AppNet to Acquire a Leading International e-Business Strategy Consulting Practice; Edgar, Dunn & Company to Join AppNet in Delivering End-to-End e-Business Solutions.Business Editors/Hi-Tech Writers BETHESDA, Md.--(BUSINESS WIRE)--May 23, 2000 AppNet, Inc. (Nasdaq: APNT APNT Association of Physical and Natural Therapists ), a premier provider of end-to-end e-business solutions, today announced that it is acquiring Edgar, Dunn & Company (EDC EDC See: Export Development Corp. ), a leading international strategy consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a with a primary focus on e-business and offices in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Atlanta, London, and Sydney. EDC recorded 1999 revenues of approximately $9.5 Million and has approximately 40 billable consultants. Consummation of the acquisition remains subject to approval by the stockholders of EDC and certain other conditions. AppNet will acquire EDC through a cash-and-stock transaction. Specific financial terms of the deal are not being disclosed. "In acquiring Edgar, Dunn & Company, AppNet makes progress in two important initiatives -- strengthening our strategy consulting practice and expanding internationally," said Ken Bajaj, chairman and chief executive officer of AppNet. "We are very excited to have such a strong team of e-business experts joining the company." EDC focuses on e-business and online commerce consulting in financial services, telecommunications, and energy services. Their clients include Fortune 1000 corporations, global financial institutions, and Internet start-ups. EDC's clients include MasterCard International, Wells Fargo Bank, Barclays Bank, Thomas Cook, eCharge, CarClub, AT&T, CenturyTel, the International Olympic Committee “IOC” redirects here. For other uses, see IOC (disambiguation). The International Olympic Committee (French: Comité International Olympique) is an organization based in Lausanne, Switzerland, created by Pierre de Coubertin and Demetrios Vikelas on June 23 , and NASCAR NASCAR (National Association for Stock Car Auto Racing), organization that sanctions American stock-car races, est. 1948. It held its first race in Daytona Beach, Fla. . EDC has a burgeoning e-business strategy consulting practice. Their e-business experience ranges from business-to-consumer (B2C (Business to Consumer) Refers to a business communicating with or selling to an individual rather than a company. See B2B. ) to business-to-business (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 ), in such industries as financial services and telecommunications. EDC's strategy consulting work ranges from advising clients on how to use the Internet to radically transform payment processing, to developing new media and branding strategies. Their projects include e-payments, online brokerage, security, chip card, alternative payment technologies, online lending, and virtual customer service projects. "We are very excited to be joining the AppNet team. Our business model has always been to help our customers with both pure strategy development and implementation," said David Poe, managing partner of Edgar, Dunn & Company. "AppNet's end-to-end e-business solutions, cultural values, and delivery of superior quality work are directly aligned with our company's vision for the future, helping us bring the strong implementation component to our clients. We're looking forward to driving AppNet's continued growth and success." "One trend that IDC is seeing in the e-business services arena is that firms need to provide comprehensive services from consulting and strategy through implementation and integration. This acquisition will strengthen AppNet's consulting services to match its existing development and integration capabilities," according to Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. Lipis, Senior Research Analyst, International Data Corporation (IDC). About AppNet, Inc. AppNet (Nasdaq: APNT) is a premier provider of end-to-end e-business solutions, from interactive marketing to back-office integration. For companies transforming themselves for the new Internet economy, the firm offers a unique mix of Internet strategy, marketing, and technology services. AppNet is the fourth largest interactive marketing agency according to Ad Age and one of the 50 largest pure Internet companies, according to Internet World. AppNet works with Fortune 1000 and dot.com companies. Customers include UCCnet, Baxter Healthcare, Dial, ProcureZone.com Ford, Sprint, Hyundai, bet.com, UNICEF UNICEF (y  `nĭsĕf'), the United Nations Children's Fund, an affiliated agency of the United Nations. , KB Toys, NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98).NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. , and Unilever. This press release may include "forward-looking statements" for purposes of the Securities Exchange Act of 1934. All statements herein, other than those of historical fact, including statements regarding future contractual arrangements or performance, competitive strengths, and business strategy, are forward-looking. Actual results or events may differ materially from those projected in such forward-looking statements. Information regarding the factors that could cause such differences is contained in AppNet's filings with the Securities and Exchange Commission. |
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