CORESense Closes Series A Financing Round
CORESense, a leading provider of retail management software, today announced the closing of its Series A financing round. Enhanced Capital Partners, a firm that specializes in investments in emerging companies, was the primary financial contributor. Robert Dennen, Managing Director at Enhanced Capital Partners, has joined the CORESense Board of Directors.
"Enhanced Capital is excited to be providing the first outside capital to fuel CORESense's growth," said Dennen. "With our New York focus through the Certified Capital Company (CAPCO) Program we were able to identify and track their progress early on. We have also been able to introduce them to experienced software executives that became excited about CORESense and have joined the company as employees and advisors."
CORESense is meeting a growing need among small- and medium-sized retailers for an agile and flexible software package that supports aggressive and innovative multi-channel sales strategies. With CORESense, retailers can easily manage products and customers across Point of Sale, eCommerce, eBay and other channels through a single integrated system -- reducing the overhead and administrative burden usually associated with the management of multiple channels. Beyond its many unique features, CORESense solutions leverage open source technologies, which contribute to the system's high performance, low total cost of ownership and rapid return on investment. CORESense software is available to customers on a licensed or hosted (ASP) basis, and can be deployed rapidly. The hosted service model enables small- and medium-sized companies to add Fortune 500-class business-management software at a reasonable price.
"We are excited about the opportunities this relationship creates for CORESense," said Jason Jacobs, CEO of CORESense. "The timing is right. After achieving profitability two years running and with confidence in our country's economic recovery, the additional funding will be used to expand our sales and marketing efforts and fuel business development objectives with strategic partners."
"We think CORESense is well positioned to achieve dramatic growth in a large and as yet underserved market," noted Dennen. "Online commerce continues to grow at a healthy pace fueled by multi-channel retailers of all sizes. CORESense has a superior software product which meets the needs of small and medium-sized retailers that are increasingly looking to sell through all possible channels."
In addition, Richard C. Giordanella and John C. Cavalier also have joined the Board of Directors at CORESense. Mr. Giordanella is a 25-year industry veteran that has led several successful software companies as president and CEO, including Ross Systems and Datalogix, both of which had successful IPOs. Mr. Cavalier is the former CEO of six software companies, including the Antares Alliance Group, a Dallas-based application development tool manufacturer jointly owned by EDS and Amdahl Corporation. Cavalier has also served as vice president and general manager for the Apple International division of Apple Computer, Inc., responsible for the Americas, Far East and Africa.
"We are in the enviable position of having a company whose people, products and market opportunity can attract talented and experienced executives such as Richard and John," concluded Jacobs.
New York's CAPCO program is designed to spur the growth of businesses and employment in New York State by providing tax credits and other incentives for local companies.
About Enhanced Capital Partners
Enhanced Capital Partners, LLC, is a national investment firm specializing in state-specific investments in small and emerging companies while adhering to a mandate tailored for a local investment approach. Enhanced Capital manages Certified Capital Company (CAPCO) program funds of over $75 million through its funds in New York, Colorado, Louisiana and Alabama.
About CORESense
CORESense is a leading provider of end-to-end retail management software for companies with multi-channel sales strategies. CORESense solutions automate every aspect of the sales process -- including sales channel management, inventory and supply chain management, order fulfillment, customer relationship management, marketing and analytics -- to help companies increase revenues and reduce operating costs. CORESense is unique for its innovative scalable architecture, its foundation of open source technologies, and comprehensive retail functionality in a truly web based application. CORESense achieves a level of integrated functionality that delivers measurable bottom line results like no other system on the market. CORESense was founded in 2000 and has its headquarters in Saratoga Springs, New York.