Sabrix Secures $10.5 Million in Series C Funding to Accelerate Growth
SAN RAMON, CA - May 14, 2003 — Sabrix, a leading provider of global transaction tax management software and world class tax research, today announced it has received $10.5 million in Series C financing, led by Trinity Ventures, with participation by existing investors Mohr, Davidow Ventures (MDV) and Venture Strategy Partners (VSP), bringing the total capital invested in the company to $ 29.6 M.
The new funds come amidst solid growth and execution of key milestones in providing enterprise transaction tax management solutions to Global 2000 companies. Collectively, these investment partners have invested in Sabrix because of the company's broad market opportunity, customer- and partner-validated products, a seasoned management team, and proven performance in implementing enterprise tax solutions rapidly for its customers.
Recently, Sabrix announced customer wins with York International, a global manufacturing company, and Cisco, a leader in worldwide networking for the Internet. These customers represent global 2000 companies who have complex global businesses and who require an enterprise solution that manages global transaction taxes for multiple business applications. The company also announced it has achieved certified partner status in the Oracle® Partner Network which gives Sabrix access to additional Oracle resources, along with the ability to continue developing applications and advanced functionality.
Sabrix also released version 4.1 of The Sabrix Solution, in 1st half 2003, introducing the Financial Dashboard, which is the first and only global transaction tax solution available that helps companies comply with Sarbanes-Oxley Section 409, by providing real-time disclosure of all global transaction tax exposures. This allows financial executives to take one of the key steps towards Sarbanes-Oxley compliance for global transaction tax reporting requirements.
"Using this [Sabrix] application, the CFO and his or her team can strategically manage tax exposure, reduce cost of compliance, and manage penalty risk. Along the way, company profitability can improve and cost of capital can be reduced through accelerated cash flow," said John Hagerty in the AMR Research Alert, August 2002.
The funding will be used for continued expansion and execution in sales and market development efforts. "The second half of 2002 validated our product and market opportunity, and we are now very focused on execution," said Steve L. Adams, President and CEO of Sabrix. "We have a very real opportunity to help Global 2000 companies manage their global transaction taxes, facilitate strategic planning and optimization of transaction taxes, and ensure compliance in a business environment where real-time financial information and internal controls are paramount."
As part of the agreement, Trinity Ventures Managing Partner, Tim McAdam, will join Mohr Davidow's Bill Ericson and Venture Strategy Partners' Joanna Rees Gallanter as a member of the Sabrix board of directors.
"After studying the transaction tax category and looking at the various solutions, we are truly excited to have the opportunity to partner with Sabrix in this rapidly growing market. The company has architected a next generation solution that is scalable and highly differentiated. Sabrix' rapid customer validation speaks for itself," said Tim McAdam, General Partner of Trinity Ventures. "We are also impressed with the Sabrix management team. The domain expertise and market savvy of the senior executives is particularly suited to bringing this complex solution to market in trying economic times."
About Sabrix
Sabrix, Inc. is a leading provider of transaction tax management for companies of all sizes, enabling finance, tax, and IT professionals to achieve accurate, timely, and cost-effective compliance for sales tax, use tax, Value Added Tax (VAT), excise tax and industry-specific taxes and fees. The Sabrix Application Suite serves global enterprises such as Amazon.com, BASF, Cisco, DTE Energy, IBM, QUALCOMM, Sportsman’s Warehouse, and York International. The Sabrix Application Suite seamlessly connects to all financial applications requiring the determination, calculation, and recording of transaction taxes. The company also offers the Sabrix Managed Tax Service™ (MTS), an outsourced transaction tax compliance service that helps finance departments of small-and-medium-sized businesses eliminate the hassle, control their audit exposure, and reduce the total cost of sales tax, use tax, and VAT compliance. Sabrix MTS seamlessly integrates with a company’s existing accounting and e-commerce systems, and, similar to outsourced payroll services, operates as a trusted extension of a company’s finance department to address tax compliance from start to finish: address validation, tax rate maintenance, tax determination and calculation, returns preparation and filing as well as audit research and documentation. For more information, please visit www.sabrix.com.
About Trinity Ventures
Founded in 1986, Trinity Ventures ( www.trinityventures.com) is a value-added investor that provides capital, networks and resources to early-stage software, communications, and enterprise systems companies that offer critical infrastructure and services. Trinity's focus is to accelerate growth and improve the probability of long-term success for the companies in its portfolio by being an active, accessible partner. With more than $1 billion under management, Trinity Ventures has a proven track record of working in close collaboration with entrepreneurs to build lasting companies.
About Mohr, Davidow Ventures
Since its formation in 1983, Mohr, Davidow Ventures (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 possesses an extended team of experts, including the firm's partners and an active network of seasoned entrepreneurs. Together they focus on early stage investments while bringing years of real-world experience to accelerate each company's time to market and optimize its long-term success. Companies funded by MDV include Actuate, Agile Software, Brocade, Broadbase (now KANA), Freshwater Software (acquired by Mercury Interactive), and Rambus.. For more information, visit www.mdv.com.
About Venture Strategy Partners
Venture Strategy Partners ("VSP"), a San-Francisco based venture capital firm, was founded in late 1996 on the principle that strategic positioning and market development are crucial to the success of all technology businesses, i.e., "good marketing and sales always beat great technology". VSP invests in early-stage best of breed technologies and applies deep expertise in addressing market risk. Their internal and external teams of experts work alongside entrepreneurs to accelerate market development and position a company for long term success. Find out more at www.venturestrategy.com.
For press inquiries:
Kurt Foeller
Foeller Communications
sabrix@foellercom.com