ABN AMRO, Xcelera.com and HarbourVest Partners Invest $17.7 Million in Corechange, Inc.; Funds to Fuel Operations, Growth.Business Editors BOSTON--(BUSINESS WIRE)--Feb. 22, 2000 Corechange, Inc., the leading provider of enterprise information and business to business portal solutions, announced today that it has raised $17.7 million in new capital from an investor group. Corechange's second round of financing was led by new investors ABN AMRO Private Equity and Xcelera.com (Amex: XLA XLA X-Linked Agammaglobulinemia XLA Excel Airways (British airline) XLA Microsoft Excel Addin XLA Xbox Live Arcade (gaming) XLA X-Band Limiter Attenuator XLA Excel Add-in XLA Xlib Archive ), an international Internet technology holding company and existing investor HarbourVest Partners, a leading technology venture capital firm. The funds will be used to support Corechange's operations and growth strategy. "This is an exciting time for Corechange as we enter the next stage of our growth," said Ulf Arnetz, President and Chief Executive Officer. "Over the past two years, we have developed and refined our role-based B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business and enterprise information portal See corporate portal. , Coreport, into one of the most advanced, industry-leading options for businesses who want to provide for their customers, partners and employees, a unified, orderly and efficient access to information through a single point. Our goal is to leverage our leading position to take advantage of the exploding B2B and enterprise information portal market. The B2B market alone is expected to be worth $1.5 trillion in 2003 according to Forrester Research. We are extremely excited about the composition of the investors in this round, each of whom will contribute to the continued success of our Company." "We are extremely pleased to have led this round of financing for Corechange," says Dan Foreman, Managing Director of ABN AMRO Private Equity. "Corechange's B2B and enterprise information portal complements our Internet services and infrastructure software investments. This combination will provide a clear advantage for Corechange to be an important player in this burgeoning market," says Foreman. "Corechange technology can play a central role in the trillion dollar emerging global B2B market," said Gustav Vik, Executive Vice President of Xcelera.com. "Corechange's unique technology will revolutionize the way information is accessed and presented to customers, suppliers, partners, management and employees. The products have global application, and are already deployed in seven countries in Europe and North America." "Corechange's web based infrastructure technology has sparked the Company's dramatic growth over the past two years, and we are excited to join them for what is their - and our-second round of financing," said Ofer Nemirovsky, Managing Director of HarbourVest Partners. "Many companies have claimed to produce the 'digital dashboard,' a knowledge worker's customized, filtered single point of access to information, but few have the depth of technology and experience to provide the easy, cost-efficient implementation across the enterprise that Corechange does." ABN AMRO Private Equity is an independent investment arm within ABN AMRO Bank, one of the world's largest financial institutions with over $500 billion in assets. ABN AMRO Private Equity holds positions in such companies as Phone.com and Integrated Information Systems. www.abnequity.com Xcelera.com (AMEX: XLA) is an international Internet technology holding company with core holdings in Mirror Image Internet, deo.com, MNW MNW Muzeum Narodowe w Warszawie (Poland: National Museum in Warsaw) MNW Minimum Number of Workplaces MNW My Net Watchman MNW Multi-National Workstation MNW Monday Night Wings Records Group, e-game.com and others. Xcelera.com was the best performing stock in the US during 1999. www.xcelera.com HarbourVest Partners LLC, is one of the East Coast's premier technology venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] , holding leading positions in such firms as Clarus Corp, UUNet and Digital Insight. Currently HarbourVest Partners have assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. in excess of $11 billion. www.harbourvest.com About Corechange Corechange was founded in 1996 in partnership with Massachusetts-based Cambridge Technology Partners to develop portal solutions to improve the way enterprise information is shared in organizations by providing faster, more efficient and tailored access. Spun-off as an independent company in 1997, Corechange introduced its B2B and enterprise information portal product, Coreport, in August of 1999. Coreport is the first and only browser-based portal product to provide users of whatever kind with a role-based single point of access to all information and applications simply, quickly, and tailored to their needs. Corechange customers include ABB, AMB Property Management, British Telecom North America, Cap Gemini, City of Stockholm, CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank , Duke University, Ericsson, Fidelity, Guardian Insurance, Health Systems Minnesota, Manor Bakeries, New Britain General, Norsk Hydro, The Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. , SAAB SAAB Svenska Aeroplan Aktiebolaget (Swedish Aeroplane Corporation; auto/aircraft manufacturer) SAAB Student-Athlete Advisory Board SAAB Student African American Brotherhood SAAB South African Association of Botanists , SHL, Storebrand, Swedish DOD (1) (Dial On Demand) A feature that allows a device to automatically dial a telephone number. For example, an ISDN router with dial on demand will automatically dial up the ISP when it senses IP traffic destined for the Internet. , Telenor, Telia, United Health Services, University of Chicago, University of Chicago, University of, at Chicago; coeducational; inc. 1890, opened 1892 primarily through the gifts of John D. Rockefeller. Because of the progressive programs and distinguished faculty established under its first president, William R. Illinois, University of Illinois, University of, main campus at Urbana-Champaign; land-grant with state and federal support; coeducational; chartered 1867, opened 1868 as Illinois Industrial Univ., renamed 1885. It pioneered in vocational education. Michigan, Volvo and the WorldBank. Expand your portal view today by visiting the Corechange web site at www.corechange.com |
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