Financed by a new round of venture capital, Auctionworks unveiled a new name — Marketworks — and an aggressive growth plan on Tuesday.
Marketworks is a major provider of automated financial transaction support for stores that utilize eBay. The company said it supports eBay sellers generating $30 million a month in revenue.
The company said it had opened three new offices in Great Britain, Germany and Ireland plus had doubled the size of its workforce.
Crosslink Capital led the new venture round of more than $3 million. It raised more than $2 million in 2003.
Anticipating that auction-based sales such as eBay will become a greater economic force, Marketwords said it would offer multi-channel selling services, channel outsourcing and creative as well as marketing services. The company’s CEO said the name change reflected its broader mission.
“Marketworks is the next step in the evolution of Auctionworks,” said Alec Peters, the company founder, in a statement. “We are now operating in six countries, we just closed on a round of venture capital and we’ve doubled our workforce in the past six months. With our expertise and role in the evolution of our sellers’ e-commerce strategies – beyond eBay – our name is now catching up to what we provide.”
Auctionworks was founded in 1999. In Feburary, Accenture and
Auctionworks formed al alliance to offering enterprise customers the opportunity to sell products at eBay.
“Since Marketworks has already built a profitable track record, we actively pursued them,” said Jim Feuille, partner with Crosslink Capital, in a statement. “Our capital investment in this growing company will be used to accelerate business operations, not just fund cash flow, which gives Marketworks a significant competitive advantage.”