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Exhibit 99.3
For immediate release:
Contact:
AT APPLIEDTHEORY
1500 Broadway - 3rd Floor Dave Buckel Karolin Shoikhet
New York, NY 10036 Investor Contact Media Contact
212.398.7070 (ph) Senior VP and CFO Senior Media Liaison
212.398.5985 (fx) 212.398.7070 (x-4444) 212.398.7070 (x-4226)
[email protected]
AT THE FINANCIAL RELATIONS BOARD
Paul Henning Beth Lewis Deanne Eagle
General Info Analyst Info Media Info
212.661.8030 617.369.9240 212.661.8030
AppliedTheory Poised to Expand e-Business Solutions Nationwide
with Agreement to Acquire Seattle-based Cordada Group
NEW YORK, NY (May 15, 2000) -- AppliedTheory Corporation (Nasdaq: ATHY), a
premier provider of end-to-end e-Business Solutions, announced today that it
has reached an agreement to acquire the privately-held Cordada Group, a
Seattle-based e-Business Solutions firm. In doing so, AppliedTheory is
fulfilling its growth objectives by increasing its e-business impact and sales
revenue in the Seattle region. AppliedTheory has agreed to purchase Cordada for
approximately $16 million in stock. The company expects the acquisition to
close within the next thirty days.
"The acquisition of The Cordada Group accelerates AppliedTheory's goal of
establishing a national e-Business Solutions presence over the next 12 months,"
said Dr. Richard Mandelbaum, AppliedTheory Chairman & CEO. "We are targeting
acquisitions that complement our growing suite of integrated e-Business
Solutions and provide opportunities for the right geographic expansion. The
Cordada Group is a perfect fit; a well-established and highly reputed firm,
bringing to us many marquee customers who fit squarely within our geographic
and vertical market strategies. Additionally, we view this as an opportunity to
sell our full suite of services to The Cordada Group's client base. We will
leverage our national hosting network footprint to bring new and better managed
hosting solutions to existing and future Cordada customers"
AppliedTheory is focused on building a national organization to provide an
integrated suite of Internet business solutions. The company plans to keep
growth in step with the greater demand for more sophisticated Internet services
and applications from its expanding client base, comprised mainly of mid-sized
companies, government agencies, healthcare providers, and universities.
AppliedTheory provides its customers with e-Business Solutions and other
Internet consulting services, high-speed access, Web and AIP hosting
(Application Infrastructure Provider) and security services, and an unmatched
level of customer support.
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"The Cordada Group's Internet-experienced management will be a valuable
addition to the AppliedTheory team, particularly with their knowledge of the
Seattle market and established premier partnerships with Microsoft and Lotus,"
said Dave Buckel, AppliedTheory Senior Vice President & CFO. "The added
capability will help to quickly and cost-effectively ramp-up our geographical
reach."
The Cordada Group's clients range from start-ups and dot-coms, through the
mid-market, to Global 500's. Cordada clients such as Frank Russell and NEXTLink
Wireless are a natural fit with AppliedTheory's established base of clients
which includes Carrier, Citibank, Time-Warner, and Ziff-Davis. Cordada's record
of West Coast achievement with e-Business Solutions is an ideal compliment to
AppliedTheory's acclaimed e-Business Solutions service. With this agreement to
acquire The Cordada Group, AppliedTheory has further enhanced its capabilities
to provide e-Business Solutions that make a difference to clients nationwide.
ABOUT THE CORDADA GROUP
Headquartered in Bellevue, Washington the Cordada Group provides a range of
e-Business Solutions services, combining sound technological solutions with
creativity and leadership to help clients achieve their business objectives.
Founded in 1991, The Cordada Group has won several awards within the industry,
including the Deloitte & Touche Technology Fast 50 list in Washington State.
The Group currently employs approximately 80 associates focused on bringing the
best in e-business solutions to their clients. For more information, access the
company's Web site at http://www.cordada.com.
ABOUT APPLIEDTHEORY
With deep roots in the emerging Internet marketplace, AppliedTheory offers a
peerless strategic vision to companies and public sector organizations seeking
everything from simple Internet access to sophisticated large-scale,
Internet-based application development. AppliedTheory's integrated solutions
are tailored not only to the customer's immediate needs, but are engineered to
respond to future demand, with an emphasis on customer support and service.
Together with its strategic business partners, AppliedTheory implements a broad
range of best-of-breed services nationwide, including e-Business Solutions,
needs assessment and security consulting, AIP and dedicated Web hosting, Web
access, Virtual Private Network (VPN) implementation and ongoing end-to-end
support. More than a technology company, AppliedTheory understands the Internet
business--and how to do business on the Internet. AppliedTheory is
headquartered in New York, NY. For more information, access the company's Web
site at www.appliedtheory.com.
Statements contained in this press release that are not historical facts may be
deemed to be forward-looking statements which are subject to risks and
uncertainties, including those discussed in AppliedTheory's filings with the
Securities and Exchange Commission.
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