November 17, 2000
VCG Snares $7.5 Million
ATLANTA--(BUSINESS WIRE)--Nov. 17, 2000
Company to use funding to accelerate product leadership position
VCG, a leading provider of web-based solutions for the staffing industry, announced today that it has received a $7.5 M round of funding which will allow the company to expand its resources to meet its customers' growing e-staffing needs.
VCG will use the funding to accelerate the research and development of its WebPAS family of products and to increase personnel to support the growing needs of its customer base. Funds will also be used to expand VCG's marketing programs, further industry alliances and to expand its office space.
Jefferson Capital Partners, Ltd., based in Richmond, Virginia, has taken the lead in the round of funding, and Croft & Bender LLC acted as the financial advisor for VCG during the funding process. Additional investors include Equity-South Partners, Five Paces Ventures, C&B Capital L.P., and other individual investors.
"We are very excited about this opportunity to continue to grow our company and accelerate our product leadership position," said Mark Van Laeke, CEO. "Through this funding we will be able to further develop the functionality of WebPAS and continue to help staffing firms solve one of their biggest challenges - finding and placing the best talent in a very tight labor market."
"VCG is an established leader in providing innovative software solutions in the staffing industry," said Chip Moelchert of Jefferson Capital. "They have a proven track record of executing on their technology and bringing innovative solutions to the market quickly. As staffing companies realize that in order to compete they will need to shift to an e-staffing model, we are confident that VCG can help them to make this critical shift."
VCG, Inc., the developer of WebPAS, the first web-native management tool designed specifically for the staffing industry, delivers a complete solution that is easy to operate, time efficient and cost effective, creating improved results for the staffing industry, their client corporations and job-seeking candidates. For additional information on WebPAS or VCG, call 1-800-318-4983 or visit www.webpas.com.
About Jefferson Capital, Ltd.
Jefferson Capital Partners, Ltd. is a Virginia-based venture capital firm specializing in expansion capital opportunities in the business services, consumer services, healthcare and information services industries.
About Croft & Bender
Croft & Bender is a leading provider of investment banking services focused on small and mid-sized growth companies. C&B Capital, L.P., a private equity and venture capital fund managed by Croft & Bender, is focused on investments in selected, high-potential small and mid-sized privately held growth companies located primarily in the Southeast.
About Equity South
Equity-South Partners, LP, an Atlanta, Georgia-based equity capital fund, targets acquisitions or meaningful equity positions in operating businesses that provide the prospect for significant growth in revenues and earnings. Investment prospects will typically have revenues ranging from $5 million to $75 million. Principals of Equity-South can be contacted at 404-237-6222 or firstname.lastname@example.org
About Five Paces
Five Paces Ventures is an Atlanta-based venture capital fund that focuses on networking and infrastructure investments. The fund has made approximately ten investments including VCG and primarily invests in early stage companies. For more information, visit the company's website at www.fivepaces.com or contact us at 404-439-8212.