Wednesday, May 7, 2008

Rearden Commerce ,the first web-based personal assistant for managing spending on business services has secured $100 million

What Company Is Offering:

Rearden Commerce makes life simpler by delivering an on-demand personal assistant that intuitively manages the everyday details of business and personal life. Just like a seasoned executive assistant, the Rearden Personal Assistant handles an impressive array of tasks and services, and delights users by considering their unique needs and personal preferences. The Rearden Personal Assistant is built on the Rearden Commerce(TM) Platform, which supports an ecosystem of more than 137,000 trusted merchants and third-party applications providers.

How Much They Got From VCs:

Rearden Commerce, Inc., creator of the first web-based personal assistant and a leading choice of CFO's for managing spending on business services, today announced that it has secured $100 million in funding from investors including JPMorgan Chase & Co. (NYSE: JPM) and American Express (NYSE: AXP) with participation from Oak Investment Partners and Foundation Capital.

This funding will be devoted to supporting Rearden Commerce's rapid expansion and development plans due to the widespread adoption of its user- friendly, web-based personal assistant. The company's growth plans include dramatically expanding its B2B penetration and ultimately delivering the Rearden Personal Assistant(TM) to the consumer space. Additionally, the company plans to rapidly scale its on-demand platform, which supports its online personal assistant, with new merchants and third-party applications providers.

"Rearden Commerce has produced a game-changing platform that not only delivers applications that make procuring services much easier for people, but helps companies achieve significant savings," said Fred Harman, managing partner of Oak Investment Partners. "Through its broad strategic partnerships with American Express and JPMorgan Chase, the company is in a great position to dramatically expand its user base and further develop its growing ecosystem of merchants and third-party application providers."

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