February 19, 2002 - Birmingham, AL
8760 Inc., formerly Group 8760 LLC, announced today the completion of an approximately $1 million Series A round of venture capital funding.
This investment will support the company's efforts to further develop, market and support its electronic document delivery software for the energy industry. The round was led by Bonaventure Capital LLC. Additionally, Steve Dauphin, a principal at Bonaventure Capital, has joined the 8760 Inc. Board of Directors.
"We are pleased with the results that 8760 Inc. has delivered its clients and industry partners," said Dauphin. "8760 Inc. has exhibited strong growth in the competitive North American energy markets, with 39 customers through direct sales and their partners. Combined with its solid management team, this additional funding will allow 8760 Inc. to increase its sales, support, marketing, and product development efforts to extend itsleadership position."
During the past year, 8760 Inc. has significantly increased its customer base to include industry leaders such as Reliant Energy and PPL Corp. "8760 Inc. is honored to be partnering with Bonaventure Capital at this stage of our growth and at this time of the capital markets" said John Williams, CEO of 8760 Inc. "This is validation of our hard work and business model of providing world class, functionally rich software that is the trusted choice for an entire industry."
About Bonaventure Capital LLC
Bonaventure Capital is a private venture capital firm organized in 1998. With over $30 million in assets, Bonaventure Capital is on its second fund, Treble Range Partners II. The partnership has a history of successful investing in early- and expansion-stage, technology-based businesses that have the potential to be leaders within their respective industries. Notable investments include ONI Systems, White Plume Technologies and Trillion Digital Communications. Bonaventure Capital can be reached at www.bonaventurecapital.net.
About 8760 Inc.
8760 Inc. is the leading provider of e-commerce software for the guaranteed delivery of EDI and XML documents over the Internet for the energy and utility industries. 8760 Inc. has been helping energy companies leverage technological and regulatory changes since 1996 through a 100 percent customer implementation success rate. InsideAgent for Energy® (formerly known as GISBAgent) is the most widely used method for exchanging mission critical data between deregulated electric and gas utilities and their trading partners over the Internet, utilizing the transaction standards of the North American Energy Standards Board (NAESB, formerly known as the Gas Industry Standards Board, GISB). It is the only product that has received the most current NAESB 1.5 certification. Additional information on 8760 Inc. is available on the Internet at http://www.8760.com or by contacting Helen Markland at (205) 802-7569.