January 10, 12:01 pm Eastern Time
Company Press Release
Cambridge Technology Partners and Power Ventures Target E-business Opportunities In the Deregulated Energy Industry
Partnership Aligns with Recently Announced NEWCO Business Strategy, Creating New Investment and E-integration Opportunities for Cambridge
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jan. 10, 2000-- Cambridge Technology Partners (Inc. (NASDAQ:CATP - news; Cambridge), a global e-integration services provider, today announced a strategic relationship with Power Ventures LLC, a new venture development firm that cultivates high-growth e-businesses for the $300 billion deregulating energy industry.
Cambridge will initially serve as a technology advisor to Power Ventures as it selects and develops investments. In alignment with its recently announced NEWCO business strategy, the partnership with Power Ventures will generate potential NEWCO investment and e-integration services opportunities for the Cambridge.
''The impact of industry deregulation, the growing impact of the Internet, and the sheer size of the energy market makes this a particularly attractive focus area for Cambridge,'' said Jack Messman, president and CEO of Cambridge Technology Partners. ''We are confident that our relationship with Power Ventures and our own burgeoning deregulated industry practice will provide us with exciting new investment and e-business client opportunities.''
Power Venture's initial focus is on the opportunities where digital technologies are accelerating change in the deregulating utility industry. The firm draws upon its experience and relationships in the energy and telecommunications industries to identify where new technologies are likely to have the greatest impact. The partners in Power Ventures include managing directors, Joel L. Singer and Brian E. Boyle, as well technology advisory partners Cambridge Technology Partners, Inc. and the international technology and management consulting firm of Arthur D. Little, Inc.
''The combined effects of deregulation and new digital technologies are creating enormous growth opportunities for entrepreneurial businesses that can bring new technology solutions to the deregulating energy market,'' said Power Ventures founding partner, Joel L. Singer. ''We see exciting opportunities for both investing in existing start-ups, as well as working with partners to build new start-up businesses.''
Cambridge and Power Ventures are currently working on their first venture, Alltility.com, an energy ''dot-com'' start-up that will enable regional energy providers to offer home and business customers with a wide range of new product and service offerings via the Internet. More information on the Alltility.com venture will be made available in the coming weeks.
Working with Power Ventures, Cambridge will extend its reach into the energy industry, bringing a unique e-business focus to the way it serves clients in the energy sector. Paul McGolpin, leader of Cambridge's Deregulated Industry Solutions Group, commented, ''In addition to creating new investment opportunities for Cambridge, our participation in Power Ventures gives us a unique 'window' for identifying the new technology and e-business trends that will impact the deregulating energy industry. This relationship and the unique insight it provides will contribute significantly to Cambridge's competitive advantage serving the global retail energy industry.''
Added Singer of Power Ventures, LLC: ''We are very excited about expanding our relationship with Cambridge Technology Partners. Cambridge is one of the top e-integration services firms in the world, and is on the cutting-edge of developing e-business solutions for many of the world's most respected companies. It is clear that Cambridge's expertise and top-notch resources will bring enormous value to energy companies facing the challenges of doing business in the deregulated New Economy.''
About Cambridge Technology Partners
Cambridge Technology Partners provides management consulting and systems integration services to transform its clients into e-businesses. Working in collaboration with Global 1000, high-velocity middle market companies, and .com start-ups, Cambridge combines a deep understanding of New Economy issues with integrated, end-to-end services and a proven track record of shared risk and rapid, guaranteed delivery. Cambridge generated $612 million in 1998 and has more than 4,500 employees and 55 offices worldwide. Cambridge on the Web: ctp.com.
About Power Ventures LLC
Power Ventures is a venture development firm that pursues high-growth business opportunities in the deregulating energy industry. The Managing Directors of Power Ventures are Joel L. Singer and Brian E. Boyle. Prior to forming Power Ventures, Mr. Singer was president and co-CEO of Bay State Gas Company, one of the largest gas utilities in New England, and the parent company of EnergyUSA, which marketed energy, products, and services to various markets across the U.S. Brian Boyle's experience includes the full spectrum of technology business: founding companies; as a CEO; merging/selling/acquiring companies; and IPO and secondary public offerings. Dr. Boyle is a seasoned veteran of the deregulated telecommunications industry, and through his 25+ years of entrepreneurial and venture capital experiences in the software and telecommunications industries, he currently participates on a number of technology corporate boards, boards, including both private and public companies. Additional information about Power Ventures LLC can be found at: powerventures.com.
About Arthur D. Little
Arthur D. Little (ADL) helps global companies, governments, and emerging ventures with their most pressing business challenges. From offices and laboratories in 31 countries, it uses business innovation to help clients develop cutting-edge products and technologies, set strategy, and shape organizational culture. For over 100 years, Arthur D. Little has helped clients get the performance improvements and breakthrough results that increase top-line growth and bottom-line results. Arthur D Little is one of the Gas Research Institute's largest research and development contractors for over a decade, and is world-renowned for its expertise in areas such as power conversion technologies, energy end-use technologies, and the management of the innovation and commercialization processes. Additional information about Arthur D Little can be found at: arthurdlittle.com.
FORWARD-LOOKING STATEMENTS
This Press Release includes forward-looking statements (statements that are not historical facts and relate to future performance) that involve risks and uncertainties. These forward-looking statements include statements about future growth. These forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statements based on a number of factors, including the effectiveness of the realignment of Cambridge's North American operations, risks associated with management of growth, acquisitions, attraction and retention of employees, variability of quarterly operating results, including the effects of the client purchasing patterns due to Year 2000 issues, competitive factors, risks associated with international operations, changes in demand for third party products or solutions for which Cambridge performs integration services, and protection of intellectual property, as well as the risks identified in Cambridge's SEC filings, including information (i) under the heading ''Forward-looking Statements'' in its Form 10-K for the year ended December 31, 1998 and (ii) under the heading ''Risk Factors'' in its Form S-3 filed in September 1998. Cambridge assumes no obligation to update the information contained in this press release.
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Contact:
General press inquiries, contact:
Fran Kelly
Cambridge Technology Partners
Public Relations
(617) 914-8525
fkelly@ctp.com
or
Investment community and financial press, contact:
Donna L. LaVoie
Vice President, Investor Relations
(617) 914-8073
dlavoi02@ctp.com
or
Claire Murphy
Assoc. Director, Investor Relations
(617) 914-8862
cmurph@ctp.com
or
All inquiries regarding Power Ventures, contact:
Power Ventures LLC
Tel: 1-617-443-1899
Fax: 1-617-507-8941
21 Custom House Street, Suite 200 Boston, MA 02110
info@powerventures.com
or
All inquiries regarding Arthur D. Little, contact:
Randi Alterman
Arthur D. Little
(617) 498-5119
alterman.r@adlittle.com |
