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CORESense Closes Series A Financing Round
Enhanced Capital Partners Invests in Retail Management Software CompanySARATOGA SPRINGS, NEW YORK - FEBRUARY 3, 2004 - 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 countries 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. www.enhancedcapital.net
CORESense is a leading SaaS-based retail system company serving small to medium-sized specialty retailers in selling hard and soft goods including sporting goods, apparel and accessories, shoes and wine. Founded in 2000, CORESense's mission is to create a competitive advantage for SMRs by providing them access to a single, fully integrated multi-channel retail management system with the features and function needed to compete and win in today's demanding marketplace in a software-as-a-service delivery model that fits their business and their budget. The CORESense solution is the first and only SaaS-based retail management system that supports an entire retail business from brick-and-mortar retailing to ecommerce to merchandising and back office operations management to customer relationship management in one fully integrated web-accessible solution. It is the preferred retail management solution of small to medium-sizes retailers who need a powerful and fully integrated enterprse-grade solution to achieve their business goals. CORESense has offices nationally and is headquartered in historic Saratoga Springs, N.Y. For additional information about CORESense and our market leading solution visit us a www.CORESense.com or call (866) 229-2804.
"I was impressed at how CORESense was everything we needed in one solution. It wasn't necessary to piece together our business with software X doing this function, and software Y doing this other function."
"CORESense provides the tools, expertise and best practices to help us succeed. They are an amazing company and two steps ahead of the market with their features and functionality."