Corrigo Closes $17.5 Million of Venture Funding Led by CMGI @Ventures to Ramp-Up Roll-Out of Mobile Service Management Solution.Business/Technology Editors REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif.--(BUSINESS WIRE)--May 23, 2000 Leading the creation of a new class of enterprise application, using Web-based, wireless technologies to provide significant benefits for service providers and organizations with large field operations Corrigo announced today it has secured $12 million in second-round funding from CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) @Ventures, the venture capital affiliate of CMGI, Inc. (Nasdaq:CMGI), and $5.5 million from other strategic investors including Amicus AMICUS Automated Management Information Civil Users System Capital, LP, Staenberg, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Asset Management Company, and ARBA Seed Investment Group. This round of funding will enable the company to take its innovative Mobile Service Management solutions to market. Redwood City, CA-based Corrigo is transforming the way organizations with mobile workers view service delivery by coordinating the entire process from customer contact through service fulfillment and supplier and vendor management. "Corrigo was founded in February of last year to apply innovations in wireless technology and the Internet to organizations with large, mobile service and field operations. This includes a wide range of industries from property management maintenance to appliance and capital equipment repair," said Corrigo president Rick Michaux, a former director of marketing at Motorola. "Our Mobile Service Management solutions are designed to enhance customer satisfaction and deliver operating efficiencies to these organizations, which are traditionally labor intensive Labor Intensive A process or industry that requires large amounts of human effort to produce goods. Notes: A good example is the hospitality industry (hotels, restaurants, etc), they are considered to be very people-oriented. See also: Capital Intensive, Trading Dollars and paper-based." "Mobile Service Management is a significant new opportunity. We expect this powerful combination of the Web and the latest in wireless technology to have a dramatic impact on the service delivery process across a number of industries," said Charles Finnie, General Partner with CMGI @Ventures. "We're excited by the breadth of application potential for this solution and expect Corrigo to be a leader in this emerging market. The company has a strong management team made up of individuals from industry leaders, including Motorola, Panasonic, Andersen Consulting See Accenture. , Datastream Systems and Hewlett-Packard." The CMGI @Ventures investment will be disbursed from it's $1 billion 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. Corrigo's initial solutions target the property management industry with maintenance and customer service solutions. These firms recognize the need to gain operational efficiencies and deliver compelling customer service in order to achieve the kind of bottom line results desired by Wall Street. "We are confident Corrigo understands the issues facing our industry and they are deploying meaningful solutions that will help drive improvements in resident satisfaction, staff utilization, asset performance and vendor management," said recently appointed board member Bill Wilson, chairman of Cornerstone Properties, which recently merged with Equity Office Properties. Bill Millichap, chairman of Marcus & Millichap Real Estate Investment Brokerage Company, was also recently appointed to Corrigo's board. With the residential property management rollout underway, Corrigo is quickly moving into further real estate sectors and other maintenance, repair and installation markets. Corrigo continues to actively establish alliances with companies that can enhance its ability to enter new markets quickly and develop complementary solutions for its existing products. About Corrigo Corrigo provides Web-based mobile service management solutions that drive improvements in customer satisfaction, staff productivity, asset performance and vendor management. Corrigo leases its solutions over the Web and wireless services, minimizing customers' up-front investment and optimizing opportunities for growth. Corrigo delivers a solution that enhances the entire service delivery process, including implementation tailored to particular business processes, training of employees and 24 x 7 customer support. Corrigo is headquartered in Redwood City, California Redwood City is a suburb located on the San Francisco Peninsula in the San Francisco Bay Area of California. Redwood City is the county seat of San Mateo County. As of the 2005 census, the city had a total population of 76,000. . More information on Corrigo is available at www.corrigo.com About CMGI and CMGI @Ventures With more than 70 companies, CMGI, Inc. (Nasdaq:CMGI) represents the largest, most diverse network of Internet companies in the world, including both CMGI operating companies and synergistic investments made through its venture capital affiliate, CMGI @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 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. . Compaq, Intel, Microsoft, Pacific Century CyberWorks and Sumitomo hold minority positions in CMGI. CMGI's majority-owned operating companies include Engage (Nasdaq:ENGA), NaviSite (Nasdaq:NAVI), 1stUp.com, Activate, AdForce, AltaVista, CMGion, CMGI Solutions, Equilibrium, ExchangePath, iCAST, MyWay.com, NaviPath, SalesLink, Tribal Voice
CMGI's corporate headquarters is located at 100 Brickstone Square, Andover, MA 01810. CMGI @Ventures has offices there, as well as at 3000 Alpine Road, Menlo Park Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , CA 94028. For additional information, see http://www.cmgi.com and http://www.ventures.com. Corrigo and CorrigoNet are trademarks of Corrigo Inc. All other company and product names are trademarks of their respective owners. |
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