May 21, 2013

June 05, 2003 09:59 AM Eastern Daylight Time LAKE SUCCESS, N.Y.--( BUSINESS WIRE )--June 5, 2003--White Amber, which automates how companies hire and manage temporary contract employees, has secured more than $4 million in funding from all four of its principal investors. This round confirms White Amber's position as a front-runner in the fast-growing market for streamlining the time-intensive business of human capital management. In the past 12 months, White Amber grew its revenues three-fold, developed multiple strategic partnerships with leading supplier firms, and brought on a seasoned executive team. All of its current investors, including Infinity Capital, RRE Ventures, Venrock Associates and Wachovia Strategic Ventures, are increasing their commitments. The funds will be used to continue to expand the categories of services that White Amber addresses. Major initiatives include developing a complete data warehouse for customer use, an advanced e-assessment capability of suppliers and candidates, and expansion into the RFP process for new service categories, including offshore projects. White Amber's solution combines a dedicated team of labor management experts with Web-based software to help companies save millions of dollars yearly on contract labor costs by ensuring positions are filled at the most cost-effective rates, reducing administration and providing enterprise-wide reporting for a comprehensive perspective. The contract labor market continues to be a vital source of key personnel for many companies that rely on temporary labor to meet sudden peaks in demand. Typically, White Amber customers realize 12-20 percent savings within the first six months. As a result, the company, which was founded in 1999, has an extremely strong following in the two biggest markets for contract labor: financial services and energy. "Managing human capital is a notorious money-leak for most large corporations," said Stuart Ellman, of RRE Ventures. "White Amber solves that problem - with market-proven technology, a blue-chip customer base and an extremely capable management team. " David Hathaway of Venrock Associates added, "White Amber has achieved consistent revenue growth and we are pleased to have an opportunity to continue financing this growth. " President and CEO Louis Cofini, who joined the company this January, heads White Amber's new management team. Cofini taps more than 16 years of industry expertise to ensure White Amber's solutions continue to anticipate and meet evolving market needs. Other new members of the team include Michael Cruz, EVP of customer operations and marketing, Gary Schofield, SVP of sales and Thomas Goff, SVP of technology. Each brings between 15 and 25 years of domain expertise to continue to drive the company's progress. White Amber's team combines the best talent from Human Capital Services Management players such as CascadeWorks, Elance, IQ Navigator and Chimes. Each has been attracted to White Amber because of the depth of its offerings and strong customer base. "Our clear and rapid return on investment to our customers resonates well, especially in this challenging economy," said Cofini. "We're gratified to have such a talented team of committed investors, who've been involved in this market from the beginning. " About White Amber White Amber's workforce management solution helps large companies manage all aspects of the sourcing process for a wide range of services, delivering significant cost savings and improving the return on outsourcing strategies. The company's human resource management experts and patent-pending Web-based technology combine to streamline every step of the process, from vetting suppliers and negotiating contracts to matching the right jobs to the right vendors. Its proven methodology benefits both parties, ensuring prompt payment to vendors and delivering comprehensive records and analysis that drive best practices in contingent labor spending for corporate customers. Based in New York, the company can be reached at www.whiteamber.com . About Infinity Capital Infinity Capital ( www.infinityllc.com ) is an early stage venture capital firm focused on building companies in the software, communications, semiconductors, and Internet infrastructure and enabling technologies. With $400 million under management and investments in over sixty companies, the Infinity Capital investment managers have created value in leading-edge technology companies such as Aurum (acquired by Baan), Exodus Communications, E.piphany, LightLogic (acquired by Intel), and Amber Networks (acquired by Nokia). About RRE Ventures RRE Ventures a New York-based venture capital firm, was founded in 1994 by Jim Robinson III, Jim Robinson IV and Stuart Ellman. RRE invests in entrepreneurial information technology companies, placing special emphasis on software, communications and related enterprises that can become industry leaders in rapidly growing markets. With over $600 million under management, RRE combines significant capital resources with managerial, financial and technical experience and corporate contacts to create value for its portfolio companies. The firm leverages these assets to establish business and financial relationships, provide strategic direction and develop both domestic and international sales and marketing opportunities. RRE has helped build over sixty companies, including WatchGuard (WRGD), Vastera (VAST), Ember, e-Duction, Frictionless Commerce, MontaVista, ReefEdge and Vocera. About Venrock Associates Venrock Associates was founded as the venture capital arm of the Rockefeller Family and continues a tradition of funding entrepreneurs that now spans more than six decades. As one of the oldest venture firms in the United States, Venrock maintains a tradition of collaboration with talented entrepreneurs to establish successful, enduring companies. Venrock activities have focused on early stage companies in Information Technology and Healthcare with investments in Intel, Apple, CheckPoint Software, Stratacom, DoubleClick, Visual Networks, Millennium Pharmaceuticals, Sepracor, and Caliper Technologies. About Wachovia Strategic Ventures Wachovia Strategic Ventures group ( www.wachovia.com/strategicventures ) invests in companies that provide innovative products and services that fill a real and current need for Wachovia. The group invests in enabling technology that offers substantial operating efficiencies or generates incremental revenue to any of Wachovia's business units with a current focus on regulatory compliance and risk management software, infrastructure and networking software and security, CRM infrastructure and analytics, and business performance monitoring. Wachovia Corporation (NYSE: WB - News), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $348 billion and stockholders' equity of $32 billion at March 31, 2003. Wachovia is a leading provider of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com. White Amber and the White Amber logo are registered trademarks of White Amber, Inc. All other trademarks, registered trademarks, and trade names contained above are the property of their respective companies. Contacts