Vsource Inc. Concludes $10.7-Million Financing

Vsource Inc. in Ventura has closed a $10.7-million private equity financing.

The financing, initially announced Aug. 29, was led by a unit of Mercantile Capital Group LLC of Northbrook, Ill.

Vsource will issue 1.6 million shares of Series 2-A convertible preferred stock, which is immediately convertible into common stock at a 1-to-1 ratio. The company will also issue 145,550 warrants to the Series 2-A investors.

Chairman and Chief Executive Robert C. McShirley said the money will help the company execute its business plan.

Vsource’s main product, Virtual Source Network, allows companies to create an Internet-based procurement system to automate all aspects of corporate purchasing.