ClickThings, Inc. Secures a Total of $16.6 Million in Venture Capital With Completion of Latest Round of Funding.Business &Technology Editors NEW YORK--(BUSINESS WIRE)--Feb. 8, 2000 Psilos Group, PaineWebber, and The New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Investment Fund Among Major Investors ClickThings, Inc., an Internet services company that uses proprietary technology to build and manage Web sites for businesses, today announced that it has secured a total of $16.6 million in the latest round of venture capital funding. Psilos, a Silicon Alley An area in New York that has become known for its companies devoted to multimedia and the Internet. It is located in Manhattan's "Soho" district, which does not stand for Small Office Home Office, rather it is SOuth of HOuston Street. based venture fund led the round, which included Paine Webber Paine Webber and Company was an American stock brokerage firm that was acquired by the Swiss bank UBS AG in 2000. The company was founded in 1880 in Boston, Massachusetts, by William Alfred Paine and Wallace G. Webber. Group Inc., the New York City Investment Fund, members of the Rudin family, Holden Holden, town (1990 pop. 14,628), Worcester co., central Mass., a residential suburb of Worcester; settled 1723, set off and inc. 1741. Manufactures include electrical and metal products, plastics, and machinery. Ventures and Chase Capital Partners. Stephen M. Krupa of Psilos Group and a senior representative of PaineWebber will join the Company's Board of Directors as part of the financing agreement. The New York City Investment Fund led an earlier round of funding for ClickThings, Inc. in which the fund enlisted the participation of other prominent New Yorkers to encourage the promising young company to establish its headquarters in New York's Silicon Alley. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of participants included Jerome Chazen, Perry Golkin, Henry Kravis Henry R. Kravis is an American business financier and investor, notable for co-founding and heading the leading private equity firm, Kohlberg Kravis Roberts & Co. (KKR). With an estimated current net worth of around $5. , Michael Lobdell, Henry M. Paulson, Joseph Reich, Steve Reich, Steve (Stephen Michael Reich), 1936–, American composer, b. New York City. A well-known exponent of minimalism, he attended Cornell (B.A., 1957), the Julliard School of Music (1958–61), and Mills College (M.A. Robert, David Rockefeller David Rockefeller, Sr. (born June 12, 1915) is a prominent American banker, philanthropist, world statesman, and the current patriarch of the Rockefeller family. He is the youngest and only surviving child and grandchild, respectively, of the prominent philanthropist John D. , William C. Rudin and Richard Salomon. The official launch of ClickThings Company and its first service offering, a small-to-medium-sized business Web site solution, are slated for the first quarter of 2000. ClickThings, Inc. plans to release additional products and services throughout the year, including extranet solutions that facilitate communication and direct e-commerce services between companies and their partners, vendors and customers. John Underwood This article is about the early 17th century actor. For the U.S. Representative from Georgia, see John W. H. Underwood. John Underwood (d. October 1624) was an early 17th century actor, a member of the King's Men, the company of William Shakespeare. , President and Chief Executive Officer of ClickThings, Inc., said, &uot;Our first product offering enables leading corporations and associations, ClickThings Sponsors, to offer their business customers an attractive, free Web site solution that is equal in value to a customized solution costing tens of thousands of dollars. Our technology enables businesses to easily and quickly establish a comprehensive, professional Web site solution with full e-commerce capabilities.&uot; &uot;Our venture capital partners, led by the Psilos Group, will play a key role in helping us launch our business, promote its growth by adding new and innovative products and services, and expand our network of relationships with large corporate sponsors,&uot; Mr. Underwood added. &uot;ClickThings has developed a powerful tool that enables small-to-medium-sized businesses to take full advantage of the Internet without the upfront and ongoing maintenance costs,&uot; said Stephen M. Krupa, Managing Director of the Psilos Group. &uot;ClickThings provides businesses with an essential competitive capability as transactions and promotional activity move online on a rapidly increasing basis. We look forward to working with ClickThings' superior management team, as the Company launches its initial product offering and capitalizes on the substantial market opportunity that exists among small-to medium-sized businesses.&uot; &uot;Our investment in ClickThings represents PaineWebber's ongoing strategic plan to invest in and partner with innovative e-commerce companies that enhance the products and services we offer to our clients,&uot; said Donald B. Marron mar·ron n. See Spanish chestnut. [French; see maroon2.] , Chairman and Chief Executive Officer of PaineWebber Group. &uot;We brought ClickThings to New York because we believe this company has a technological and strategic advantage in creating a universal interface that can revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. the Web, leading to significant value creation for its customers and its business,&uot; said New York City Investment Fund Chairman Henry R. Kravis, Founding Partner of Kohlberg Kravis &Roberts. &uot;ClickThings' location here will reinforce the city's role as a global leader in the development of Internet-related industries.&uot; ClicksThings, Inc. - Headquartered in New York City's Silicon Alley, wired at 110 Wall Street, ClickThings, Inc. [formerly Hotspace,] is an Internet services company that combines an innovative server-based platform with solid business logic to help companies and organizations effectively compete in today's rapidly evolving 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. . ClickThings helps businesses use the Web to understand their customers' needs, deliver superior value-added solutions, strengthen customer relationships, and pursue new revenue opportunities. ClickThings forms relationships with leading organizations called &uot;Sponsors.&uot; By utilizing ClickThings' technology, Sponsors are able to offer their business customers the ability to establish a professional, customizable and comprehensive Web site solution with full e-commerce capabilities that is easy to manage and at no cost to the business owner. The Company's Sponsors include MasterCard International, Business Week Online, Crain's New York Business, ExpertPractice.com, Riley Sales, Inc. and USLaw.com, and Partners include Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. , Outblaze and Powersys. In addition to Sponsors and Partners, ClickThings has established technology relationships with companies such as Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. , Oracle, Frontier GlobalCenter, F5 Networks, Storage Networks, RealMedia, Portal, and Affina. Psilos Group - Psilos Group is a Silicon Alley based venture capital fund founded by Dr. Albert S. Waxman, Stephen M. Krupa, and Samuel E. Bain. Psilos invests in emerging information technology and Internet Businesses focusing on business-to-business e-commerce, e-health, and the digital media sectors. Psilos Group's largest institutional partner is Chase Capital Partners. Psilos also has offices in Boston and the 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 Area. Paine Webber Group Inc. - Paine Webber Group Inc., together with its subsidiaries, serves the investment and capital needs of a worldwide client base. Founded in 1879, its core businesses include private client investment services, asset management, research, investment banking, global equity sales and trading, municipal securities and transaction (correspondent) services. With $423 billion in client assets, the firm employs 19,620 people in 315 offices. The New York City Investment Fund - The New York City Investment Fund was launched in 1996, under the leadership of Henry R. Kravis as its chairman. Its mission is to create jobs and galvanize gal·va·nize tr.v. gal·va·nized, gal·va·niz·ing, gal·va·niz·es 1. To stimulate or shock with an electric current. 2. top business leadership on behalf of the city's up-and-coming entrepreneurial talent. The fund seeks out and helps to structure strategic investment opportunities in business and the not-for-profit sector that promise to have a multiplier effect Multiplier Effect The expansion of a country's money supply that results from banks being able to lend. The size of the multiplier effect depends on the percentage of deposits that banks are required to hold on reserves. in the local economy. The top 65 corporations in New York City each invested $1 million in the fund and the CEOs have committed their time to assisting the fund recipients in accomplishing their goals. After three years of operation, the New York City Investment Fund had more than $94 million under management. |
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