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AMT
News
November
6, 2001
Press Release
Xign
Corporation Closes $20 Million in Series
B Funding
Xign Corporation, the leading provider of financial supply chain applications and services, today announced that it has closed $20 million in Series B funding. Leading this second round of funding was Financial Technology Ventures (FTVentures), which manages more than $600 million for many of the largest financial institutions in the world. Other investors participating in Series B funding included Matrix Partners, Charles River Ventures, RDM Corporation, and Charles R. Schwab.
The Xign Payment Services Network addresses the need to streamline the more than 40 billion annual business transactions in the U.S. that are settled via outdated, manual processes associated with paper invoices and paper checks. Representing more than 95% of business-to-business commerce, these transactions carry an average cost of $30 per transaction, according to Gartner Group estimates. Xign solutions offer the potential to reduce these costs by 50 percent and free up billions of dollars in excess working capital.
"Xign is the first provider of financial supply chain solutions we've seen with the vision and customer execution to capture this enormous market opportunity," said Scott Wu, partner at Financial Technology Ventures. "Their solution has the potential to revolutionize business-to-business payment and settlement and is well positioned to create tremendous value for the financial services industry."
"Raising this Series B funding in the current investment environment is a strong validation of our solution vision and customer execution," said Tom Glassanos, president and CEO of Xign Corporation. "We are especially delighted to receive this endorsement and backing from the seasoned and respected team at Financial Technology Ventures."
For
further information please contact:
Steve
Wasserman or the team at AMT Capital at,
email: info@amtcap.com
phone: 1-800-519-0533 or 212-877-1588
website: www.amtcap.com
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