DispenseSource Raises $13.75 Million in New Capital
IRVINE, Calif., January 31, 2006 – DispenseSource, Inc., a leading provider of inventory management solutions for the industrial market, announced today the closure of a $13.75 million financing round. Inverness Capital Partners and The Argentum Group join previous investors Mission Ventures and InnoCal Venture Capital in this round of funding.
In 2005 DispenseSource revenues increased over 300 percent by closing multiple large enterprise contracts,” said Anton Visser, president and chief executive officer of DispenseSource. “This investment will allow us to broaden the reach of our comprehensive MRO management solutions and continue to deliver the mix of technology and outsourced services that our customers require.”
Dan Bassett, managing director of InnoCal, an existing investor, attributes the tremendous growth DispenseSource achieved in 2005 to “the company’s unique integration of technology, people and processes. We’re pleased that funds will now be available to expand development, marketing and sales initiatives to further accelerate the growth of the company.”
“The combination of DispenseSource’s integrated manufacturing MRO expertise and market share made it a very compelling investment opportunity,” stated Skip Maner, managing principal of Inverness Capital Partners. “The company’s ability to apply technology to the management of indirect goods resolves an often overlooked problem on the plant floor for manufacturers.”
About DispenseSource, Inc.
Established in 1999, DispenseSource is a leader in providing inventory management solutions for the industrial marketplace, specifically in the area of maintenance, repair and operations (MRO). The company’s solutions help companies decrease consumption, reduce labor, streamline the re-order process and provide total inventory visibility, all while providing users with a steady flow of supplies needed to perform their jobs. DispenseSource has established a strong installed base in many Fortune 500 companies throughout the United States, Canada and Mexico.