Compiere ERP & CRM, the leading open source enterprise resource planning application, is used by small to medium enterprises and large corporations worldwide across a variety of industries including distribution, retail, logistics, manufacturing, and professional services. Compiere is an integrated ERP and CRM solution that generates a seamless 360-degree view of a company, its customers and its vendors. Compiere initially made its open source application available for downloading over the internet in 2001. Since then, the application has been downloaded over a million times.Compiere is implemented by more than 70 partners worldwide.

une 20, 2006 -- Compiere, Inc., the premier provider of open source business applications, announced that it has secured $6 million in funding from New Enterprise Associates (NEA), a major venture capital firm with more than $6 billion of investments under management. This is the first round of outside funding for Compiere, which was initially funded by its founders in 1999. Compiere intends to use the funds to build out a worldwide infrastructure in order to better support its partner network, which has grown exponentially over the last few years. Additionally, as part of this plan, the company will be relocating its headquarters to Silicon Valley, California.

Jorg Janke, Compiere's founder and CEO, said, "Having hit profitability early in the company's history, we were in a position to fund our growth through internally generated funds. However, the market's demand for our product has outgrown our capability to scale the business accordingly. We concluded that partnering with a world-class venture firm such as NEA was the most sensible and prudent path to ensure continued growth."

As part of the investment by NEA, two NEA partners have been appointed to Compiere's board of directors: Vladimir Jacimovic and Harry Weller. Commenting on the appointment, Vladimir Jacimovic said, "Both Harry and I are extremely excited about our partnership and the opportunity that lies ahead for Compiere. The company not only has the right product, at the right time, for the replacement market, but it also has the right product offering for the growing small to medium business market place, whether that be domestically or internationally. We are looking forward to working with the Compiere management team to build a truly great company."

Prashanth Rai