GlobalSpec Secures Additional $4 Million Investment From Warburg Pincus
TROY, NY – (INTERNETWIRE) – 11/21/02 – GlobalSpec, Inc., the worldwide leader of online media solutions and information resources serving the manufacturing and engineering communities, today announced it has secured an additional $4 million in financing from Warburg Pincus LLC, the global private equity firm; this brings the total investment received in 2002 to $9 million. Warburg Pincus, one of the largest private equity investment firms in the world, remains the sole investor in GlobalSpec. The investment will be used for further expansion of GlobalSpec’s technology and business, and to accelerate the introduction of new products and programs.
“This additional investment demonstrates Warburg Pincus’ confidence in our business model and value proposition. In the midst of one of the worst downturns in media, technology and information services spending, GlobalSpec uniquely stands out as a company that is geometrically adding customers and realizing huge growth in every area of its business. In the past year, we have achieved double and triple growth in the number of customers we serve, in the number of users of our products, and in the scale and depth of our product line. We expect this level of growth to continue in 2003 and beyond,” said Jeffrey M. Killeen, Chairman and CEO of GlobalSpec. “GlobalSpec now has the world’s largest searchable database of technical products, parts and components and has effectively become ‘the standard’ for product-discovery, component-sourcing, and industrial parts classification. And, at the end of this year, we will have over a half-million registered users of GlobalSpec’s database who are design engineers, technical buyers, or purchasing influencers.”
“GlobalSpec continues to stand out in a difficult environment,” added Mark Colodny, a Warburg Pincus managing director. “The company has made a lot of progress, has excellent growth prospects and a superb management team.”
Powered by SpecSearch®, the company’s unique specification-based search technology, GlobalSpec.com benefits engineers and technical buyers by enabling them to quickly and easily locate the manufacturers of the products and services they need, and provides those manufacturers a means by which to market their products to this large community. The company also offers SpecStation™, a Web-based component supplier management (CSM) application, for enterprise customers. SpecStation is designed to deliver engineering productivity, speed-to-market for new designs, and measurable cost savings.
About GlobalSpec, Inc.
GlobalSpec, Inc. is the world's largest online resource of technical catalogs searchable by specification, connecting engineers and technical buyers with the products and services they need. SpecSearch®, GlobalSpec's parametric search technology, provides users bias-free access to more than 700,000 searchable product families representing 35 million parts from more than 1,300 searchable suppliers. GlobalSpec currently has more than 470,000 registered users and expects its user community to reach a half-million by year's end, 2002. Information about GlobalSpec can be found at http://www.globalspec.com.
GlobalSpec, GlobalSpec.com, and SpecSearch are registered marks, and SpecStation is a registered trademark, of GlobalSpec, Inc.
About Warburg Pincus
Warburg Pincus is one of the largest private equity investment firms in the world. Since its inception in 1966, the firm has invested more than $12 billion in approximately 450 companies in 29 countries. One of the world's leading direct equity investors in information technology, Warburg Pincus has helped build some of the world’s largest software companies spanning a broad range of technologies and stages of development, including BEA Systems and VERITAS Software. Throughout its history in private equity, Warburg Pincus has invested at all stages of a company’s life cycle, from founding start-ups and providing growth capital to leading restructurings, recapitalization and buyouts. For further information, please visit http://www.warburgpincus.com.