Rearden Commerce Announces Acquisition of Ketera Technologies
Foster City, CA — December 1, 2010 — Rearden Commerce, a next-generation eCommerce platform company, today announced it has acquired Ketera Technologies, a company focused on transforming corporate buying and selling via the Ketera® Network, an online spend management solution and business community of nearly 1,000,000 companies.
“We aim to redefine eCommerce with the addition of the Ketera Network to our platform,” said Patrick Grady, Founder and CEO of Rearden Commerce. “We believe that for the first time, a single company can deliver a comprehensive offering of both goods and services to businesses and consumers. The marriage of these two solutions will be game changing not only for procurement, finance and travel professionals, but for anyone who does business on the web. Now, companies will have a single solution enabling them to efficiently and accurately enforce corporate policies and govern spend across T&E, business services and supplies.”
The Ketera Network streamlines the entire source-to-pay process with capabilities that include sourcing, contract management, procurement, invoicing and spend analytics. In addition, its public marketplace, supplier discovery and marketing tools are designed to help sellers grow their business.
According to Steve Savignano, Chairman and CEO of Ketera Technologies, “Uniting our complementary solutions should enable our customers to intelligently manage all non-payroll indirect spend and significantly grow this active business community with new capabilities, new members and new consumers.”
“I am pleased that Ketera Technologies is now part of Rearden Commerce,” said Ted Schlein, Managing Partner, Kleiner Perkins Caufield & Byers and a member of the Board of Directors of Ketera Technologies. “The company has the vision, technology and distribution to redefine eCommerce. Ketera’s outstanding procurement solution and the Ketera Network add substantial value to the Rearden Commerce platform and will certainly accelerate its growth and power in the spend management sector.”
Effective immediately, Ketera Technologies is now part of Rearden Commerce.
About Rearden Commerce, Inc.
Rearden Commerce, a next generation eCommerce platform
company, offers applications, services, content and powerful personalization
capabilities that enable relevant and meaningful transactions. The company
connects millions of consumers and more than 7,000 business customers
across every market segment to more than 160,000 suppliers. Rearden
Commerce solutions deliver a new approach to spend management in the travel,
procurement and finance sectors. The solutions are distributed globally by
over 60 strategic partners including American Express, JP Morgan
Chase, Paychex and most leading travel management companies. Rearden Commerce has headquarters in Foster
City, California and has offices in Secaucus, New Jersey and Wooster, Ohio.
For more information, visit http://www.reardencommerce.com.
