Leader in Sales and Use Tax and VAT Management Further Expands into
Mid-tier, Industry-specific, and International Markets
SAN RAMON, Calif. – June 21, 2006 – Sabrix, Inc., the leading provider of Consolidated Transaction Tax Management™ applications, has successfully secured $13 million in equity funding. New investor GKM Ventures led this Series D round, with return participation by current investors, including Mohr Davidow Ventures (MDV), Trinity Ventures, and VSP Capital. Funds will be used to fuel the company’s continued growth and to expand Sabrix’s offerings in the mid-market, in specific industry verticals, and in international markets.
"Sabrix has achieved significant traction in the tax software space and redefined the way transaction tax management is done," said Bill Ericson, general partner with MDV. "Sabrix has performed exceptionally well against incumbent tax automation providers in the enterprise space and has a relentless drive to succeed. The company now has the opportunity to extend its products and services to new markets as well as companies of any size. We remain committed to impacting Sabrix’s long-term success and are pleased to be a returning investor in this round."
"At GKM Ventures, we are focused on building companies of lasting value and look for opportunities where there is a strong management team, highly differentiated products and services, a proven track record in the marketplace, and the potential for significant market expansion," stated David Stastny, managing director, GKM Ventures. "We believe that Sabrix meets that precise profile and are pleased to participate with Sabrix’s existing investors in this follow-on round."
Sabrix is experiencing continued growth due to an ever-increasing demand for its applications and services to manage corporate transaction taxes, such as sales tax, use tax, and VAT. Sabrix has captured the attention of some of the largest companies in the world and is also experiencing increased demand from the mid-market. This round of financing will allow Sabrix to invest heavily in the ongoing enhancement of its product portfolio to continue delivering its market-leading products and services to companies of all sizes.
"We are fortunate to have such an experienced and committed group of investors supporting Sabrix," added Steve L. Adams, president and CEO of Sabrix. "This latest round of funding further validates our vision and innovation as well as our execution to date. The consolidated transaction tax management approach we pioneered in 2000 is helping tame the challenge of tax compliance in companies ranging from the Fortune 100 to high-growth, mid-sized organizations. This new round of funding provides additional resources to further expand market share in both new and existing markets both domestically and internationally."
About Sabrix
Sabrix is the leading provider of Consolidated Transaction Tax Management software and services, enabling tax and IT professionals to manage sales, use and VAT with consistent accuracy, control, and efficiency. Sabrix's Transaction Services-Oriented Architecture™ provides a consistent way to determine, calculate and record any transaction-related tax to manage compliance and optimize cash flows, for a single application or on a global scale. The company's customers include BASF, Cendant, Cisco, DTE Energy, IBM, QUALCOMM and York International. Founded in 2000, Sabrix is based in California, with operations in North America and Europe. For more information, go to www.sabrix.com.
About GKM Ventures
GKM Ventures, with offices in Los Angeles (HQ) and Menlo Park, is a leading venture capital fund investing $1.5 to $5 million in rapidly growing technology companies located in California and the Western U.S. Our industry preference spans several growth sectors: communications, enterprise software and IT services, semiconductors and digital media. Representative investments include Advanced Data Exchange, Ellie Mae, Oxford Semiconductor and Syntricity. For more information, visit www.gkmventures.com.
About MDV-Mohr Davidow Ventures
MDV invests in innovative entrepreneurs with deep expertise in energy and materials, life
science, software and Internet services, networking and semiconductors. Since its formation as
an early stage venture capital firm in 1983, MDV has built a reputation among entrepreneurs as a
partner by taking a hands-on approach to investments and working skillfully to architect and build
successful companies. MDV partners and the firm's extended network of industry experts bring
years of real-world experience to accelerate each company's time to market and optimize its
long-term success. Some MDV funded companies that have gone public or were acquired
include: Agile; Auspex; Broadbase (KANA); Brocade; Epigram (BRCM); FormFactor; Freshwater
Software (MERQ); Ipsilon Networks (NOK); Kalpana (CSCO); Numerical Technologies (SNPS);
ONI Systems (CIEN); Pivotal Technologies (BRCM); Rambus; Vantive; Vitesse; and Zip2
(AltaVista). The firm has $1.4 billion under management. For more information visit
www.mdv.com, an early stage venture capital firm.
About Trinity Ventures
Founded in 1986, Trinity Ventures is a value-added investor that provides capital, networks and
resources to early-stage software, Internet services, communications and networked systems
companies. With more than $1 billion under management, Trinity Ventures has invested in and
worked closely with leading companies such as Blue Nile, Crescendo Communications, Extreme
Networks, Forte Software, LoopNet, SpeedEra Networks, Starbucks and Sygate. Trinity Ventures
has offices in Menlo Park. For more information visit www.trinityventures.com.
About VSP Capital
VSP, a San Francisco-based venture capital firm, invests in early-stage companies helping build sustainable, high-growth businesses through active partnership and positioning. Founded on the belief that the value of technological innovation is only maximized through a defined positioning in the marketplace, VSP’s internal and external team of experts work alongside entrepreneurs to establish category and brand-leadership. Investments include: ZipRealty (NASDAQ:ZIPR), QuinStreet, Danger, Mirra and Oddpost (Yahoo!). Find out more at: http://www.venturestrategy.com.
###
Sabrix, Consolidated Transaction Tax Management and Transaction Services-Oriented Architecture are trademarks of Sabrix, Inc. All other names are trademarks or registered trademarks of their respective holders.
Media and Analyst Contact:
Jill Dornan
+1-503-262-6505
jill.dornan@sabrix.com