ICG Announces Formation of Premier On-Demand Meetings Management Company Through Combination of Partner Company, StarCite, and OnVantage.WAYNE, Pa. -- Internet Capital Group, Inc. (Nasdaq:ICGE) today announced that its partner company, StarCite, Inc., and OnVantage, Inc. have entered into an agreement to merge. This merger of equals will result in the largest on-demand meetings management company in the global marketplace for meetings and events. ICG ICG indocyanine green. expects to own approximately 27 percent of the combined company. Additionally, ICG will designate three of the combined company's seven board seats. The transaction is expected to close in the fourth quarter, subject to customary closing conditions and regulatory approval. The merged company will operate under the StarCite name and be based in Philadelphia. Mike Boult, the current 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 StarCite, will be the CEO of the combined company. The merger creates a clear leader in the on-demand meetings management space. Together these companies offer a global solution that drives savings and control for clients by automating the complex workflow process inherent in meetings management. "This merger brings together two parallel on-demand platforms providing a best practices approach to meetings management," said Doug Alexander, Managing Director of Internet Capital Group. "StarCite and OnVantage have been separately focused on driving change in the corporate meetings and events industry, and now, together, have the opportunity to accelerate market adoption by several years in a vast and largely untapped market. At the ICG level, we view this as an exciting opportunity and important stepping stone to building and realizing significant value for our stockholders through an on-demand business that fits directly in the bull's eye of our model." For 2006, on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis the combined company expects to process over 2.5 million attendee registrations on behalf of corporations, an annual increase of 50% over 2005. Pro forma revenues for the combined company are growing at an annual run rate of over 40%, excluding any necessary adjustments for purchase accounting. "As the largest on-demand meetings management company, the new StarCite is distinctly positioned to address the sizeable market opportunity for managing corporate meeting spend," said Michael Boult, president and CEO of StarCite. "Driven by our combined vision and resources, we look forward to proliferating innovative solutions throughout the global corporate meetings and events industry." About Internet Capital Group Internet Capital Group (www.internetcapital.com) owns and builds Internet software companies that drive business productivity and reduce transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). between firms. Founded in 1996, ICG devotes its expertise and capital to maximizing the success of these platform companies that are delivering on-demand software See SaaS. and service applications to customers worldwide. About StarCite StarCite, Inc. is a provider of On Demand Global Meeting Solutions(TM). StarCite optimizes global investments in corporate meetings and events delivering visibility, savings and control. StarCite provides process efficiency, enabling technology and proven adoption management support to drive significant cost reduction to buyers and enhanced revenues to suppliers. StarCite is based in Philadelphia, PA. Investors in StarCite include Internet Capital Group (NASDAQ:ICGE), Maritz Travel Company, Seaport Capital Seaport Capital is a New York City-based private equity fund that invests in media, communications & business and information services companies. Most of the properties they own are concentrated in medium and small markets, ranging from television stations to cable operators, as , and TL Ventures. For more information about StarCite, or its technologies and services, please visit www.starcite.com. About OnVantage OnVantage(TM), Inc., headquartered in Santa Clara Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif., is a technology provider for the $300 billion global market for the professional meetings and events industry. OnVantage offers flexible solutions to help corporations save time and money by automating the planning and procurement of large and small meetings with unprecedented cost control and spend visibility. OnVantage also makes it easy for meeting suppliers to grow their groups and meetings business by offering increased visibility with Fortune 1000 meeting planners as well as helping them efficiently manage and track the RFP (Request For Proposal) A document that invites a vendor to submit a bid for hardware, software and/or services. It may provide a general or very detailed specification of the system. 1. (business) RFP - Request for Proposal. 2. process. A global corporation, OnVantage has sales and customer service operations in the US, UK, Germany and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . OnVantage and OnVantage Marketplace for Meetings are trademarks of OnVantage, Inc. All other names, brands, or products may be trademarks or registered trademarks of their respective owners. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 The statements contained in this press release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future performance of our partner companies, acquisitions or dispositions of interests in partner companies, the effect of economic conditions generally, capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. by customers and development of the e-commerce and information technology markets, and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected. |
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