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FacilityPro Relaunched as Prosero, Secures Additional Funding

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 company’s successful expansion of procurement outsourcing capabilities into a variety of new markets, including manufacturing, construction, utilities, services and real estate.

Atlanta, GA 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. “We’re 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 company’s 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 company’s 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 Prosero’s 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 company’s new name.
“The name Prosero better reflects our collaborative approach for identifying, producing and sustaining savings,” said Hall. “We’re 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.”