Compaq Computer Corp. Invests in CrossWorlds Software
CrossWorlds Software, Inc. (formerly known as CrossRoads Software, Inc.) announced that it has formed a business partnership with Compaq Computer Corporation. The company is supporting CrossWorlds' packaged vision of enterprise application integration with an equity investment, the establishment of a joint Competency Center, and the commitment of business and technology resources. Compaq joins J. D. Edwards, Kanematsu, Manugistics and OMRON in investing in CrossWorlds for this $25 million round of funding. Existing industry leading investors in CrossWorlds include Ernst & Young LLP, Intel Corporation and SAP AG.
As part of their joint activities, CrossWorlds and Compaq have agreed to establish an internal Competency Center at CrossWorlds' corporate headquarters for purposes of optimizing, performance-tuning, testing and benchmarking CrossWorlds' software for Compaq's systems. Compaq has established similar centers with other application vendors. The Compaq/CrossWorlds Competency Center, which will be jointly staffed by Compaq and CrossWorlds engineers, will open in 1998. Ultimately, the center will also be used by CrossWorlds, Compaq and CrossWorlds Solutions Providers (CSPs) for sales and marketing activities. Both companies plan to engage in joint marketing efforts to build the Processware market. In addition, Compaq's systems will become CrossWorlds' reference platform for its Windows NT-based enterprise solutions.
To date, CrossWorlds Software has raised over $40 million in funding since its inception in April of 1996. In addition to this recent funding, the company raised $12.6 million in March 1997 with corporate investments from Ernst & Young LLP, Intel Corporation and SAP AG. Private investors included Dave Duffield, CEO and President of PeopleSoft; Andy Ludwick, founder of SynOptics and former CEO of Bay Networks; John Luongo, CEO and President of Vantive Corporation; Roger Sippl, CEO and President of Visigenics and founder of Informix; Ori Sasson, founder, CEO and President of Scopus Technology; Dave Stamm, President and CEO of Clarify; Frank Quattrone, managing director and CEO, Deutsche Morgan Grenfell (DMG) Technology Group; and the Garnett Family Trust. Venrock Associates, the Rockefeller family's venture arm, also invested in that round.
Last month, CrossWorlds delivered its first product suite, CrossWorlds Customer Interaction, which automates core business processes that span Enterprise Resource Planning (ERP) and Customer Interaction (CI) systems. The company's first Processware solutions support front-office applications from Aurum, Clarify, Scopus, Trilogy and Vantive with back-office applications from Baan, J.D. Edwards, PeopleSoft and SAP. To date, several multi-billion dollar companies have adopted the CrossWorlds solution, including Bay Networks; Farmland Industries, Inc., Hewlett-Packard Company and Orange plc.