@Ventures Portfolio Company Enters into Definitive Agreement to be Acquired.WALTHAM, Mass. -- @Ventures([R]), the venture capital business of CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) ([R]), Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CMGI), announced today that one of the companies in its venture capital portfolio, The Generations Network, Inc., has signed a definitive agreement to be acquired by Spectrum Equity Investors. Under the terms of the agreement, Spectrum will lead an investment of $300 million to purchase a majority interest in the company. The acquisition is subject to customary closing conditions and is expected to be completed within 60 days. "@Ventures has been a longstanding shareholder and supporter of The Generations Network and we are pleased with this acquisition," said Joseph C. Lawler, chairman, president 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 CMGI. "@Ventures has developed a strong foundation of investments, and we are encouraged by the activities of our portfolio companies." CMGI expects to receive initial proceeds of approximately $14.0 million in its second fiscal quarter as a result of this transaction. CMGI may receive additional proceeds of up to $0.7 million, assuming there are no claims against proceeds to be held in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. . The Generations Network is the leading online network connecting families with their histories and with one another. The Generations Network's portfolio of sites and products includes Ancestry an·ces·try n. pl. an·ces·tries 1. Ancestral descent or lineage. 2. Ancestors considered as a group. [Middle English auncestrie, alteration (influenced by .com and seven international Ancestry sites, MyFamily.com, Rootsweb.com, Genealogy genealogy (jē'nēŏl`əjē, –ăl`–, jĕ–), the study of family lineage. Genealogies have existed since ancient times. .com, Family Tree Maker, and Ancestry Magazine. About CMGI CMGI, Inc. (NASDAQ: CMGI), through its subsidiary ModusLink, provides industry-leading global supply chain management services and solutions that help businesses market, sell and distribute their products around the world. In addition, CMGI's venture capital business, @Ventures, invests in a variety of technology ventures. For additional information, visit www.cmgi.com. About @Ventures @Ventures provides venture capital to early-stage and mid-stage technology companies. Formed in 1995, @Ventures has funded more than 75 software, IT, Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , and clean energy companies. The focus of @Ventures' fifth fund, formed in 2004, is on investments in the cleantech sector, including alternative energy, energy storage and efficiency, and water purification  It has been suggested that , , and be merged into this article or section. technologies. For more information,
visit www.ventures.com.
This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which address a variety of subjects including, for example, the expected timing of the closing of the transaction, the expected initial and future proceeds from the announced transaction, the financial impact of the transaction on CMGI, our assessment of the companies within our venture capital portfolio and their prospects, and our assessment of the mergers and acquisitions market. All statements other than statements of historical fact, including without limitation, those with respect to future proceeds are forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the transaction is subject to closing conditions which may not be met; the mergers and acquisitions and IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. markets are inherently unpredictable and liquidity events for companies in our venture capital portfolio may not occur; future proceeds from liquidity events are based upon the release of escrowed funds and in the event of successful escrow claims, a portion or all of the future proceeds may not be received as expected. For a detailed discussion of cautionary statements that may affect CMGI's future results of operations and financial results, please refer to CMGI's filings with the Securities and Exchange Commission, including CMGI's most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . Forward-looking statements represent management's current expectations and are inherently uncertain. We do not undertake any obligation to update forward-looking statements made by us. @Ventures and CMGI are registered trademarks of CMGI, Inc. All other company names and products are trademarks or registered trademarks of their respective companies. |
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