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EXHIBIT 99.4
INTERNET CAPITAL GROUP COMPLETES ITS ACQUISITION OF INTEREST IN RIGHTWORKS
CORPORATION
Acquisition Represents Key Technology Infrastructure Asset
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Wayne, Pa--(BUSINESS WIRE)--June 15, 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 a
controlling interest in RightWorks for $22 million and approximately 5,778,533
million shares of Internet Capital Group common stock. In one of its most
strategic acquisitions to date, ICG is taking a majority stake in this leading
provider of B2B exchange software for powering digital marketplaces. The
RightWorks acquisition is critical to ICG's mission of driving the
transformation of business by building the leading global B2B e-commerce
companies. RightWorks provides a platform that is central to ICG's strategy for
rapidly building new businesses on the Internet. The RightWorks offering
enables market makers to provide their trading participants with a one-to-one
buying experience within a many-to-many architecture. RightWorks customers
represent a wide range of markets and include companies such as CSC, Embion,
eMerge Interactive, FacilityPro.com, ShopNow.com and Wells Fargo Bank. "This
acquisition is fundamental to our strategy of driving business transformation by
aggregating business buyers and business suppliers together in open, highly
efficient digital marketplaces," said Mary Coleman, managing director at ICG.
"Technology infrastructure is critical to the success of B2B marketplaces, and
we believe that with RightWorks' open, scaleable platform, momentum behind ICG's
market makers will only continue to increase." As an ICG partner company,
RightWorks will gain access to ICG's strategic expertise, operational support
and network of B2B e-commerce partner companies, while its technology is
expected to increase the competitive advantage and value of the entire ICG
network. RightWorks is already leveraging the power of ICG's collaborative
network, having formed several strategic partnerships with other ICG partner
companies, including VerticalNet, ICG Commerce, CommerceQuest and Breakaway
Solutions. "The RightWorks platform's open architecture, which is designed
specifically to operate over the Internet, combined with our open approach to
content, makes RightWorks a perfect fit with ICG's wide network of existing and
upcoming digital marketplaces," said Vani Kola, founder and CEO of RightWorks.
"An acquisition by a leader like ICG represents a strong endorsement that should
help new and prospective customers and partners -- both within the ICG network
and beyond -- see that RightWorks is the clear choice for B2B enabling
technology."
About RightWorks
Founded in 1996, RightWorks is a leading provider of B2B exchange software for
powering digital marketplaces across the Internet. RightWorks offers an
extensive range of capabilities that are being adopted by net market makers as
either in-house or hosted solutions. RightWorks 5, the latest release of the
company's flagship product, is architected to take advantage of the dynamic and
distributed nature of the Internet with innovations such as an open "many-to-
many" trading platform, Universal Network Content(TM), and Business
Personalization(TM). RightWorks is a privately held company backed by Internet
Capital Group, Sequoia Capital and others. Based in San Jose, Calif., RightWorks
can be reached at 408/579-4000 and at www.rightworks.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, London and Hong Kong. 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
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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.
CONTACT: Internet Capital Group
Michelle Strykowski, 415/343-3753 (Public Relations)
[email protected]
Sherri Wolf, 617/338-7171 (Investor Relations)
[email protected]
