$2.5 Million Equity and Debt Infusion Fuels LesConcierges - iSaySo Corporation Merger.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--July 19, 2001 Backed by $2.5 million in new equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay , LesConcierges and iSaySo Corporation announced that they have consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. a merger of the companies that will result in an expanded array of product offerings and a larger market share of the Concierge Services industry. The newly merged entity will retain the LesConcierges, Inc., name. Financed by the venture capital firm, Psilos Group LLP LLP - Lower Layer Protocol , the merger integrates LesConcierges' concierge expertise, international network and blue chip client roster with iSaySo's powerful, scalable personal assistance and transaction software. The merger adds an advanced technological platform to the LesConcierges service and enables the 14-year old company to expand its range of service offerings across the entire range of concierge and personal assistance services both nationally and internationally. Linda Jenkinson, co-founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of iSaySo Corporation, has been named CEO of the combined entity and Jane Winter, founder and CEO of LesConcierges, will remain as President. Post-merger, LesConcierges has over $10 million in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues and 34 clients, the majority of which are Fortune 1000 entities. "This merger uniquely positions LesConcierges as the industry leader in providing comprehensive concierge and personal assistance services," notes Ms. Jenkinson, LesConcierges' CEO. "Unlike other concierge companies, the new LesConcierges has the ability to rapidly leverage technology that will optimize optimize - optimisation our vast, international network of local specialists, providing customers with the richest and most personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. assistance and recommendations possible." Founded in 1987, LesConcierges is the premier corporate concierge company in the world, serving over half a million customers and over 30 clients in offices from Honolulu to Paris. LesConcierges provides its personal assistance and concierge services both to employees as a work/life benefit and to companies' customers as an added-value benefit designed to increase customer loyalty. LesConcierges' client portfolio consists of leading companies and "employers of choice" in a myriad of industries, including the legal field, financial and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. , and technology. iSaySo Corporation, founded in 1999, established itself in the work/life benefits arena by delivering live personal assistance to its members through its 24/7 contact center and web-based virtual concierge service. Using technology to expand customer access to concierge-style services, iSaySo developed a proprietary transactional and customer profile database that enables its staff to quickly and effectively deliver personalized assistance to its customers. The core features around which iSaySo has built its service delivery are: shopping assistance, restaurant reservations, gift recommendations and procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. , and information research. |
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