HOUSTON, Sept. 13 /PRNewswire/ -- Wellogix, Inc., the global leader in on-demand business workflow solutions that support complex services planning, procurement, and payment for energy companies and their service providers, announced today the completion of an $8 million equity financing led by San Antonio-based First Capital Group. Investors in the financing included First Capital Group of Texas III, Capital Southwest Corporation of Dallas, and a group of existing investors. This financing will facilitate continued global expansion and software development of the company's Complex Services Management Suite. In conjunction with this financing, Wellogix announced that Jeffrey Blanchard, Founder and Managing Member of First Capital Group, and Jeff Peterson, Vice President of Capital Southwest Corporation, will serve on the board of directors.
Commenting on the announcement, Ike Epley, Chief Executive Officer of Wellogix, Inc., said, "This financing represents both an acknowledgement of our current industry leadership position as well as a confirmation of our exciting future. Our improved capitalization affords us the ability to pursue software development and other exciting initiatives opportunistically and will help us to accelerate our efforts of building a world-class company. Additionally, the financing will provide more reason for the industry to trust the value that Wellogix provides to SAP customers, industry operators and services providers."
Blanchard stated that, "Wellogix represents an excellent fit for First Capital Group's investment strategy; they possess proprietary software sold in a large market capable of supporting significant revenue growth and a strong and experienced management team."
"We believe Wellogix has a truly unique and compelling solution for the planning and procure-to-pay functions for oil and gas companies," Capital Southwest Corporation's Peterson said. "The strength and momentum of the company's relationship with SAP was an unquantifiable selling point."
Additionally, Wellogix also announced today that Thomas Harper, III joined the company as vice chairman and as a director. Mr. Harper, who is a seasoned executive with a proven track record, joined the company out of retirement. Most recently, Mr. Harper reorganized and recapitalized The Procurement Centre, a privately owned professional services firm specializing in providing contract procurement and materials management professionals to the energy industry. His company was eventually sold to Resources Connection, a publicly traded professional services firm.
"I am excited about assuming this new role," said Mr. Harper. "The significant relationships that Wellogix has with its customers and partners have the company well positioned for continued growth and market share gains in the future. Moreover, with the talented team that we've assembled, coupled with our expanded software development, we will increase our leadership position in complex services business processes."
ABOUT WELLOGIX
Wellogix, Inc., based in Houston, Texas, develops and supports business process software to streamline and improve the planning, procurement and payment processes within the operator and supplier communities of the upstream oil and gas industry. The Wellogix Complex Services Management (CSM) Suite provides software that enhances and expands existing business applications to increase control and compliance, while reducing the cost of upstream goods and services processes. The CSM Suite is remotely hosted and is available on-demand across the Internet or as a standalone solution, but is typically integrated into an existing business application environment, including ERP systems and technical databases. The ability to track approval authority and certain other procure-to-pay processes also assists customers with Sarbanes- Oxley compliance. For more information, please visit: http://www.wellogix.com/.
ABOUT FIRST CAPITAL GROUP
First Capital Group is a venture capital firm that invests in a diversified portfolio of well-managed early- and expansion-stage companies primarily in Texas and the Southwest, working with their management teams to help build value. As one of Texas' most established venture capital firms providing funds to this traditionally underserved market segment, First Capital Group delivers more than 75 years' combined experience to assist entrepreneurs in obtaining the capital they require to execute their business plans and the experienced counsel they need to help achieve their business objectives. For more information, please visit: http://www.firstcapitalgroup.com/.
CONTACTS
Press Contact for Wellogix:
Ike Epley, Chief Executive Officer
(713) 621-0931
Press Contact for First Capital Group:
Duana C. Welch, Ph.D.
BlabberMouth PR
(210) 383-3673
duana@blabbermouthpr.comhttp://www.blabbermouthpr.com/
This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com/.
Wellogix, Inc.
CONTACT: Wellogix: Ike Epley, Chief Executive Officer, +1-713-621-0931,
or First Capital Group: Duana C. Welch, Ph.D., BlabberMouth PR,
+1-210-383-3673, duana@blabbermouthpr.com
Web site: http://www.firstcapitalgroup.com/
Web site: http://www.wellogix.com/
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