PITTSBURGH, Oct. 7, 2002 — Moai Technologies Inc., a leading provider of sourcing consulting services and technology-enabled sourcing solutions, today announced that it has secured a $1 million accounts receivable purchase line of credit with Silicon Valley Bank, a leading financial services firm serving emerging growth and mature companies in the high-tech and life-sciences industries. Moai will leverage the credit to develop and strengthen its alliance and technology partnerships, ensuring that its expanding e-Sourcing solution will provide leading-edge functionality for its customers, while continuing to integrate with ERP and supply chain systems of other providers. “With a new business model, a strong sourcing consulting practice, and new and improved partnerships, we believe that Moai will remain a leader in strategic e-Sourcing as the market continues to evolve,” said Michael White, market manager in the Bank’s San Francisco office. “We are excited to be a part of its growth.”
“Moai is thrilled to have established a relationship with the team at Silicon Valley Bank,” said Michael Kulmoski, Moai’s vice president of finance. “The Bank understands the technology-driven marketplace and can provide the support we need to grow — both now and in the future.”
To date, Moai’s customers have sourced more than $10 billion in goods and services and have saved in excess of $1 billion using the company’s e-Sourcing solutions. Moai expects that number to grow steadily as its partnership program expands.
“We believe that, in collaboration with our partners, we will be able to identify new and exciting opportunities for value generation through strategic e-Sourcing — in both cost savings and process improvements,” said Ramesh Mehta, CEO of Moai. “This funding will allow us to take the next step toward providing an even greater return on investment for our customers.“
For more information on Moai Technologies, its solutions or its partnerships, visit www.moai.com.
About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and mature companies in the technology and life sciences markets, as well as other targeted industries. Through its focus on specialized markets and its extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably contributes to its clients’ successes. Founded in 1983 and headquartered in Santa Clara, Calif., the Bank serves more than 9,500 clients across the country through 27 regional offices. More information on the Bank can be found at www.svb.com.
About Moai Technologies
Founded in 1996, Moai Technologies is a provider of sourcing consulting services and technology-enabled solutions that allow corporations and e-Marketplaces to realize the maximum savings possible through e-Sourcing. Moai’s solutions can be customized and scaled to meet the needs of large and mid-sized organizations, no matter where they are in their strategic sourcing process. Moai gives its customers the level of support and control they need through flexible deployment options and consulting packages. Moai also enables its customers to achieve greater productivity and profitability through thoughtful integration of spend analysis, sourcing management and contract management.
Moai has licensed its solutions to more than 145 customers in 18 countries from a variety of industries, including retail, manufacturing, forest products, chemicals and metals. Through strategic e-Sourcing, Moai’s customers have sourced more than $10 billion in goods and services, and have realized savings of more than $1 billion. Moai investors include market leaders such as Redleaf Group, Harbourvest Venture Partners, Hewlett-Packard, Intel, Merrill Lynch, Reuters and UPS. For more information, visit Moai online at www.moai.com.
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For more information, contact:
Ravi Ghai
Moai Technologies
412-968-5490 ext. 334
ravi.ghai@moai.com
Betsy Henbest
Skutski & Oltmanns
412-281-5656
ehenbest@skutski.com
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