Chain Reaction Gets $2.5M Funding

• By The WHIR, September 11, 2008

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By Justin Lee, theWHIR.com

September 11, 2008 -- (WEB HOST INDUSTRY REVIEW) -- Open source e-commerce services provider Chain Reaction Ecommerce (cre.com) announced on Thursday it has closed a multi-series investment round of funding, with an initial round of $2.5 million with investment firm Total Technology Ventures (ttvatlanta.com). CRE will use the funding to develop a new software suite and offer e-commerce security services, says company CEO Michael Valverde.

"The funding from TTV comes at a time of tremendous opportunity in ecommerce and allows CRE to continue cultivating its commercial open source business model," says Valverde. "This investment will help us continue to establish CRE as a leader in the emerging category of fully managed e-commerce solutions." 

Total Technology Ventures says it focuses on providing capital to "early-to-late stage privately held companies in the financial services industry and IT driven businesses with products that serve the financial services industry."

The Atlanta-based equity firm has also helped fund other software and IT companies, including Austin Logics, compliance ControlScan, Interactive Advisory Software, IP Commerce, and Perimeter Internetworking.

CRE develops open source e-commerce software and services for about 175,000 merchants, with nearly $1 million in revenues.

The company offers a range of e-commerce products, including CRE Loaded Professional and CRE Loaded Professional B2B e-commerce software, hosted PCI compliant e-commerc environments, as well as add-on modules and systems, technical support, and success services for online merchants.

Those interested in previewing the CRE Loaded line can view a demo of individual e-commerce products here.

Through its CRE Lance network of e-commerce design, development and programming experts, the company offers a range of service including admin support, writing and translation, template design, Flash animation and images, programming and SEO and SEM.

The CRE Loaded product line is used by open source community CRE Share of more than 12,000 developers, designers, web hosting providers, online merchants, Internet retailers and business partners.

CRE Share is an environment where online merchants can access a wide range of CRE resources designed to help them succeed with their online stores, while sharing their experiences, success and lessons learned with other online merchants.

Tags:  security  compliance  Chain Reaction Ecommerce  CRE Loaded  ControlScan  E Solutions  Iona  Perimeter Internetworking  Venture 

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