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Exhibit 99.5
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 Acquires Team Tech International
Acquisition Augments AppliedTheory's E-Business Solutions and Builds Strong
Presence in the Austin, TX, High Tech Community
NEW YORK, NY (June 12, 2000) -- AppliedTheory Corporation (Nasdaq: ATHY), a
premier provider of end-to-end e-Business solutions, announced today it entered
into an agreement to acquire Austin-based Team Tech International Corporation
(Team Tech), a leading Web consulting firm for e-Business solutions.
"In combining Team Tech's consulting and solutions experience with our breadth
of products, we are able to further expand our integrated e-Business Solutions,"
said Dr. Richard Mandelbaum, AppliedTheory Chairman & CEO. " Team Tech has
established a strong professional team of managers that is now integrated into
the AppliedTheory team. This gives us a competitive advantage in providing total
Internet solutions."
AppliedTheory provides its customers with e-Business solutions including
consulting services, high-speed access, Web and AIP (Application Infrastructure
Provider) hosting, security services, and an unmatched level of customer
support. AppliedTheory's established base of clients includes America's Job
Bank, Carrier, Citibank, Ingersoll-Rand, Time-Warner, and Ziff-Davis.
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With headquarters in Austin, Texas (one of the premiere technology centers in
the U.S), Team Tech's experts are focused on building complex Internet solutions
for commercial clients and government agencies worldwide. Also, they have
developed a unique e-Business product called CyberCentral, a web-based community
and collaboration software package that solves event marketing, communications,
and management needs by providing an information portal solution for conference,
conventions, and sales seminars.
"Team Tech has a strong regional presence and an impressive customer roster,
that includes The Gartner Group, IBM, Nortel Networks, and BMC Software," said
Dave Buckel, AppliedTheory Senior Vice President & CFO. "They are a 'Premier
Business Partner' with IBM and Lotus and have a highly skilled management team.
Their experience is a perfect fit for AppliedTheory, we'll leverage these skills
over our professional footprint. AppliedTheory's Managed Hosting services will
be a big win for Team Tech's customers."
"Merging these two companies was a mutually beneficial decision," said Art
Borrego, AppliedTheory Vice President, E-Solutions & Services, Southwest Region.
"Each of us complements the other with the services we offer. For example, Team
Tech is now able to provide clients with robust hosting services while
AppliedTheory benefits from our extensive e-Business consulting expertise. This
relationship adds network-centric capabilities that we could not achieve on our
own."
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.
ABOUT TEAM TECH
Team Tech is an Austin, Texas based company providing leading-edge e-business
solutions. The company was recently recognized as one of the Top 25 Fastest
Growing Private Companies by the Austin Business Journal. Team Tech has had more
than 1600% revenue growth and profitability over the last five consecutive
years.
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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