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EXHIBIT 99.3
FOR IMMEDIATE RELEASE
For more information, contact:
Michelle Strykowski 415.356.1014
[email protected]
INTERNET CAPITAL GROUP COMPLETES ITS ACQUISITION OF INTEREST IN
ECREDIT.COM
ICG adds credit and financing leader to stable of partner companies; new
addition to provide complete infrastructure solutions for
e-commerce partner companies
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Wayne, Pa-June 12, 2000-Internet Capital Group (NASDAQ: ICGE), a leading
business-to-business e-commerce company, today announced that it has completed
the previously announced acquisition of 30% of eCredit.com for 4.66 million
shares of Internet Capital Group common stock. eCredit.com is a valuable asset
to ICG in both its potential as a market leader, in online financial services,
and the critical financial capabilities it brings to ICG's network of partner
companies eCredit.com's proprietary assets and growing base of premier customers
uniquely position the Company to capture and maintain its leadership position.
eCredit.com enables ICG partner companies and other businesses to offer a
variety of payment and financing options such as trade credit, leases, loans and
other alternatives in an electronic fashion at the point of sale, in order to
support the unique requirements of e-commerce. eCredit.com is already utilizing
the power of ICG's collaborative network, having formed strategic partnerships
with other ICG partner companies. "We've identified financial fulfillment
capabilities as a critical value enhancer to the success of digital
marketplaces, and eCredit.com as a leading provider of these value-added
services," said Ken Fox, managing director at Internet Capital Group. "We're
excited to continue to help accelerate the growth of eCredit.com while also
enabling our collaborative network of partner companies to benefit from the
competitive advantage provided by eCredit.com's services." The eCredit.com
Global Financing Networka, a scalable and flexible Internet infrastructure,
allows customers and partners to uniquely represent their business processes,
and integrate a rich array of information sources and content providers, thereby
supporting a large volume of automated transactions. As a result, eCredit.com
helps businesses and financial institutions increase their revenues, improve
profitability, speed time-to-market, and capitalize on the e-commerce
opportunity.
About eCredit.com
eCredit.com is a leading provider of credit, financing and receivables
management solutions for business-to-business and business-to-consumer commerce.
Its software solutions and services run on the eCredit.com Global Financing
Network, an Internet-based platform that connects businesses to financing
partners and global information sources in real time at the point-of-sale.
eCredit.com is headquartered in Dedham, Mass. For additional information, visit
eCredit.com on the Web at www.ecredit.com.
About Internet Capital Group
Internet Capital Group (http:[//www.internetcapital.com/]) is an Internet
company actively engaged in business-to-business e-commerce through a network of
partner companies. It provides operational assistance, capital support, industry
expertise, and a strategic network of business relationships intended to
maximize the long-term market potential of more than 65 business-to-business e-
commerce partner companies. Headquartered in Wayne, Pa., Internet Capital Group
has offices in San Francisco, Boston, Seattle and London.
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