Auctionworks, a preferred solution provider for eBay and its clients, reported its second consecutive profitable quarter and also said it had closed on $2 million of investment.
The company, which provides online marketplace sales management software and services, helped its clients sell $53 million in merchandise in the first quarter. The figure represents a 90 percent increase over the same quarter in 2002, the firm said in a statement.
Auctionworks did not disclose its share of those proceeds other than to say net revenues were up 70 percent over first quarter of 2002.
The identity of the investors of the $2 million was not disclosed.
“We’ve been fueling our expansion on growing revenues, and this additional funding now gives us the ability to expand more aggressively over the next year,” said Alec Peters, the company’s founder and chief executive officer.
Auctionworks reported facilitating $148 million in sales in 2002, an increase of more than 150 percent.
“Most importantly, 95% of our revenue is recurring, so our profitability is sustainable,” Peters said it a recent release.