FOR IMMEDIATE RELEASE
InSITE SERVICES Secures Funding
From Leading Venture Capital Firm; Greystone Capital Leads Second-Round
of Funding
NEW YORK, N.Y., March 15, 2000 /PRNewswire/
- InSITE SERVICES LLC, the pioneering application service provider
that fosters next-generation utilities through strategic, customer-focused,
and Web-enabled billing solutions, announced today the successful
completion of second-round funding from Atlanta-based Greystone
Capital Group, LLC.
Through its leading application services, EnerEDI™,
EnerBill™, and Utility Navigator®, InSITE provides innovative
and best-of-breed billing and information services to companies
throughout North America. EnerEDI is the de factostandard for
information exchange in the energy industry; EnerBill™ is a
Web-based billing application service that gives energy service
companies low cost, comprehensive support for all billing processes,
and Utility Navigator® is an easy-to-use Web-based application
service that commercial and industrial customers can use to analyze,
manage, and optimize their utility usage and costs.
Greystone Capital is a leading venture capital firm
located in Atlanta. Some of the companies in which Greystone has
previously invested include iXL Enterprises, CompuCredit Corporation,
Derivion, Online Insight, and Asset Alliance Corporation.
Tom Blumberg, InSITE's chairman, says, "Greystone
Capital's assessment of our vision, strategy, business plan, and
portfolio of industry-leading application services was enormously
positive and particularly gratifying. Greystone has an impressive
track record for investing in explosive, market- leading companies,
and we expect to be the next name on that list. We are proud to
be affiliated with such a leading fund."
Adds Thomas G. Rosencrants, chairman and CEO of
Greystone Capital, "We are highly selective in where we choose
to invest. Clear goals, experienced management who can work together
as a team, and solid, industry-tested leading solutions comprise
our fundamental selection criteria. It's clear that InSITE understands
the dynamics in the energy industry and is prepared tocapture
significant market share as deregulation trends continue. Their
application services are certainly best-of-breed and in great
demand. And with an excellent management team, all of the elements
are in place for continued explosive and profitable growth."
"We're very busy providing billing and information
services toover two dozen leading energy service companies around
the country," comments Jonathon Shaevitz, InSITE's president
and CEO. "We're growing as quickly as we can to keep up with
current and near term demands, having increased the number of
employees four-fold over the past several months. We will strategically
apply the invested funds to further augment our application services
portfolio and begin marketing more aggressively."
About InSITE SERVICES
InSITE SERVICES is the pioneering application service provider
fostering next-generation utilities through strategic, customer-focused
and Web-enabled billing solutions. Founded in 1995 to provide
billing and energy information services to an increasingly competitive
energy industry, InSITE's sole focus is on energy information
and billing applications, with a commitment to Delivering the
highest quality and value services in the industry. With EnerEDI™,
EnerBill™, and Utility Navigator®, InSITE provides innovative
and best-of-breed billing and information services to companies
throughout North America, focusing much of its efforts on states
in the midst of deregulation.
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