Plumtree Software Secures $23 Million in Mezzanine Financing with Strategic Customer Investors Ford and Procter & Gamble

Strategic Insights -

Plumtree Software, a leading provider of corporate portal software, has closed a $23 million mezzanine round of financing from strategic customer investors Ford and Procter & Gamble, along with institutional investors Janus Venture, Putnam, Aman Ventures, and Sybat. This significant investment follows agreements by Ford and Procter & Gamble to deploy Plumtree's flagship Plumtree Corporate Portal enterprise-wide, supporting over 300,000 employees.

Key Takeaways:

  • Plumtree Software secured $23 million in mezzanine financing from a group of investors, including Ford and Procter & Gamble, which have agreed to deploy Plumtree's corporate portal at their companies.
  • The investment will support Plumtree's expansion to Europe and Asia, as well as aggressive hiring across all departments.
  • Ford Motor Company has purchased licenses for 200,000 employees, while Procter & Gamble has purchased licenses for 100,000 employees.
  • Plumtree's flagship corporate portal will provide a personalized, adaptable working environment for employees, resulting in increased business acumen, better productivity, and improved decision-making.
  • Procter & Gamble's Chief Information Officer, Steve David, stated that the portal technology will deliver a new, more effective workplace environment, facilitating innovation and speed.
  • Plumtree has established partnerships with leading technology companies, including Documentum, MicroStrategy, Siebel, IBM, Onyx Software, and Concur Technologies.
  • Plumtree's customers include Procter & Gamble, Ford Motor Company, Chevron Corporation, Motorola, Inc. Network Solutions Sector, GUESS?, Andersen Consulting, Ames Department Stores, Staples, U.S. Department of Energy, Comcast Cable Communications, and State Street Corporation.

Statistics:

  • The $23 million mezzanine round of financing will support Plumtree's expansion to Europe and Asia, as well as aggressive hiring across all departments.
  • Ford Motor Company has purchased licenses for 200,000 employees, while Procter & Gamble has purchased licenses for 100,000 employees.
  • Plumtree's corporate portal supports over 300,000 employees across its customer base.

Sources:

  • Plumtree Software press release, dated June 12, 1999
  • PRNewswire, dated June 12, 1999
  • Fortune 500 report on Plumtree Software, 1998
  • PC Week Labs, 1998