SpaceWorks Inc., a sell-side business-to-business e-commerce player with high-profile customers like BFGoodrich and Maytag Corp., has shut down operations after two institutional investors backed out of a fifth round of financing, according to a former employee and a published report.
The Rockville, Md.-based company announced Tuesday to its 150 employees that it would be shutting its doors immediately after GE Capital Equity and Columbia Capital's last-minute decision not to invest US$10 million, according to a former employee, who asked not to be identified. The shutdown also is being reported in The Washington Post.
The company had been due to announce the funding next week. SpaceWorks had previously received $56 million in funding.
SpaceWorks' technology is designed to automate all the mission-critical activities involved in b-to-b selling, including ordering, marketing, and billing. The solution is designed to integrate with back-end systems, e-marketplaces, and user procurement networks to enable real-time transactions.
SpaceWorks clients include Avaya Inc., GE Aircraft Engines, and Pratt & Whitney Co. The company had formed alliances with PricewaterhouseCoopers LLP (PwC), webMethods Inc., and Commerce One Inc.