Art Technology Group Closes $7.5 Million Financing; E-Commerce Market-Leader Secures Funding from Tudor Investments and Gemini Investors.
This investment insures that ATG has the resources to take advantage of its continuing success in building market share in the fast growing e-commerce market. ATG's highly successful product development and services strategy has enabled the Company to deliver the industry's most powerful, market-proven e-commerce solutions to a Fortune 500 customer-base, including Sun Microsystems, Sony, BMG Music and Eastman Kodak. Last month ATG announced the signing of 19 additional customers including John Hancock, EDS, Coopers and Lybrand and Newbridge Networks as well as several new European Dynamo licensees. Next week, the Company will announce a major new revision to its market-leading Dynamo e-commerce product.
"The quality of Art Technology Group's customer base is clear evidence of the Company's ability to deliver leading edge e-commerce solutions," stated Bob Forlenza, Managing Director of the Tudor Private Equity Fund, L.P. "We believe that ATG is positioned to emerge as the preeminent supplier of high end e-commerce software and services."
"Having grown the business primarily on revenue thus far, we were searching for the appropriate late-stage partnership for this round of financing," comments Jeet Singh, President and CEO of ATG. "ATG has already distinguished itself not only by its increasing market success, demonstrated by the number of leadership companies that are using our Dynamo Relationship Commerce suite, but also for its sustainable and scaleable business model. This funding will allow us to extend our efforts in marketing and sales and take advantage of the exploding level of customer interest in the area of online commerce and personalization."
ATG's Dynamo Relationship Commerce suite will enable the Company to leverage the on-going momentum of e-commerce for all business-to-business and business-to-consumer arenas. According to a study released this month by Andersen Consulting, the worldwide e-commerce market is currently estimated at about $10 billion and is expected to soar to $500 billion by 2002. As highlighted in a recent IDC report, ATG's positioning as a provider of a platform for e-commerce and customer management sets it apart from both the Web application server vendors and the e-commerce point product specialists.
The investment in ATG is the latest in a series of investments made by the Tudor Private Equity Fund, L.P. in the high-technology industry: selected investments include Digital Island, Icon, CMT Corp, Gray Peak Technologies and Wired Ventures. Gemini Investors LLC of Wellesley, Massachusetts focuses their investing on promising, high-growth but established businesses with strong management teams. Gemini's most recent technology investment prior to ATG was in July in Dallas-based National Telemanagement Corporation, a provider of specialized software and services to wireless communications carriers.
Dynamo Relationship Commerce Suite
The Dynamo family of Relationship Commerce products offers a tightly integrated suite of JavaTM-based products to meet the scaleable and performance requirements of large-scale e-commerce initiatives. The Dynamo product suite includes a high-reliability Web application server and tightly integrated e-commerce capabilities for site development, personalization, selling and advertising management. The Dynamo suite is the first solution designed specifically to tackle the management of online relationships by applying personalization to each and every user experience.
ABOUT ART TECHNOLOGY GROUP
Art Technology Group is the innovator of Dynamo Relationship CommerceTM product suite for online e-commerce and personalization applications. Recognized as one of the industry's most experienced and knowledgeable strategic online development firms, ATG delivers applications that apply personalization to electronic commerce to create more rewarding and successful customer interactions - the core of Relationship CommerceTM. ATG's Internet commerce solutions enable organizations to extend their core businesses, whether in consumer or business-to-business commerce, financial services, publishing or entertainment, quickly, easily and successfully into the online environment. ATG customers include Sun Microsystems, Sony Online Entertainment, Eastman Kodak, BMG Music Service, Herman Miller, Newbridge Networks and Harvard Business School, among others.
Dynamo is a registered trademark of Art Technology Group. Relationship Commerce is a trademark of Art Technology Group. Java is a trademark or registered trademarks of Sun Microsystems, Inc., in the United States and other countries.
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|Date:||Sep 28, 1998|
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