Moai technologies

About Moai technologies

In 1996, well before the dot-com boom reached its peak, founders Deva Hazarika and Frank Kang launched Moai Technologies. Their venture was built on a forward-thinking idea: creating software for e-sourcing and business-to-business electronic auctions. They developed a platform, the CompleteSource Solution Suite, that enabled companies to manage their supply chains and negotiate online, using tools like reverse auctions and detailed requests for quotation. The company gained traction, attracting significant venture capital. A major funding milestone occurred in April 2000 when Moai raised $30 million in a Series D round from investors including Hewlett Packard Enterprise. This capital injection was intended to fuel its growth in the burgeoning world of B2B eCommerce. The company even filed for an IPO in late 2000, aiming to ride the wave of internet-focused businesses hitting the public markets. However, the market had other plans. As the dot-com bubble burst, the climate for tech IPOs turned hostile, and Moai's public offering was ultimately canceled. Following this shift in the economic landscape, the company's journey as an independent entity came to an end. In January 2002, Moai Technologies was acquired, closing the chapter on its pioneering efforts in the online auction marketplace.