Acacia Research Acquires Interest in the EC Company, a Leader in B2B E-transactions.Business Editors PASADENA, Calif.--(BUSINESS WIRE)--Jan. 19, 2000 Acacia Research Corp. (Nasdaq/NMS:ACRI) announced today that it has acquired a 7.6 percent interest in The EC Company, a leader in business-to-business Internet exchange See IXP and NAP. transactions for mid-market suppliers. Acacia Research invested $3 million in a $17.3 million Series B round financing that also included Talkot Capital, Wasserstein Adelson Ventures, and White Rock Capital. The EC Company has partnered with over 75 industry leaders and offers an Internet transaction exchange -- EC Exchange.net -- that manages and translates data standards at a fraction of the cost of non-Internet-based solutions. EC Exchange.net can allow a company of any size to quickly ramp-up and become electronically enabled to participate in new digital marketplaces. "The EC Company is rapidly becoming a major force in the b2b market because it solves the `last mile' problem and enables e-transaction processing between all businesses," said Acacia Research 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. Paul Ryan Paul Ryan may refer to:
Upon joining The EC Company as its Chief Technology Officer earlier this month, Mike Atwood, who was formerly Intuit's Director of Engineering of Quicken and General Manager of Open Financial Exchange, stated, "The EC Company will bring electronic transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. to the small and mid-market businesses of America, the way Intuit brought electronic banking to them." EC Exchange enables suppliers to electronically transact with buyers and new digital marketplaces. Buyers on EC Exchange.net include Ace Hardware, Albertson's, American Stores American Stores was the name of a United States chain of supermarkets. It was formed in 1917 when Acme Markets merged with four other Philadelphia area grocery chains into American Stores. American Stores would grow to 1,700 stores in 40 states with $15 billion in sales. , City Markets, Costco, CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. , Dayton Hudson, Dillon Stores, Fisher Scientific Fisher Scientific, formally Fisher Scientific International, Inc. and colloquially Fisher was a biotechnology company that provided products and services to the global scientific research and United States clinical laboratory markets. , Food Lion, Fred Meyer, General Mills, HomeBase, Home Depot, K-Mart, Lucky Stores, Pathmark, Payless Cashways, Publix, Rite Aid, Safeway, Target, and Walgreens. ABOUT THE EC COMPANY The EC Company offers a business-to-business Internet transaction exchange that provides e-commerce solutions for mid-market suppliers. The company's EC Exchange product and EC Exchange.net service enable trading relationships within and across communities. The combined offering is a hosted Internet-based electronic transaction exchange that manages and translates data standards seamlessly and effortlessly at a fraction of the cost of non-Internet-based solutions. The EC Company has partnered with over 75 industry leading companies including Ace Hardware, Distribution America, Do It Best, Fisher Scientific, Food Lion, Pacific Gas and Electric, and TruServ Corporation. The company is backed by several venture firms, including Talkot Capital, Wasserstein Adelson Ventures, and Invemed Associates. For more information, The EC Company can be contacted at 650-323-7500 or www.eccompany.com. ABOUT ACACIA RESEARCH Acacia Research develops and operates Internet and technology-related businesses as well as acquires strategic positions in other companies. Acacia Research's majority-owned subsidiaries include: Acacia Launchpad LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (Internet incubator), CombiMatrix Corporation (biochip biochip Small-scale device, analogous to an integrated circuit, constructed of or used to analyze organic molecules associated with living organisms. One type of theoretical biochip is a small device constructed of large organic molecules, such as proteins, and capable of technology), MerkWerks Corporation (software development), Soundbreak.com Incorporated (music broadcast and lifestyle Internet site), and Soundview Technologies Incorporated (v-chip technology). Significant minority-owned affiliates include: The EC Company (b2b eTransactions), Greenwich Information Technologies LLC (video-and audio-on-demand technology), Mediaconnex Communications (b2b e-commerce (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. ), and Signature-mail (personalized e-mail service). This release contains forward-looking statements within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements address future events and conditions concerning the company's business plans. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties, such as future economic conditions, changes in consumer demand, legislative, regulatory and competitive developments, and other circumstances affecting anticipated revenues and costs, which may cause actual results to differ materially. The company expressly disclaims any future obligation or undertaking to update or revise any forward-looking statement contained herein. |
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