In conjunction with this investment round, Fred Harman, a general partner at Oak Investment Partners, has joined the Rearden Commerce board of directors. “We have consistently helped entrepreneurs exploit new business opportunities,” said Harman. “Rearden Commerce is no exception. It is an impressive late-stage technology company with the right business model and technology stack to radically change the way employees, and eventually consumers purchase and manage services. The company has embarked on a unique opportunity that is virtually untapped.”

The company’s initial suite of e-commerce applications address the approximately $500 billion spent annually on business services such as travel and entertainment, package shipping, and conferencing. Nearly 50 percent of this spend is not controlled by the procurement department resulting in nearly $50 billion in lost savings opportunities annually. The Rearden Commerce solution delivers a platform where buyers and suppliers of services can interact in an intelligent and automated manner. In addition, companies can offer employees a single solution for scheduling and purchasing business services instead of asking them to use disparate solutions that don’t interoperate or integrate with their personal applications and devices. Using the Rearden solution, companies can better control services spend, substantially improve employee productivity and optimize relationships with preferred suppliers.

Rearden’s latest round of financing will be used to further expand its marketing and sales efforts, expand its portfolio of suppliers and service verticals, as well as open its platform to third-party developers.

“This funding validates the disruptive nature of our stack and business model and our ability to capitalize on the world’s largest e-commerce opportunity—Services On–Demand,” said Patrick Grady, founder and CEO, Rearden Commerce. “We look forward to aggressively expanding into new service areas and opening up our industry-leading SOA platform.”