Processing .....please wait.. 
The article has been forwarded.... 
News >> Technology >>
Jai Shekhawat to raise $10-15 million 4th round
By siliconindia
|
Tuesday, 03 August 2004, 19:30 IST
CHICAGO: Fieldglass Inc., which offers vendor-neutral services procurement systems, plans to raise between $10 million and $15 million in a fourth round of financing, said Jim Holtzman, chief financial officer.
Fieldglass, which has released the fourth version of its Web-based application called InSite last week, said that it will use the proceeds of the round for sales and marketing. "The new version takes us to a full services capability," Holtzman said. It provides a single resource for the procurement and management of all services engagements of an organization.
"We have just started talking to VCs and we're hoping to close the round in September," Holtzman said, adding that previous investors will reinvest, but the company doesn't anticipate an internal round. "We're looking for the right partners, who could add value to the company."
Fieldglass was founded in 1999 by Jai Shekhawat, chief executive of the company. It has raised about $28 million to date, including a $17 million third round of funding that closed in August 2003. BlueStream Ventures, HLM Venture Partners, Prism Opportunity Fund, RBC Capital Partners and StarVest Partners invested in the round. The company declined to disclose its revenue and whether it is profitable.
InSite creates a secure and private marketplace between customers and selected suppliers for sourcing, delivering and managing third-party services, including contract labor and consulting projects.
InSite 4.0 can help companies manage engagement categories including administrative and temporary workers; IT consultants and IT projects; outsourced and offshore projects; professional services such as legal, accounting and marketing; hosted service providers; and facilities services such as janitorial, security and cafeteria.
Fieldglass claims it has built a client services organization that takes the basic platform and configures it to the requirements of individual customer business processes.
Chicago-based Fieldglass currently has over 50 employees. It has over 40 customers, including AIG-American General Verizon Wireless and Allstate Bank.