TORONTO, Ontario -- Necho® Systems, the world-class specialist in web-enabled travel and entertainment
(T&E) expense processing solutions for the enterprise, today announced that it
has secured a $2.5 million investment from GATX/MM Venture Finance Partnership.
The current funding coupled with previous investments received from other long-term
investors and Necho's strategic reseller relationships, will allow Necho to further
promote NavigatER as the leading T&E processing solution. NavigatER provides businesses
with an automated solution that streamlines expense processes, reduces overall
expenditures and offers employees better service, convenience and ease of use.
Necho will use the proceeds of the investment to more rapidly market and deploy
its NavigatER solution as well as to launch its new smaller company solution directly
targeted to the smaller company market (companies with less than 250 users). Additionally,
Necho will also use a portion of these funds to move to larger facilities in Q1/2001.
"We are very excited to have GATX/MM Venture Finance Partnership come on board.
Their outstanding reputation as a leading technology investor and their network
of relationships will be invaluable to Necho. Additionally, GATX/MM Venture Finance
Partnership is demonstrating a strong commitment to assist Necho with the growth,
future development and acceptance of its flagship T&E solution, NavigatER" said
Scott Anderson, President, Necho Systems Corp. "This investment will help to more
quickly propel Necho and the acceptance of NavigatER. It will also allow us to
expand our overall market presence and rapidly penetrate the huge small company
Necho is poised to take advantage of the exponential growth for T&E automation,
which is expected to reach $7.5 billion by 2005", said Greg Connor, Partner, MM
Venture Partners. "We are confident that Necho's NavigatER solution is going to
be the pre-eminent solution within the industry".
NavigatER is a truly flexible solution that is easy to integrate, deploy, implement
and use. Necho's NavigatER also significantly reduces corporate expense management
costs. Completely Web-based, employees simply log-in to the system-from their
office desktops, via their Web browsers from anywhere in the world or in remote
mode while travelling-and create their expense reports in a familiar Windows-like
environment. Finally, NavigatER boasts on-the-fly configuration in accordance
with organizational policies instead of actual software customization and offers
easy maintenance-free administration.
About Necho Systems Corporation
Necho Systems Corp. is the world class specialist in Travel and Entertainment
(T&E) expense processing solutions for the Internet. Easy to integrate, deploy,
implement and use, Necho's NavigatER also significantly reduces corporate expense
management costs. Since 1995, Necho's mission has been to develop and offer best
of breed T&E expense processing solutions that help organizations reduce costs,
streamline their internal processes and offer increased satisfaction to employees.
NavigatER, a market-leading, Web-based travel and entertainment (T&E) expense
processing solution has turned the mission into reality. Industry-leading technology
companies have selected NavigatER as their T&E solution of choice, fully integrating
it into their broader business processing suites for complete resale and support.
Necho is headquartered in Toronto, Canada with offices across North America. For
further information please visit www.necho.com
About MM Venture Partners
MM Venture Partners is the General Partner of the $150 million GATX/MM Venture
Finance Partnership. This privately held venture capital fund focuses exclusively
on public and private technology companies in Canada. MM Venture Partners has
focused specifically on a niche in the capital markets by providing venture debt
financing to Canadian information technology and biotechnology companies. The
fund's partner, San Francisco based GATX Capital Corp., is a global diversified
investor. For further information please visit www.mmvp.com
For more information, please contact:
Necho Systems Corporation
Lucy Ventresca, Communications Manager
MM Venture Partners
Greg Connor, Partner