Cell Network Forms Venture-Capital Company for European E-Commerce Investments.Business Editors STOCKHOLM, Sweden--(BUSINESS WIRE)--March 17, 2000 Cell Network's Board of Directors has approved the formation of Cell Innovation Europe, a company that will make pan-European venture-capital investments in e-companies. In a first stage, Cell Network will allocate To reserve a resource such as memory or disk. See memory allocation. SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 250 M for Cell Innovation, which will be a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . The present ownership interests in so-called "dot.com" and "dot.corp" enterprises will be organized within Cell Innovation. The company will initially employ approximately 15 persons. Cell Innovation will focus on Internet-related solutions in the business-to-business segment. "In our business we often come in contact with e-commerce companies in an early stage of their development," says Marcus Backlund, President and Chief Executive Officer of Cell Network. "With Cell Innovation, we will be able to benefit from the synergies that arise between consulting operations and a venture-capital company. We are not building just a traditional time-based consulting company Noun 1. consulting company - a firm of experts providing professional advice to an organization for a fee consulting firm business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a : we are creating a network of human capital in the new digital economy, in which we can utilize the atmosphere and entrepreneurial spirit in our organization, and the opportunities to create new flows of revenue." An increasing number of established companies are concentrating their business development in separate companies, so-called "dot.corp" enterprises. Cell Network is experiencing substantial demand from its large customers for expertise in the areas of both business development and innovative technology and design in order to build up these new dot.corp companies. Cell Network's broad experience in working with dot.com and dot.corp companies will give Cell Innovation great opportunities to enter into partnerships and ownership participations as well as participate actively in the development of business concepts in the new digital economy. Cell Network is involved in a growing number of projects in which revenue models that are more innovative than time-based contracts alone are being demanded. One approach is to offer special expertise and hours of consulting service Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" in exchange for ownership participations. Cell Innovation will work closely with Cell Network's consulting operations. The existing engagements in the dot.com and dot.corp segment, including Dx3 and EyeOne, will in the future be handled by Cell Innovation. The cooperation will accelerate the Group's expansion in Europe. Synergies pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to new customers, as well as deeper knowledge of more industries, are also being created. "We want in this way to "capture" the rapidly growing market of Internet companies, and the opportunities that today's enormous entrepreneurship is providing in Europe," Marcus Backlund concludes. Cell Network AB (publ), an Internet company, is listed on the "O" List of the Stockholm Stock Exchange The Stockholm Stock Exchange (Swedish: Stockholmsbörsen) is a stock exchange located in Stockholm, Sweden. Founded in 1863 [1] it is the primary securities exchange of the Nordic Countries. . It has operations in Sweden, Norway, Denmark, France, Spain, Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. , Germany, Switzerland and Malaysia. The Group is a leading Internet-consulting company in the field of business development through new digital media. Its objective is to become one of the world's leading companies in its market. Its customers include General Electric, Telia, Nokia, ABB n. 1. Among weavers, yarn for the warp. Hence, Noun 1. ABB - an urban hit squad and guerrilla group of the Communist Party in the Philippines; formed in the 1980s , Volvo, Telenor, Renault, Saab, Bank Nationale de Paris, Ericsson, Braathens Malmo Aviation, AstraZeneca, Procordia, De norske Bokklubben, Nationalencyclopedia, Svenskt Flyg, Bonnier, Torget (Posten) and Electrolux Home. On-line addresses for information and press releases: www.huginonline.se or www.bit.se Please visit http://www.bit.se for further information The following files are available for download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. : http://www.bit.se/bitonline/2000/03/17/20000317BIT00730/bit0001.doc http://www.bit.se/bitonline/2000/03/17/20000317BIT00730/bit0002.pdf |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion