acquired or participated in a merger. In 2010, Intel Capital invested US$327 million in 119 investments with approximately 44 percent of funds invested outside the United States and Canada. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.