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Engineering Business News and Views
News Release from: Qimtek
Edited by the Engineeringtalk Editorial
Team on 19 January 2001
Big investment in production procurement
service
First Index has received $10.8 million in new investment from a consortium of leading UK and US venture capital funds, LMS Capital, Bessemer Venture Capital Partners (BVP) and Quester
First Index, a company that enables manufacturers to quickly and easily find suppliers and procure specialised custom-made engineering components via the internet, has received $10.8 million in new investment from a consortium of leading UK and US venture capital funds The consortium comprises LMS Capital, Bessemer Venture Capital Partners (BVP) and Quester
This article was originally published on Engineeringtalk on 28 Sep 2004 at 8.00am (UK)
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With an internet-based product already showing rapid growth and a profit in the UK and USA, the software company will use the funds in two ways; besides developing a raft of new e-procurement services it plans to substantially expand its existing business in the USA and to swiftly penetrate new continental European markets.
Two additional non-executive directors will join the board of First Index as it enters its new growth phase.
They are Michael Bennett of LMS Capital and Felda Hardyman from Bessemer.
more/- Michael Bennett of LMS Capital said: "First Index has developed an industry-leading sourcing service through a close understanding of customer and supplier requirements for custom-made parts.
We believe First Index has developed a highly successful business model that offers real value to both buyers and suppliers.
This has been reflected in transactions already measured in billions of dollars a year, a performance that exceeds most B2B exchanges." For First Index, the company's founder, Hans Wigart, said: "The automated sourcing service we were first to offer is based on an existing and highly successful product that lends itself perfectly to online operations.
The internet could have been designed for the service and we are already experiencing significant demand since launching the online version, based on popular Microsoft technology.
By expanding our international presence and by keeping abreast of the latest technological developments, we can stay at the forefront of this growing market sector.".
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