Groundswell To Receive $100 Million in Funding from Private Equity Firm Behrman Capital.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--March 20, 2000 Groundswell ground·swell n. 1. A sudden gathering of force, as of public opinion: a groundswell of antiwar sentiment. 2. Launches in Internet Consulting Market Positioned for Long Term Growth, With Seasoned Management Team Experienced in Ebusiness Transformation Groundswell Inc., a premier Internet consulting and implementation firm, today announced that it has received a $100 million capital commitment from private equity firm Behrman Capital. Groundswell, founded in May 1999, is led by a seasoned management team including business and marketing strategists, creative professionals and technology specialists from IBM Global Services IBM Global Services is the world's largest business and technology services provider. It is the fastest growing part of IBM, with over 190,000 professionals serving customers in more than 160 countries. , KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen , Organic Online, PeopleSoft, USWeb and iXL. A new force in the Internet Consulting market, Groundswell's exclusive focus is on creating high-impact ebusiness networks for established and emerging companies. Under the agreement, Behrman has committed $50 million in equity from the firm's second private equity fund, Behrman Capital II, L.P. and an additional $50 million line of credit to be provided by Behrman's financial partners. Paul Stich STICH Cardiology A clinical trial–Surgical Treatment for IntraCerebral Hemorrhage , 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 Groundswell, said, "This substantial round of funding allows us to focus on our customers and invest in the infrastructure and talent necessary to position our organization for future growth. Contrary to investments by other firms in this market, Groundswell will not pursue a roll-up strategy because culture is very important to us and best achieved principally through organic growth. Behrman Capital brings to the table valuable business insight and experience, a network of business relationships that will be of mutual benefit to our clients and Groundswell, and a commitment to build a company with lasting value in the new economy." "Our investment in Groundswell represents one of the largest capital commitments by Behrman Capital," said Bill Matthes, managing partner at Behrman Capital. "Based on the company's performance to date, growing client roster and ability to assemble an experienced and talented management team, we believe Groundswell is well positioned for leadership in the Internet consulting services market." "A key challenge in this market is to bring together the right mix of business, technology and creative skills," said Dirk Godsey, managing director at Hambrecht and Quist. "Groundswell is making a unique upfront investment in infrastructure that gives them an integrated delivery model to drive market defining solutions for their clients." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. International Data Corporation, a Framingham based technology research firm, revenues for the econsulting industry will multiply to more than $78 billion by 2003 from $7.8 billion last year. IT and creative professional staff shortages, coupled with a rush to launch and complete ebusiness projects is driving the demand for eservices. In an era of unprecedented customer, partner and employee mobility, company loyalty has never been more important to success in business. Groundswell specializes in building ebusiness networks that deliver breakthrough value propositions and create loyalty through a total brand experience. About Behrman Capital Based in 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. and 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 , Behrman Capital was founded in 1992 by Darryl G. and Grant G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth companies and provides expansion capital to emerging growth companies. The company's investments are focused in the information technology and services, business-to-business outsourcing and health care services industries. The firm currently has a combined capital base exceeding $640 million. Additional information can be found on the Internet at www.behrmancap.com. About Groundswell Groundswell is a premier Internet consulting and implementation firm that integrates business strategy, creative and technology services in high-impact ebusiness networks. Groundswell customers include established companies and emerging dot coms that need a full-service partner to help plan, guide and successfully implement ebusiness solutions. Headquartered in San Francisco, with offices in 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 , Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , and Pleasanton, Calif., Groundswell can be reached at www.groundswell.net or 415/277-7000. |
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