8OVER8, a Derry-based software company that provides Internet solutions to corporate buying teams, has secured a $7.6 million (€6.9 million) investment package from Italian merchant bank, Brescia Fidi.

The company, which is a spin-off firm from Vocean, a software company based in Omagh, is using the cash to expand its marketing base into Europe and to recruit more aggressively in Northern Ireland.

The company has designed an e-procurement product called exhiBID. This is an online reverse business-to-business software product that enables companies to bid for and buy goods and services from suppliers online.

The company has already had considerable success in marketing the product and in January clinched a lucrative deal with British Telecom. The company claims to have other blue-chip clients, although these have yet to be announced.

The exhiBID product generates revenue from licensing agreements or through transactions, depending on the requirements of the client.

It forms part of a complete tender negotiation solution for big business called procurementware, which has been developed in conjunction with sister company Vocean.

Following the investment boost by Brescia Fidi, 8over8 is valued at about $35 million and is planning to set up sales offices in Dublin, Milan and London to create awareness of its product portfolio.

The market for the corporate reverse marketplace will be worth an estimated US$1.5 trillion in under three years, according to research group Forrester .

8over8, which is headed by Mr Gerry McGurgan, is currently negotiating with government training organisations in Northern Ireland about recruiting staff.