Corechange Raises $25 Million in Equity Financing Led by UBS Capital Americas; New Investors Provide Over 65% of Funding.Business/Technology Editors BOSTON--(BUSINESS WIRE)--May 7, 2001 Corechange, Inc., a global provider of e-access framework software, today announced that it has raised $25 million in a Series C equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . Founded in 1996, privately held Corechange has raised $65 million to date and plans to use the funds raised in this financing round to expand its business and accelerate its path to profitability. UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Capital Americas III, L.P. and affiliates (collectively, "UBS Capital Americas") led the round with additional investments from Exelon Capital Partners and SG Cowen Ventures, as well as from strategic investors, including Nortel Networks (Nortel Networks Limited, Brampton, Ontario, www.nortelnetworks.com) A world leader in telecommunications products, which includes switching, wireless and broadband systems for service providers and carriers, telephones and systems for residential and business users, computer telephony . Earlier round investors ABN AMRO Private Equity and HarbourVest Venture Partners also participated in the round. SG Cowen acted as exclusive private placement agent. "We spent the last six months examining contenders in the pervasive computing space," said Larry Handen, partner at UBS Capital Americas. "Of the three hundred opportunities we considered, Corechange was best positioned to become the dominant player. UBS Capital was impressed with the management team, depth and breadth of the product offering, and their field sales and service delivery. Most importantly, we found Corechange to be completely customer focused." "An enterprise portal deployment is a strategic decision, and buyers need to have confidence that the vendor they choose is going to be a long-term player," said Gene Phifer, vice president and research director at Gartner. "It's imperative to select a leader who has access to capital, a wealth of partnerships and relationships, robust technology, and differentiation from competition." "Our ability to raise capital in the current market climate is testament to our prospects for future growth and our capability to execute," said Ulf Arnetz, president 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. of Corechange. "The past year has been incredibly exciting for us. We saw license revenue grow by over 600% as our Global 2000 customers realized time-to-market advantages and significant ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). from our ability to rapidly deploy and evolve new e-solutions that leverage their existing IT assets. We invested in our proven Coreport 3g technology, expanding its capabilities and platform coverage. We now provide the industry's most comprehensive platform for managing enterprise-scale application deployment across both wired and wireless environments." About Corechange Corechange, Inc. delivers e-access framework software for deploying any kind of portal. The company's Coreport 3g(TM) product family profiles and manages people, information and applications to provide an integrated and personalized user experience based on roles that can be delivered on both desktop PC's and wireless devices. Corechange has a worldwide customer base, including ABN AMRO, Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. , Nortel Networks, Telco Systems, Philips, NSTAR NSTAR NASA Solar Electric Propulsion Technology Application Readiness , Krispy Kreme, and AMB AMB Ambient AMB Ambassador AMB Amber AMB Ambulance AMB Associação Médica Brasileira (Brazil) AMB Ambulatory AMB Advanced Memory Buffer (FBDIMM control unit on DRAM) Property Management. Corechange is headquartered in Boston, with offices throughout North America, Europe and Asia. |
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