Network Solutions Announces Ownership Change.General Atlantic to Buy Stake from Najafi Companies HERNDON, Va. -- Network Solutions, a leading provider of online solutions for small businesses, announced today that General Atlantic, a leading global private equity firm, has entered into a definitive agreement to acquire Network Solutions from Najafi Companies (formerly Pivotal Private Equity). Champ Mitchell Mitchell, city (1990 pop. 13,798), seat of Davison co., SE S.Dak.; inc. 1881. Mitchell is a trade, distribution, and shipping center for a dairy and livestock area. , chairman 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 Network Solutions, and the current Network Solutions management team will continue to lead the company. Terms of the transaction were not disclosed. "General Atlantic brings a long-standing wealth of knowledge, global resources and expertise in the technology sector that will assist us in continuing to expand our product and service offerings to help small businesses who want to establish and grow their companies online," said Champ Mitchell, chairman and CEO of Network Solutions. "This new partnership should help us accelerate our current 30 percent top-line growth rate. Network Solutions is gaining a strong long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. partner with a solid track record of investing in companies and assisting with their strategic growth initiatives." "Today, there are more than one billion people using the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the to search and shop for products and services, which is driving small businesses to establish and develop their online presence. This creates a tremendous opportunity for Network Solutions to help small businesses establish, enhance, and market their companies online," said Anton Levy, managing director of General Atlantic. "Network Solutions has one of the broadest portfolios of products in the industry, strong brand recognition, a solid understanding of the small business market and a dedicated team of professionals committed to providing the support and online expertise these companies need to be successful on the Web. With four million customers, it is one of the largest small business providers anywhere, especially on the Internet," added Mark Dzialga, managing director of General Atlantic. "We are looking forward to working with Champ and his team." Network Solutions, which Najafi Companies purchased from VeriSign Inc. in November 2003, was the first company acquired by the newly formed private equity firm. During its tenure with Najafi Companies, Network Solutions transformed itself from a domain registrar See domain name registrar. to a leading provider of online services and solutions for small business customers. "General Atlantic and Najafi Companies share similar investment philosophies, including a focus on investing for the long-term, creating value through growth and committing to investments to ensure their success," said Jahm Najafi, CEO of Najafi Companies. "This agreement is beneficial for all parties, positioning Network Solutions to continue its market leadership and growth." About Network Solutions Network Solutions, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a leading provider of online solutions for small businesses who want to be found on the Internet or sell online, and the pioneer of the domain name registration service, offers a full range of Web-related services, including Web hosting Making a Web site available on the Internet. Many ISPs host a few personal Web pages for an individual at no additional cost above the monthly service fee, but the address is subordinate to the ISP; for example, www.friendlyisp.com/pat_smith. , Web site design, e-commerce, search engine marketing, SSL certificates Refers to the digital certificate used with the most popular security protocol on the Internet. When you make a purchase on the Web and notice the closed lock icon at the top or bottom of your browser or the HTTPS:// prefix in the URL, it means you have established a secure SSL connection. , e-mail and domain name registration services. Network Solutions draws on 27 years of experience to make it simple and affordable for customers to build and manage an online presence through a one-stop Web Solutions provider. Additional information about Network Solutions' offerings is available at www.networksolutions.com. About General Atlantic General Atlantic LLC is a leading global private equity firm providing capital for growth companies driven by information technology or intellectual property. The firm was founded in 1980 and has approximately $12 billion of capital under management. General Atlantic has invested in over 150 companies, with current holdings in 50 portfolio companies of which about one-half are based outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The firm is distinguished within the investment community by its global strategy and worldwide presence, its commitment to provide sustained value-added assistance for its portfolio companies and its long-term approach. General Atlantic has over 70 global investment professionals among its 150 employees worldwide with offices in Greenwich, 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 , Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , London, Dusseldorf, 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. and Mumbai. For further information and a listing of GA's public and private portfolio companies see www.generalatlantic.com. About Najafi Companies Najafi Companies is a private investment firm based in Phoenix, Arizona Phoenix /ˈfiːˌnɪks/ (English: Phoenix, Navajo: Hoozdo, lit. "the place is hot", Western Apache: Fiinigis) is the capital and the most populous city of the U.S. . The firm makes highly-selective investments up to $2.5 billion in size in companies with strong management teams across a variety of industries, and often in industries out of popular favor. The firm takes a long-term view on its investments and focuses its efforts to create value through growth and superior performance. Najafi Companies funds investments with its principals' capital, not through a fund. Free from the restrictions of a fund, the firm is able to move quickly and decisively when investing, and with no requirements to return capital to outside partners, Najafi Companies is able to make investments that create maximum value for the long term. For more information about Najafi Companies, visit www.najafi.com. |
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