CMGI Launches New B2B Venture Fund; New @Ventures Fund to Build on Successful B2B Track Record.ANDOVER, Mass.--(BUSINESS WIRE)--Nov. 22, 1999-- CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) 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) today announced the launch of the CMGI @Ventures 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 Fund, a new venture fund to be focused exclusively on business-to-business Internet venture capital investments. The fund is expected to reach up to $1 billion in capital. The new fund will significantly build on the successes of the current @Ventures funds and their strong track record in B2B investments. Nearly two-thirds of the companies in the current @Ventures portfolio operate in the business-to-business arena, including B2B pure-play companies such as Chemdex (NASDAQ: CMDX), Silknet (NASDAQ:SILK), Promedix.com (now a division of Chemdex), Intelligent/Digital, BizBuyer.com and OneCore.com. To be managed by the current team of @Ventures partners, the CMGI @Ventures B2B Fund will have CMGI as its sole limited investor, leveraging the extensive business-to-business and business-to-consumer experience of the @Ventures team. To date, @Ventures has made more than 50 Internet venture capital investments. Its track record includes five successful Internet IPOs (Lycos, GeoCities, Silknet, Chemdex and Critical Path), seven strategic company sales, and three companies currently in the 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. process (MotherNature.com, Furniture.com and Vicinity). Today's news marks just the latest in a series of recent announcements from CMGI, including $4 billion in acquisitions and 15 venture investments over the past 90 days. Commenting on the announcement, David Wetherell, CMGI Chairman 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. said, "This is a natural extension of our expertise and allows us the latitude of deeper investment into the B2B arena. We continue to believe that the B2B market will be a major growth sector of the Internet economy The Internet Economy refers to conducting business through markets whose infrastructure is based on the Internet and World-Wide Web. An Internet economy differs from a traditional economy in a number of ways, including: communication, market segmentation, distribution costs, and price. , and one which we are poised to further leverage within the CMGI Network." Peter Mills For the British Conservative Member of Parliament, see Peter Mills (UK politician). Peter Mills (born 1943) is an American politician, a Republican from Maine. He was born in Farmington, Maine, and grew up in Maine. , Managing Partner, @Ventures said, "Our successful track record in Internet investment speaks for itself. Business-to-business is a logical segment for us to further extend our expertise." About CMGI and @Ventures With more than 50 companies, CMGI, Inc. (Nasdaq:CMGI) represents the largest, most diverse network of Internet companies in the world. This network includes both CMGI operating companies operating company A business that engages in transactions with outsiders. and a growing number of synergistic investments through its venture capital affiliate, @Ventures. CMGI leverages the technologies, content, and market reach of its extended family of companies to foster rapid growth and industry leadership across its network, and the larger Internet Economy. Compaq, Intel, Microsoft and Sumitomo hold minority positions in CMGI. CMGI's majority-owned operating companies include Engage Technologies (Nasdaq:ENGA), NaviSite (Nasdaq:NAVI), 1ClickBrands, 1stUp.com, Activate.net, Activerse, Adsmart, AltaVista, iCAST, Magnitude Network, MyWay.com, NaviNet, SalesLink and ZineZone. The company's @Ventures affiliates have ownership interests in Lycos, Inc. (Nasdaq:LCOS (Liquid Crystal on Silicon) A technology used to make microdisplays for rear-projection TVs and head-mounted displays (HMDs). Each LCoS chip hosts a grayscale LCD shutter sandwiched between a cover glass and a mirror. ), Critical Path (Nasdaq:CPTH), Silknet (Nasdaq:SILK), Chemdex (Nasdaq:CMDX), Ancestry.com, Asimba.com, AuctionWatch.com, Aureate au·re·ate adj. 1. Of a golden color; gilded. 2. Inflated and pompous in style. [Middle English aureat, from Late Latin aure Media, blaxxun, BizBuyer.com, Boatscape.com, buyingedge.com, CarParts.com, CraftShop.com, eCircles.com, EXP.com, FindLaw, Furniture.com, HotLinks, INPHO/HomePriceCheck.com, Intelligent/Digital, KOZ.com, Mondera.com, MotherNature.com, NextMonet.com, NextPlanetOver.com, OneCore.com, ONElist, PlanetOutdoors.com, Productopia, Raging Bull, Speech Machines, ThingWorld.com, Vicinity, Virtual Ink, Visto, Vstore and WebCT. CMGI Corporate headquarters is located at 100 Brickstone Square, Andover, MA 01810. Telephone: 978-684-3600. Fax: 978-684-3814. Additional information is available on the company's Web site at http://www.cmgi.com. |
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