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EXHIBIT 99.1
Media Inquiries: Analyst/Investor Inquiries:
Judy Feinberg Julie Creed
Buzz divine, Inc. Buzz divine, Inc.
Direct: 312.923.2076 Direct: 312.379.6140
[email protected] [email protected]
divine interVentures, inc. Completes Initial Public Offering
and Concurrent Private Placements
LISLE, Illinois -- July 19, 2000 -- divine interVentures, inc., ("divine" or the
"Company"; Nasdaq: DVIN), today announced the completion of its initial public
offering of 14,285,000 shares of class A common stock at $9.00 per share. All
shares were sold by the Company, and are quoted on the Nasdaq National Market
under the symbol "DVIN".
Robertson Stephens acted as the lead manager of the offering and the co-managing
underwriters of the initial public offering were Donaldson, Lufkin & Jenrette
Securities Corporation; Bear Stearns & Co. Inc.; William Blair & Company,
L.L.C.; and DLJdirect Inc. divine granted the underwriters the right to
purchase up to an additional 2,142,750 shares of class A common stock to cover
overallotments, if any.
Copies of the final prospectus relating to the initial public offering of these
securities may be obtained from FleetBoston Robertson Stephens, Inc., 555
California Street, Suite 2600, San Francisco, CA 94104.
In addition, divine sold an aggregate of 7,257,455 shares of its class A common
stock and 23,288,511 shares of its class C non-voting convertible common stock
to 360networks, inc. (Nasdaq: TSIX); Aon Corporation (NYSE: AOC); BancBoston
Capital, Inc.; CMGI, Inc. (Nasdaq: CMGI); Compaq Computer Corporation (NYSE:
CPQ); Hewlett Packard Company (NYSE: HWP); Level 3 Communications (Nasdaq:
LVLT); marchFIRST, Inc. (Nasdaq: MRCH); and Microsoft Corporation (Nasdaq: MSFT)
in private placements concurrent with the completion of the initial public
offering. The total purchase price of the concurrent private placements was
$258,913,729 and the net cash proceeds to the Company from the concurrent
private placements were approximately $218,421,629.
About divine interVentures, inc.
Chicago-based divine interVentures, inc. is an Internet holding company actively
engaged in business-to-business e-commerce through a community of associated
companies. divine establishes and acquires significant interests in, operates,
and provides services to its associated companies. divine's services include
operational support, strategic guidance, marketing, web design and development,
sales, IT hosting, legal, and administration. These services provide associated
companies with an operating framework so they can focus on their core
competencies and accelerate the time to market of their products and services.
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This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or
jurisdiction.
