Escend Technologies has received $7m in funding, which will be used to further penetrate the electronic components industry.

San Mateo, CA October 9 2003-- Escend Technologies, a provider of demand chain management software for complex, distributed sales processes, today announced it has secured $7M in funding from Novus Ventures (www.novusventures.com) and NIF Ventures (www.nifusa.com), an affiliate of Daiwa Securities.

Escend will use this investment to accelerate market penetration into the electronic components industry, its initial vertical market, following successful early customer adoption and to expand product development efforts to extend functionality to further address the global requirements of the market.

Escend helps electronic components suppliers increase revenue by addressing the problem of the low rate of conversion of design wins into revenue orders. Losing the order costs electronic component suppliers millions of dollars annually in lost revenue and the Escend solution has the proven capability to solve this problem.

"Traditional CRM software solutions fail to meet the specific needs of the electronic component market in managing a complex network of channel partners contracted to protect, track and secure the design win-based orders," said Bailey CEO of Escend. "Our solution consistently delivers on the promise of helping our customers convert design wins into orders. That is the driving force behind our success in the marketplace and the basis for our investor's confidence."

"We are excited about Escend because the company is taking a leading role in the creation of the demand chain management software category, a category that we believe will be a huge growth area in the coming years said Dan Tompkins, managing partner at Novus Ventures.
In addition we are impressed with the Escend business vision and the proven capabilities of the management team to execute against this vision. This is the type of company we want to be working with."