FacilityPro, a leader in procurement outsourcing services, today announced a new company name and the completion of a $4 million round of funding. Existing investor Austin Ventures and a new investor, River Cities Capital Funds, split the round evenly. FacilityPro announced its new name, Prosero Incorporated, highlighting the companys successful expansion of procurement outsourcing capabilities into a variety of new markets, including manufacturing, construction, utilities, services and real estate. Atlanta, GA (PRWEB) January 21, 2004 -- FacilityPro, a leader in procurement outsourcing services, today announced a new company name and the completion of a $4 million round of funding. Existing investor Austin Ventures and a new investor, River Cities Capital Funds, split the round evenly. Edward McCarthy, Principal of River Cities Capital Funds, will join the Board of Directors. Ken DeAngelis, General Partner of Austin Ventures, remains on the Board.Our growing customer portfolio proves we possess a truly distinctive combination of process, technology and talent in the procurement outsourcing market, said Larry Hall, president and chief executive officer of FacilityPro. Were delighted with the support of our investors and their desire to help us grow the business more aggressively. Ed McCarthy possesses extensive experience as a director and represents a tremendous addition to our board moving forward. FacilityPro announced its new name, Prosero Incorporated, highlighting the companys successful expansion of procurement outsourcing capabilities into a variety of new markets, including manufacturing, construction, utilities, services and real estate. The name Prosero was created by combining the pro from the word procurement and the Latin word sero, meaning to join together. A new logo and tagline partners in procurement emphasizes the companys collaborative approach with customers in executing outsourced procurement relationships. We have supported FacilityPro throughout its evolution from an e-procurement startup to a mature procurement outsourcing company and are excited about its growth potential in the burgeoning business process outsourcing (BPO) marketplace, said Ken DeAngelis. We have the utmost confidence with the management team of Prosero and its ability to deliver outstanding results.We believe that procurement outsourcing is on the threshold of finding broad acceptance within the marketplace, similar to what has occurred within human resources and information technology, and we were especially impressed with Proseros customer traction in recent months, said Ed McCarthy. We see a bright future for this segment based upon the market demands for continued improvements in cost efficiencies across all operating areas of an organization. The new funding will support the ramp up of several new Prosero procurement outsourcing customers and will expand sales and marketing activities, including the launch of the companys new name.The name Prosero better reflects our collaborative approach for identifying, producing and sustaining savings, said Hall. Were establishing long-term customer relationships involving strategic sourcing and the deployment of contracts that require a strong partnership for the successful achievement of lasting financial results.About ProseroProsero, formerly FacilityPro, is a leader in procurement business process outsourcing for Fortune 1000 companies. Prosero offers a comprehensive and integrated set of procurement processes, technologies and people, organized as a Procurement Center of Excellence to manage all aspects of a corporations expenditures. Clients can outsource individual components of the Center of Excellence including strategic sourcing, contract deployment and compliance management. Prosero rapidly identifies and removes costs from an organization, and sustains those cost savings over time, resulting in improved profitability and shareholder value for customers in the manufacturing, real estate and service industries. For more information call 678-731-8544 or visit www.prosero.net.About Austin VenturesAustin Ventures has been working with talented entrepreneurs to build valuable companies since 1979. With $2.4 billion under management, Austin Ventures is the most active venture capital firm in Texas, and one of the most established in the nation. With a focus on business services, computer and communications hardware, and enterprise software, Austin Ventures invests at all stages of company development, from $100,000 planned experiments to $50+ million investments in management buyouts. Visit www.austinventures.com for more information.About River Cities Capital FundsRiver Cities manages $300 million in venture capital. The funds are concentrated on investments in the Midwest and Southeast, with offices in Cincinnati, OH and Raleigh, NC. The Funds` nine portfolio managers focus on middle and late stage companies in sectors including outsourced business services, healthcare services, retail/consumer, telecommunications and technology based manufacturing. For more information, please go to www.rccf.com.
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