Supply Chain Software Firm Intervolve Raises $2 Million, Adds Three New Executives

Posted 12:49 p.m. Apr 25, 2006 — Updated 12:49 p.m. Apr 25, 2006

RALEIGH, N.C. — Intervolve

, a developer of supply chain software, has landed $2 million in additional funding and added three new executives to its management team.

NC IDEA and Sanoch Management led the investment round in the Raleigh based firm, which employs some 30 people.

As part of the deal, Bill Neal, the chairman of Research Triangle-based NC IDEA, will join Intervolve's board.

Seventy percent of the funding will be used for product development and to accelerate customer implementations, Intervolve said.

"The growth opportunity for Intervolve's consumer goods supply chain software is substantial, and NC IDEA is pleased to support Intervolve's growth," said Neal, a former software executive with Broadway & Seymour. "What truly stands out about Intervolve is that the company is much more advanced than most companies are at its stage of development. Intervolve has a clear strategic vision, its products are better than anything in its market, it has an established customer base, and it has a strong management team."

Sanoch Management is an angel investment firm based in New York.

"Intervolve's core competency is delivering innovative on demand solutions to the consumer goods market, and this round will help us achieve even greater success.," said Chris Newton, chairman and chief executive officer of Intervolve.

Joining Intervolve's management team are:

Steve Paladino, who becomes vice president of finance and operations. His previous position was as chief financial officer at FloLogic. He earlier served as corporate treasurer and vice president of information systems at Pepsi Bottling Ventures in Raleigh.

Rob Ulick as vice president of sales and distribution. He has extensive experience in the beer industry, including 15 years at Anheuser-Busch.

David Fotheringham as vice president of customer support. His previous position was as an executive with SHPS, a healthcare services firm in Louisville, KY.

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