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Wellspring Solutions Closes $13M Round of Funding

8 May 2000

Wellspring Solutions Closes $13M Round of Funding; Investor Community Endorses Wellspring's New Business Model

    SANTA ANA, Calif.,--May 8, 2000--Wellspring Solutions, Inc. (formerly ObjectAutomation), the leading provider of Supply Chain Control(TM) solutions, today announced it has secured $13 million in its latest round of financing. BCI Partners, Brentwood Venture Capital, Enterprise Partners, and Worldview Technology participated in this round of financing. The company recently announced a new business model combining its control and integration platform with a new application service strategy to deliver solutions with measurable value. "This latest round of funding underscores the investment community's confidence in Wellspring as a dynamic Supply Chain Control solution provider. With this latest round of funding we will accelerate the execution of our new business model and expand our core offering to new vertical markets," said Charles R. Harris, president and chief executive officer of Wellspring. "The investor community clearly recognizes that Wellspring is positioned to deliver a solid solution in this new and emerging market segment."
    With this model, Wellspring provides solutions that monitor, coordinate, and control supply chain activities -- all the way down to the factory floor. Wellspring's new Professional Services team delivers rapid, non-disruptive application integration and business-to-manufacturing control solutions that directly impact a company's bottom-line performance. In contrast to other vendors' offerings that are mostly centered on point-to-point connectivity, Wellspring deploys a web-enabled infrastructure that facilitates both enterprise growth and increased communication to add value now and in the future.
    "Industry must find a way to match their production to the speed of the Internet, rapidly translating new opportunities into manufacturing strategies," said Mark Hastings, general partner at BCI. "Wellspring's Supply Chain Control solution meets this need, closing the gap between business and the plant floor, delivering improved business agility by integrating and directing information flow."