Effective immediately, Ketera Technologies is now part of e-commerce platform company Rearden Commerce.
Terms of the deal were not disclosed.
Ketera aims to transform corporate buying and selling via the Ketera Network, an online spend management solution and business community of nearly 1 million companies.
Patrick Grady, founder and CEO of Rearden Commerce, commented on the acquisition thusly:
“We believe that for the first time, a single company can deliver a comprehensive offering of both goods and services to businesses and consumers. The marriage of these two solutions will be game changing not only for procurement, finance and travel professionals, but for anyone who does business on the web.
Rearden Commerce has raised a whopping $240 million in venture capital to date, and we’ve tipped them as an IPO candidate before (for 2010, admittedly, and it hasn’t happened yet).
Ketera had raised $14 million from notable investors such as Kleiner Perkins Caufield & Byers, DAG Ventures, American Express and Foundation Capital. Its founding CEO is Stephen Savignano, former vice president of AOL.
The Ketera Network TM transforms business buying and selling by integrating an enterprise-class spend management solution and an active community of 250,000 business buyers and suppliers that have transacted over $4 billion in spend and actively collaborate to improve results. Using the Ketera Network, the procurement organization can improve the efficiency and effectiveness of their entire source-to-pay process with its enterprise-class spend management capabilities that includes sourcing, contract management, procurement, invoicing and spend analytics. In addition, the Network’s supplier...
Rearden Commerce, creator of the Deem™ commerce platform, is transforming commerce on behalf of buyers and sellers. Through a suite of interoperable smart applications, the Deem platform is designed to leverage big data, analytics and semantics technology to optimize the exchange of goods, services, and information with personalization and repeat value to drive customer loyalty. Deem is distributed globally by more than 40 strategic partners including American Express and JPMorgan Chase — connecting millions of consumers and over 35,000...
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