Tibersoft Corporation, Inc., the world’s leading developer of business-to-business electronic commerce solutions for the foodservice industry, announced it has received $11.5 million in strategic backing. The majority of capital and operational support comes from Internet Capital Group (ICG), (NASDAQ:ICGE), a leading business-to-business (B2B) e-commerce company. StarVest Partners, L.P., a New York City-based venture capital firm that invests in business-to-business companies lead the financing round. Tibersoft will use the multi-million dollar capital infusion to fund continued product development, sales, marketing and operational expenses associated with its significant corporate growth.
Since its inception in 1996, Tibersoft has continued to lead the foodservice industry with integrated, high velocity supply chain solutions, optimized for foodservice distribution. Sysco, one of the largest distributors of food products in North America, with annual revenues of $17 billion, recently adopted the Tibersoft solution.
Tibersoft’s TiberNet(TM), is a proven extranet application suite, which integrates seamlessly with multiple back-office systems, using the power of the Internet to connect distributors and foodservice operators in real-time.
“Tibersoft has entered a new growth phase,” said Christopher Martin, president and CEO of Tibersoft, “and this financial, strategic and operational support represents an important milestone. It will enable us to secure our position at the forefront of companies implementing Internet-based e-commerce solutions and grow our commitment to a network that brings significant value to both distributors and operators.”
“ICG has recognized Tibersoft as an early leader in providing e-commerce solutions to the highly fragmented foodservice distribution market,” said Chris Greendale, managing director at ICG. “We believe as a partner company within ICG’s e-commerce network, Tibersoft can sharpen its competitive edge by accessing ICG’s B2B e-commerce expertise in areas such as marketing, technology and management recruiting. Tibersoft will also complement other companies in the collaborative ICG partnership network.”
About Tibersoft Corporation
Tibersoft Corporation, Inc. provides the vision, software, network and supply chain experience for foodservice distributors and operators to compete in today’s competitive business environment. Tibersoft’s TiberNet suite offers an e-commerce ordering, reporting and tracking solution, which incorporates sophisticated business intelligence tools. TiberNet delivers content rich media, heightened interactivity and business-to-business Internet-based communications in ways that magnify and expand the power of the e-commerce experience. Tibersoft Corporation, Inc. is a privately held company headquartered in Westborough, MA.
About Internet Capital Group
Internet Capital Group is an Internet company actively engaged in business-to-business e-commerce through a network of partner companies. It provides operational assistance, capital support, industry expertise, and a strategic network of business relationships intended to maximize the long-term market potential of more than 60 business-to-business e-commerce partner companies. Headquartered in Wayne, Pa., Internet Capital Group has offices in San Francisco, Boston, Seattle and London.
About StarVest Partners
StarVest Partners, L.P., headquartered in New York City, is a $150 million venture capital partnership established to invest in business-to-business e-commerce, outsourced business services including network and system integrators and web-related information technology companies.