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The Southern Building Material Association (SBMA) recently named BlueTarp Financial, Inc., its 2005 Supplier of the Year. Charlotte-based BlueTarp Financial is the exclusive provider of enhanced financial services to the building materials and supply industry.
Larry Adams, president of the SBMA said, “It is an honor to have BlueTarp Financial as SBMA’s 2005 Supplier of the Year. BlueTarp’s involvement in and service to both SBMA and NLBMDA makes them a natural choice. They are providing valuable services to our members in a critical business risk area and have been very successful in helping our members better meet this challenge.”
“We’re pleased to have been selected as SBMA’s Supplier of the Year,” said Bond Isaacson, BlueTarp chief executive officer. “Our relationship with the SBMA and key industry organizations is critical to our success. We appreciate the SBMA’s support of the valuable service we offer to the building material dealers they serve. Our goal is to exceed our customers’ expectations with unparalleled service and products. BlueTarp Financial can help dealers increase sales, improve customer service, reduce operating costs and enjoy guaranteed cash flow.”
As the only company to provide enhanced financial services dedicated to the building material and supply industry, BlueTarp Financial handles every aspect of a dealer’s trade credit. This includes credit extension, invoicing and collections, which frees up time allowing the dealer to focus on growing their business. The dealer’s contractors enjoy unparalleled benefits such as detailed job level reporting and an exciting rewards program, Bond Isaacson noted.
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BlueTarp Inc., a provider of credit for building contractors, has closed on a $14 million fourth round of funding led by two local venture capital firms.
The company declined to say how much it has risen thus far, although a spokesman did say that today’s announcement represents the firm’s largest investment to date. Highland Capital Partners in Lexington and IDG Ventures in Boston led the Series D financing round.
Both firms gained seats on Bluetarp’s board of directors.
Founded five years ago in Portland, Maine, BlueTarp’s credit is accepted by 250 building-materials suppliers and is used by around 7,500 contractors. The company guarantees liquidity to participating vendors by paying down the expense accounts owed by BlueTarp contractors each month.
The firm uses a third-party lender to make each monthly payment, collecting a small fee — between 2 percent and 3 percent of each check — from suppliers in return. Materials vendors are issued BlueTarp nameplates, similar to the Mastercard or Visa stickers that adorn windows and doorways at many retail establishments, while contractors are given an identification card to present while making a purchase.
Bond Isaacson, BlueTarp’s chief executive officer, said the money will be used to expand the company’s services while also bringing its credit and administrative functions in-house. The company presently outsources both operations.
Bond Isaacson said the company also plans to open a new call center in Portland that will eventually employ over 100 customer-service workers. The company presently employs 12 people and expects to hire another 25 this year.
“We’re formalizing trade credit into true credit for the building industry,” said Bond Isaacson, who moved the company’s headquarters down to Charlotte, N.C., this month.
The company also plans to add a Web component to its services, whereby contractors can track purchases and more efficiently bill their customers.
BlueTarp’s credit is accepted nationwide, although the firm has focused most of its resources on the East Coast, Bond Isaacson said.
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BlueTarp Inc., a provider of credit for building contractors, has closed on a $14 million round of venture capital funding.
Highland Capital Partners Inc. and IDG Ventures, both of Massachusetts, led the financing round.
BlueTarp moved its headquarters to Charlotte from Maine this month.
BlueTarp Chief Executive Bond Isaacson says the funding will be used to expand the company’s services and bring its credit and administrative functions in-house. The company has outsourced both operations.
Bond Isaacson says the company also plans to open a call center in Portland, Maine, that will eventually employ more than 100 customer-service workers.
The company has 12 employees and expects to hire 25 more this year.
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BlueTarp Financial Inc. has secured $18.5 million from a California company in venture-capital financing.
BlueTarp, based in Charlotte, provides commercial trade credit services to more than 550 building material stores and 12,500 contractors across the United States.
Trinity Ventures led the investment with participation from existing investors, Highland Capital Partners, IDG Ventures Boston and Village Ventures.
“We’ve experienced significant growth in our business over the past several years and made tremendous strides in providing world-class financial products to the building-materials and supply industry,” says Bond Isaacson, chief executive of BlueTarp. “We are thrilled to welcome Trinity Ventures to our investor team and look forward to working with all of our investors as we continue our rapid growth.”
Noel Fenton, a general partner with Trinity Ventures, will join BlueTarp’s board.
California-based Trinity Ventures, with more than $1 billion under management, has invested in more than 100 ventures.
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BlueTarp Financial Inc. has agreed to provide credit and financial services to members of the Eastern Building Material Dealers Association, which include some 150 independent and employee-owned retail lumber and building-material dealers.
Blue Tarp, based in Charlotte, provides commercial-trade credit services to dealers and contractors across the United States.
“BlueTarp can help EBMDA dealers provide additional value to their customers through generous credit limits, 24/7 access to detailed job-level reporting and the ability to earn rewards for purchases,” says Bond Isaacson, BlueTarp chief executive. “And because we pay the dealer for their customers’ current purchases in full each month, EBMDA dealers will see increased cash flow and healthier bottom lines.”
Financial terms of the agreement with EBMDA weren’t disclosed.
EBMDA is a nonprofit trade association founded in 1892. The organization represents nearly 200 independent building material dealers and their associates in Delaware, Maryland, New Jersey, Pennsylvania and Washington, D.C.
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Building-industry credit processor BlueTarp Financial Inc. received $18.5 million in Series B financing this week, which company officials expect will propel it to profitability for the first time since it was founded in Portland, Maine, in 2000.
CEO Bond Isaacson said the equity capital is earmarked to move outsourced operations in-house, while increasing the customer base of building suppliers. Both efforts are expected to position the company for either a public stock offering or acquisition in three to five years, Bond Isaacson said.
“This funding was to reach profitability and be generating revenue so any future fundings of the company would have a much higher valuation,” Bond Isaacson said.
BlueTarp manages back-office receivables for building suppliers. It is based in Charlotte, N.C., but maintains the bulk of its payroll in Portland: 45 of its 55 people are there, officials said.
Its technology enables commercial contractors to view orders, deliveries and payments via the web. BlueTarp receives a percentage of transactions.
California’s Trinity Ventures led the VC round, with Lexington’s Highland Capital Partners, Boston’s IDG Ventures and Williamstown, Mass.-based Village Ventures also participating.
It was during its $14 million first VC round in 2004 that BlueTarp changed its future — along with its business model, Highland Capital managing general partner Paul Maeder said.
Previously, BlueTarp had targeted general contractors to use BlueTarp credit cards and then outsourced the processing. In 2004, VCs recruited Bond Isaacson to restructure the business model, and BlueTarp targeted suppliers instead of contractors and eliminated the cards, sending transactions directly from suppliers to BlueTarp’s Portland office. The restructuring has meant more customers and profitability this year, Maeder said. “Right now it’s a high-growth business with interesting dynamics,” Bond Isaacson said.
BlueTarp serves 550 building-material stores and 12,500 U.S. building contractors. Bond Isaacson declined to disclose BlueTarp’s revenue figures, but said the company tripled sales last year.
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Bond R. Isaacson has been President and Chief Executive Officer of Bluetarp Financial Inc. since November 2004. Bond Isaacson serves as an Advisor to Touch Credit Corp. Prior to joining BlueTarp, Bond Isaacson was Co-Chief Executive Officer of Concord EFS based in Memphis, Tennessee. Bond Isaacson joined Concord EFS Inc. in September 2002 as Executive Vice President and became Co-Chief Executive Officer and Director of Concord in February 2003. Prior to Concord, Bond Isaacson served as Payments Executive for Bank of America Corporation, which Bond Isaacson joined in 2001. Bond Isaacson held various senior positions at Visa USA, including Executive Vice President of Sales and Integrated Solutions and President of e-Visa, Visa’s Internet division. Prior to joining Visa, Bond Isaacson held various senior positions at IBM Corporation, including Financial Services Marketing Executive.
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BlueTarp Inc., a provider of credit to building contactors, has changed its name to BlueTarp Financial Inc.
The Charlotte-based company says the new name better reflects the financial services it offers to the building-materials industry.
“While our core business will continue to be focused on the $200 billion trade-credit industry, we plan to offer an array of financial services to help building materials dealers improve and expand their businesses,” says Chief Executive Bond Isaacson.
BlueTarp provides credit services to more than 250 building-material dealers and 7,500 contractors nationwide.
Highland Capital Partners Inc. and IDG Ventures, both of Massachusetts, led the financing round.
At the time, Bond Isaacson said the funding would be used to expand the company’s services and bring its credit and administrative functions in-house.
The company had outsourced both operations.
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Bond Isaacson’s career had started from receiving a B.A. degree in Economics from Wheaton College. Bond Isaacson is a very successful person, because he worked in such big companies like Visa USA as a president of e-Visa and Visa USA’s e-commerce business. Also he worked in Bank of America Corporation. Nowadays, Bond Isaacson is a CEO of BlueTarp Financial. Bond Isaacson’s company committed from delivering trade credit and information-based tools to building materials dealers and contractors, while backing these products with exceptional customer service.
As Bond Isaacson said, his company has experienced significant growth in their business over the past several years and made tremendous strides in providing world-class financial products to the building materials and supply industry.
Bond Isaacson made holiday letters for all BlueTrap’s customers. Bond Isaacson said that BlueTrap, where he is a Chief Executive Officer, is committed to continue delivering an efficient and rewarding trade credit product to you, backed by the highest level of customer service. Bond Isaacson comments: ‘This year we’ve been working hard to serve you and make continuous improvements to the BlueTarp trade credit program.”
Bond Isaacson company’s goal is to deliver to you the most effective trade credit program in the building materials’ industry. To do so, it is important for the company to understand what is working for you, as well as areas they can improve. Bond Isaacson welcomes your compliments, suggestions and complaints. You can leave comments on our site.
To know more about Bond Isaacson simply click here
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Bond Isaacson’s company – BlueTarp Financial, Inc. was founded by a diverse management team with experience in both the construction and financial services industries. Our knowledge, experience and technological capabilities will deliver outstanding results for you and your business. As Bond Isaacson said:”We’re committed to delivering trade credit and information-based tools to building materials dealers and contractors, while backing these products with exceptional customer service.”
Bond Isaacson joined BlueTarp Financial in November 2004 as its Chief Executive Officer. Previously, Bond Isaacson was payments executive at Bank of America where he oversaw four major divisions, including debit, ATM, stored value and merchant services. Prior to that, Bond Isaacson was an executive vice president of member and merchant sales at Visa USA and president of e-Visa, Visa USA’s e-commerce business. Bond Isaacson also spent 19 years with IBM Corporation and most recently led the $400 million finance unit responsible for selling and implementing solutions at NationsBank and later Bank of America Corporation.”We’ve experienced significant growth in our business over the past several years and made tremendous strides in providing world-class financial products to the building materials and supply industry,” said Bond Isaacson, chief executive officer of BlueTarp FinancialContact: ceofeedback@bluetarp.com
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