SAN FRANCISCO--- Evant Expands to Europe, Raises $15M New Venture Financing to Support Continued Growth
Evant, the leading provider of multi-channel planning and advanced replenishment solutions, announced its expansion into the U.K., which includes the opening of a London office and a $15-million Series-C round of venture financing led by two premier international VC firms GRP Partners (GRP) and 3i. Concurrent with the funding, Steven Dietz, partner at GRP, will join Evant's Board of Directors.
Founded in 1994, Evant sells application software that improves return on invested capital for retailers, wholesalers and distributors. Its three core offerings are Evant Demand Planning and Replenishment, Evant Merchandise Planning and Evant Enterprise Information Management -- a data synchronization solution. Evant's products are based on J2EE technology, which enable companies to maximize their IT investments across specific applications.
All of Evant's core investors, including Kleiner Perkins Caufield and Byers, Crosslink Capital, Altos Ventures and REI also participated in the round which will be used to facilitate Evant's growth into Europe and in expanding R&D operations in the US.
"3i and GRP are great additions to our bench of investors, giving us added expertise in the European and retail markets," said Bob Lewis, CEO of Evant. "GRP has a strong track record of funding companies and technology providers that have changed the retail landscape, such as Costco Wholesale, PETsMART, Starbucks and Overture Services. As a leading international VC firm, 3i's investment team has an outstanding track record of empowering early- and mid-stage software companies to succeed internationally."
"There is a sea change in the retail and distribution sectors, which is driven by new technologies and improved efficiency standards that have been established by market leaders," said Steven Dietz. "Consequently, large and small companies alike are retrofitting their IT systems to remain competitive, and Evant is well poised to succeed in this environment."
"There is a clear opportunity for a few emerging software companies to secure a leadership position in the retailer and supplier sectors, and we believe Evant will be one of them," said Kevin Scott, partner with 3i in Menlo Park. "Evant stands out because of its proven ability to deliver advanced industry science, next-generation platforms and many first-to-market applications such as multi-echelon and slow mover inventory management."
To seize the current European IT market opportunity, Evant established its first overseas office in London, and appointed Tim Thompson to lead the company's regional sales and marketing efforts. Tim brings over 15 years of experience in retail and distribution technology.
Compared to the United States, AMR Research believes that there is an equal or greater retail IT market opportunity in Europe, as there are many cases where the continent's leading retailers and distributors are likely to adopt advanced retail solutions, based on their earlier success with multi-channel retailing and other store-level technologies.*
About Evant, Inc.
Evant is leading the world's top multi-channel retailers, wholesalers and distributors into the new technological age by providing merchandising, replenishment and data synchronization software that frees up millions of dollars in working capital and enables greater competitive advantage. Clients such as Staples, O'Reilly Automotive, Lillian Vernon, Camping World and AmerisourceBergen and Edgepark Surgical choose Evant for its best-of-breed solutions that are based on the industry's most advanced science delivered on the IBM iSeries and J2EE platforms. The company is privately held and is headquartered in San Francisco. For more information, visit www.evant.com.
About GRP Partners
Founded in 1996, GRP Partners is a venture capital firm dedicated to financing solutions in outsourced business services, retail technology and financial services technology, including companies that are household names today such as Costco, Starbucks, PETsMART, Office Depot, Overture Services (acquired by Yahoo), and P.F. Chang's. With approximately $650 million under management, GRP Partners finances outstanding early-stage and late-stage companies that develop solutions meeting pressing customer needs. GRP's partners and investment professionals are based in Los Angeles and London. Visit GRP at www.grpvc.com.
About 3i
3i is a leading international venture capital company with U.S. offices in Menlo Park, CA and Waltham, MA. Operating since 1945, 3i has invested worldwide over $30 billion, including co-investment funds, with a total staff of 800 employees operating out of over 30 offices in 14 countries. 3i leverages this worldwide presence to add value to its portfolio companies and investment partners. In the United States, 3i concentrates on early and late stage technology investments in companies with the potential to be leaders in their markets. Outside the USA, 3i invests broadly in buyouts, growth capital and venture capital. Since opening its US businesses in 1999, 3i has become one of the most active early and late stage VCs in the US. Visit 3i and its portfolio at www.3ius.com.