Rearden Commerce today announced it has received an additional $100 million in funding from previous investors American Express, Foundation Capital and Oak Investment Partners. Also part of the funding is new investor JPMorgan Chase, which is working with Rearden to develop a new Web-based customer loyalty platform for the Chase consumer credit card division.
Rearden plans to use the funds for investment in research and development, increasing its workforce from 300 to 500 employees, including three or four business travel-dedicated employees, and opening up the technology platform for a business-to-consumer business model, said Rearden vice president of worldwide sales Tony D'Astolfo. Part of the R&D budget will be used for expansion of its business travel offering into markets outside of North America.
Sources said the Rearden-based online procurement platform American Express Intelligent Online Marketplace is planning a U.K. rollout for later this year.
In 2006, Amex paid $22.5 million for an equity stake in Foster City, Calif.-based Rearden during a previous round of corporate and venture capital funding
(BTNonline, Dec. 4, 2006). In the deal, Amex gained a Rearden board seat, which is held by COO Priyan Fernando. The board configuration remains and JPMorgan did not garner a seat with its equity stake, according to D'Astolfo, who would not disclose the investment breakdown.