February 24, 2004
- Waltham, MA
BuyerZone.com, the leading online marketplace for B2B purchasing, announced today that new investor Bessemer Venture Partners and existing investor Commonwealth Capital Ventures bought an ownership stake of the company via an acquisition of outstanding shares.
With more than a billion dollars under management and an investment portfolio that includes Ciena Corporation, Gartner Group, HotJobs, Staples, The Sports Authority and Verisign, Bessemer Venture Partners is a top-tier venture capital firm with experience in investing in high-growth companies since 1911. Bessemer’s expertise in taking companies to the next level of growth will be a welcome addition to BuyerZone.com’s Board of Directors as the company looks to grow aggressively.
“We’re thrilled to have Bessemer join our group of investors,” stated Sam Zales, President and CEO of BuyerZone.com. “Their knowledge of the e-Commerce space will undoubtedly help us achieve our long-term goals for the business.”
Duncan McCallum, General Partner for Bessemer Venture Partners and a former BuyerZone.com board member, will re-join BuyerZone.com’s Board of Directors on behalf of Bessemer. Other Board Directors include Michael Fitzgerald of Commonwealth Capital Ventures, William Haylon of TCHayles & Company, Dan Holland of Flagship Ventures and Mie-Yun Lee and Sam Zales of BuyerZone.com.
"For several years now, I have been keeping a close eye on BuyerZone.com’s growth,” stated Duncan McCallum. “My colleagues and I agreed that the time is right for us to become a shareholder in this remarkably growing, profitable business."
"We have been very pleased with BuyerZone.com’s consistent and focused growth under Sam Zales’ leadership,” stated Michael Fitzgerald, General Partner and Founder of Commonwealth Capital Ventures. “We took this opportunity to increase our stake in their bright future.”
BuyerZone.com is coming off of a very impressive year. The company was named to Deloitte & Touche's "New England Technology Fast 50" for the second consecutive year in September 2003, and it surpassed its one millionth Request for Quote (RFQ) in July 2003– two major milestones for the B2B e-procurement leader. The company is continuing on its financial success as well, completing its sixth consecutive quarter of profitable results. Press releases covering BuyerZone.com’s successes in 2003 can be seen here.