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For more information:
Ellen Barry
Internet Capital Group Public Relations
617-267-9700 x307
[email protected]
Sherri Wolf
Internet Capital Group Investor Relations
617.338.7171
[email protected]
Roopa Bhide
eCredit.com Public Relations
781.752.1275
[email protected]
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Albie Jarvis
eCredit.com Public Relations
Porter Novelli Convergence Group
617.450.4236
[email protected]
Internet Capital Group to Acquire a Stake in eCredit.com
Agreement with financial transaction clearing provider is cornerstone in
company's strategy to enable open, collaborative e-commerce platforms.
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WAYNE, Pa.--Feb. 24, 2000-- Internet Capital Group (NASDAQ: ICGE), a leading
business-to-business (B2B) e-commerce company, today announced that it has
agreed to acquire an interest in eCredit.com for $450 million worth of Internet
Capital Group (ICG) common stock. The agreement is part of ICG's strategy to
build open, collaborative platforms that will enable ICG's partner companies and
others to leverage the reach and immediacy of the Internet.
eCredit.com, a privately-held company based in Dedham, Mass., is one of Internet
Capital Group's largest capital and strategic partnerships to date. eCredit.com
is the market leader in connecting businesses to financing partners and global
information sources to permit real-time, point-of-sale credit and financing
decisions. The acquisition of eCredit.com underscores Internet Capital Group's
commitment to building the dominant B2B e-commerce network of companies across
the top 50 global markets.
"eCredit.com's role in financial fulfillment is at the core of doing business on
the Web and will serve as a cornerstone for our vision of providing a complete
infrastructure solution for our e-commerce partners," said Ken Fox, co-founder
and managing director at Internet Capital Group.
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"eCredit.com's ability to cut processing time for credit and financing
applications, by providing direct links between businesses and financial
institutions, makes it a market leader in the e-commerce financial services
industry."
The eCredit.com Global Financing Network is the first Internet-based integrated
financial transaction-processing platform capable of consummating transactions
online in real time. By intelligently connecting businesses to a variety of
financing partners and global information sources, such as Dun & Bradstreet,
Experian, Trans Union, Equifax, and EDGAR, at the point of purchase, eCredit.com
is geared to allow ICG partners and other businesses to offer a variety of
payment options such as trade credit, leases, loans and other financing
alternatives in an electronic fashion that supports the unique requirements of
e-commerce.
eCredit.com helps businesses and financing partners increase their revenues,
improve profitability, speed time-to-market, and capitalize on the e-commerce
opportunity. eCredit.com's scalable and flexible Internet architecture allows
customers and partners to uniquely represent their business processes, supports
a large volume of transactions and integrates a rich array of information
sources and content providers, such as Fair, Isaac.
"We're thrilled to join the Internet Capital Group network of leading e-commerce
companies,'' said Venkat Srinivasan, CEO and co-founder of eCredit.com. "Our
strategic visions are completely aligned. Internet Capital Group's decision to
acquire a stake in eCredit.com is a further validation of eCredit.com's market-
leading position in online payment and financing services. The strategic,
operational and financial support provided by Internet Capital Group, coupled
with the exchange of best practices within the network, will help to establish
eCredit.com as the world leader in financing Internet transactions."
Since its inception in 1996, Internet Capital Group has acquired and built two
types of companies: market makers, which bring buyers and sellers together by
creating Internet-based markets for the exchange of goods, services and
information in particular industrial sectors; and enabling service providers,
which sell software and services to businesses engaged in e-commerce. As a
partner company in the ICG network, eCredit.com will gain access to strategic
expertise and operational support.
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The transaction is subject to customary closing conditions, including the
effectiveness of a registration statement under the Securities Act of 1933
registering the issuance of ICG common stock in the transaction.
About eCredit.com
eCredit.com, Inc. is a leader in the market for real-time credit, financing and
related services for e-business through its value-added eCredit.com Global
Financing Network. With the Global Financing Network, eCredit.com intelligently
connects businesses to financing partners and global information sources so
credit and financing decisions can be processed 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 holding
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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 55 business-to-business
e-commerce partner companies. Headquartered in Wayne, Pa., Internet Capital
Group has offices in San Francisco, Boston, Seattle and London.
Safe Harbor Statement under Private Securities Litigation Reform Act of 1995
The statements contained in this press release that are not historical facts are
forward-looking statements that involve certain risks and uncertainties
including but not limited to risks associated with the uncertainty of future
performance of our partner companies, acquisitions of interests in additional
partner companies, additional financing requirements, the effect of economic
conditions in the B2B e-commerce market and other uncertainties detailed in the
Company's filings with the Securities and Exchange Commission.
