January 16, 2003
nuBridges, LLC Closes $11 Million Funding
Market WireATLANTA, GA Jan. 16, 2003
nuBridges, LLC, a provider of eBusiness products and services for the electronic exchange of important information between enterprises, announced today that it has secured $11 million in additional funding with the completion of its private placement of Series B preferred stock. The equity investors include C&B Capital, GMT Capital, Noro-Moseley Partners, hf Flagship Investments, LLC, the C. Tycho and Marie Howle Foundation, and 24 individual investors. nuBridges plans to use these funds to further the development of its products and services and commercially launch its solutions into the market (expected in the 3rd quarter 2003).
nuBridges provides next generation eBusiness technology and services to enable business partners to electronically exchange important business information. The nuBridges system delivers real-time, secure and fully integrated (application-to-application) eBusiness connections between business partners. The Company's unique offerings are focused on simplifying both the initial enablement and the ongoing management of eBusiness communities, which in turn, will allow organizations to adopt eBusiness with more business partners and with many more types of interactions.
The Series B round was originally circulated on November 27, 2002 as a $7 million offering. After receiving the initial indications of interest, the management team and the Company's Board decided to increase the size of the offering to $11 million. The Company re-circulated the new offering on December 17th, and the offering was closed on January 15, 2003.
"The nuBridges Board and management team concluded that we were far enough along, with sufficient signs that we are on track, to increase the amount of capital invested in our company. When it appeared there was more capital available to us than we had initially targeted, we decided that the most prudent course of action in the current environment was to revise the offering. The additional capital enables us to provide more support for our current development partners and to take on additional development partner projects prior to our market launch," said Tycho Howle, Chairman and CEO of nuBridges. "We hope the positive response to our offering is not only a reflection of the strength of our team and our plans for the next generation of eBusiness products and services, but also an indication of an improving environment for early-stage technology investment."
"nuBridges is building an innovative solution addressing a major pain point that persists in eBusiness," said Alan Taetle, General Partner at Noro-Moseley Partners. "The solution combined with the nuBridges management team's tremendous track record makes this a particularly compelling investment."
About C&B Capital, L.P., www.croft-bender.com
C&B Capital is a private equity fund sponsored and managed by Croft & Bender LLC, an Atlanta-based investment banking firm. The fund is focused on investing in growth companies located primarily in the Southeast, with three primary areas of interest - technology, healthcare and outsourced business services. Fund investments include equity capital for emerging companies, for later-stage companies, and for leveraged acquisitions and recapitalizations of companies with strong cash flows.
About GMT Capital Corp. and the Bay Resource Partner Funds
GMT Capital Corp. is a private investment company located in Atlanta, Georgia. GMT opened its benchmark fund in 1993 and currently manages approximately $400 million in its Bay Resource Partners funds and affiliated investment vehicles. The firm invests in both public and private companies, covering a broad industry range with focus on technology, telecommunications, medical technology, energy, and industrials. The firm takes a long-term investment horizon.
About Noro-Moseley Partners, www.noro-moseley.com
Noro-Moseley Partners (NMP) is an Atlanta-based venture capital firm that invests primarily in technology and health sciences companies. Since 1983, NMP has created five limited partnership funds totaling approximately $580 million in capital and has invested in over 115 companies. The firm is currently investing from its Fund V ($320 million) and is particularly interested in opportunities located in Georgia, Florida and North Carolina.
About hf Flagship Investments, LLC
hf Flagship Investments, LLC is an Investment Partnership for the benefit of Mr. Howle and his family. hf Flagship is the largest shareholder of nuBridges and was the largest participant in the Company's Series B round of financing.
About C. Tycho and Marie Howle Foundation
The C. Tycho and Marie Howle Foundation is a charitable organization whose purpose is community support. The Foundation has made dozens of grants in support of education, healthcare, and the arts. Recipients include the Atlanta Children's Hospital, the Atlanta Union Mission, the Alzheimer's Association, the Woodruff Arts Center, as well as, several public and private schools and colleges. To enhance the growth of the Foundation's resources, a portion of the Foundation's assets is invested in public and private equities.
About nuBridges, LLC, www.nuBridges.com
nuBridges is an early-stage company created to develop technology and processes which will enable the establishment of eBusiness connections between companies and their trading partners with less complexity and at substantially lower cost than with current approaches. The company provides next generation tools for eBusiness connectivity and strives to make their use in the marketplace pervasive.
Copyright Copyright 2003 nuBridges, LLC. All rights reserved. All other trademarks belong to their respective owners.
Contact: Allen M. Chan
Contact Email: Available to BizWiz Members
Contact Tel: 770-730-3600