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Retail Solutions, Inc. Closes $4 Million in Funding LINCOLN, R.I. --(Business Wire)-- Sept. 27, 2004 --Venture Capital Fund of New England, BEV Capital, and Velocity Equity Partners Lead Investment in Fast-Growing Consumer Demand Data Management Company Retail Solutions, Inc., a leading provider of demand data management services and products, today announced that it has secured $4 million of institutional investment. The Series A funding was led by Venture Capital Fund of New England, BEV Capital, and Velocity Equity Partners, and included additional investment from the Business Development Corporation of Rhode Island. Retail Solutions provides demand data management tools and services that enable consumer product goods (CPG) companies to manage their entire supply chain based on actual customer demand. The benefits of a demand-driven supply chain include more accurate forecasting, fewer stock-outs, better trade promotion management, and improved logistics and transportation coordination, leading to increased profitability and operational efficiency. Retail Solutions offers a suite of products for managing and mining consumer demand data such as point-of-sale (POS) data. "Our core technology, Discover, is a database system that delivers the most accurate consumer demand data available, with unparalleled viewing and reporting flexibility," states Ramesh Murthy, chief operating officer of Retail Solutions. By providing daily, store-level data, and complementing it with expert analysis, business intelligence tools, and enterprise integration, Retail Solutions enables CPG companies to rapidly achieve a demand-driven business model. Retail Solutions also offers consulting services to retailers and CPG companies to help them strategically manage, prioritize, and apply retail data. Retail Solutions has more than 90 CPG and retailer customers, including Unilever, GlaxoSmithKline, Johnson and Johnson, Sara Lee, CVS, and Duane Reade. "Since our inception in 1996, more and more consumer product companies have turned to us to help them manage and analyze their consumer demand information, enabling them to achieve stronger sales and more efficient supply chain operations," said John Jennings, president and founder of Retail Solutions. "It is gratifying that investors have taken note of the growing demand for our products and services, and recognize the value and potential of our business. This funding will enable us to further expand our sales and marketing efforts, and continue new product development based on our Discover platform." "Retail Solutions has a strong combination of technology and retail expertise, along with key retailer alliances and a stellar customer base," said Mike Majors, vice president of BEV Capital, who will join Retail Solutions' board of directors. "As the industry begins to focus more on real-time consumer demand data, Retail Solutions will continue to solidify their leading position in this market." About Retail Solutions, Inc. Retail Solutions, Inc. (www.retailsolutions.com) is a leading provider of demand data management tools and services for consumer goods companies seeking to maximize their retail profitability and efficiency. Using its proprietary database architecture, Retail Solutions quickly delivers the most accurate point-of-sale data, along with the expert analysis and consulting needed to act on it. Retail Solutions is a trusted partner of companies that are leaders in their fields, including Unilever, GlaxoSmithKline, Johnson & Johnson, Pfizer, Sara Lee, and 3M. About Venture Capital Fund of New England The Venture Capital Fund of New England ("VCFNE") provides equity capital to emerging growth-oriented companies in the New England area. VCFNE focuses mainly on technology-based enterprises. VCFNE manages a venture capital fund whose investments are anticipated to reach approximately $100 million over the next three years, all targeted toward new, growing companies in New England. For more information, visit www.vcfne.com About BEV Capital BEV Capital is a unique venture capital firm that invests in both consumer and technology businesses. BEV has over $200 million in capital and operates on the premise that great products and services alone do not make great companies. To develop great products into great companies, products must be packaged right for the marketplace, combined with the right sales and marketing strategies, and matched with the right team to drive that strategy. In addition to providing equity capital, BEV helps build and refine a company's commercialization strategy across multiple industry sectors and various business stages to help businesses with great products become great companies. For more information, visit www.bevcapital.com About Velocity Equity Partners Velocity Equity Partners is a private venture capital firm investing in early stage growth companies primarily in the Northeast. The goal at Velocity is to work with management teams to create premier companies in their field with the help of capital, expertise in building companies, and access to a valuable and extensive network. For more information, visit www.velocityep.com About Business Development Company of Rhode Island (BDC) The BDC (www.bdcri.com), a non-bank lender regulated by the state of Rhode Island, works with member banks and other senior lenders to assist manufacturing, distribution, and service businesses retain and expand employment in Rhode Island. It does this by supplementing senior lenders by providing debt and equity to fund new equipment and construction, working capital, and business expansion. Members of the BDC include BankNewport, Bank Rhode Island, Centreville Savings Bank, Citizens Bank, Coastway Credit Union, FIRSTFED, Fleet Bank, Home Loan and Investment Bank, FSB, Sovereign Bank New England, and The Washington Trust Company. |
